This article is from page 9 of the 2011-07-05 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 9 JPG
HOMES IN seaside areas in Clare are selling at the moment, while more cash buyers have come into the market in recent weeks. However, overall house prices in Clare are showing no signs of increasing.
According to the latest Daft House Price Report for the second quarter of this year, house prices fell on average by 5.1 per cent. The average asking price for a house in June of this year was € 196,000, which is a fall of 47 per cent on the 2007 peak, according to Daft.
According to Daft, a two-bed house in Clare currently has an asking price of € 108,000. A threebed house has a tag of € 155,000; a four-bed is priced at € 229,000 and a five-bed has an asking price of € 279,000.
These prices are decreases on the figures, compared with the first quarter of 2010. Then, a two-bed house in Clare had an asking price of € 144,000, while a three bed was priced at € 194,000. A fourbed house was priced at € 276,000, while a five-bed was deemed to have a price of € 326,000.
Ennis-based auctioneer Diarmuid McMahon of Sherry Fitzgerald McMahon said yesterday that the Daft figures “are consistent on asking prices. They are not on sold prices. Prices nationally have fallen by between 40 per cent to 60 per cent between 2007 and now and have fallen in Clare by between 40 per cent and 60 per cent”.
“We’re seeing a lot more cash buyers coming into the market. There are apartments for sale around the town of Ennis that you would get rent for between € 450 and € 500 per month and that you would buy for between € 50,000 and € 60,000,” said Mr McMahon.
“The majority of our sales now are cash buyers. They are coming back into the market now because they can see value,” he added.
“Some of the seaside properties are selling well. We are selling a lot in Kilkee; selling for prices the vendors are willing to accept,” he said.
Some property owners in seaside resorts are not losing money because they bought before the peak in 2007.
“They are selling. The prices are down considerably,” he said.
Looking ahead, Mr Mahon predicts, “I’d say the best scenario by the end of this year is stabilisation. I think that stabilisation is starting to happen in better locations. Good quality houses will trade at prices that I think will be the same in six months’ time. I think eventually, in four to five to 10 years, you will get price increases but they would be in line with inflation.”