Appleton Property, Property Market Review, February 2024
Spring is in the air. We are delighted to see a small stretch in the evenings as this allows us to get back to our evening viewings, writes Austin Egan MIPAV of Appleton Property. The property market picks up pace every year as the evenings continue to stretch out. Early year mortgage applications have been processed in large numbers, gardens and homes in general look better and people have the time to come to view after work in daylight hours.
We took a look back at many of our 2023 Sales on our Face Book page in December and January. We are now taking a look at the market last year both locally and overall and taking a look into the market for 2024. First of all we will take a snapshot of the market in 2023.
In 2023 House prices have shown an increase of 3.4% nationally. Still on the rise but the lowest level of increase since 2019. The average house price nationally was €320,046, c. 14% below the Celtic Tiger peak. In Kildare the average house price in 2023 was €329,587, a rise of 1.5% year on year.
These statistics are based on asking price movements as opposed to sales outcomes.
The number of homes available for sale on December 1st 2023 was 11,100 nationally, 27% lower than the same time the previous year and the lowest level of all since March 2022, mid-Covid. In fact supply of secondhand homes in Dublin was down 33% on the previous year. To put that is perspective over the period 2015 to 2019 the average number of homes available for sale was in the 25,000 region.
There has been a low level of supply in the housing market now for many years and once again supply is near an all time low. When supply is low and demand is higher, prices rise.
Locally we are in an area of high demand. We are very close to the capital city, we are within a short drive to park and ride rail links, we have widespread fibre broadband connectivity. These are important first considerations for many with work from home and hybrid working practices common.
In the Kilcullen area this year I would expect prices to continue to rise overall. Relative to our nearby towns there is good value in Kilcullen. Kilcullen has facilities other towns don’t have. While we have just sold out at Cairnhill Meadows, these 54 new homes won't change the town or put its facilities under pressure. Kilcullen is perceived as a very good quality town, with lovely shops and facilities, riverwalk ways and a general sense of security and community. Our outlying rural villages and hinterland often offer larger homes also within easy reach of amenities and services. We spend a lot of our time selling the Kilcullen area as a place to live while we are selling the homes within it. First time visitors to Kilcullen are always surprised at all the area has to offer.
We would welcome more quality housing in Kilcullen for our next generation who want to live here. We would also welcome some additional homes suitable for people to downsize into, thus freeing up larger homes for families in need of them.
We look forward to continuing our services in Kilcullen and beyond in our 14th year of business. Last year we became project partners with Kilcullen GAA on the Field of Dreams, we also donated 20,000 daffodil bulbs across the community groups in Kilcullen and the villages surrounding it. We would hope to extend this community activity this year and continue to give something back for the betterment of our community overall.
If you are thinking of selling in 2024 call Austin Egan at Appleton Property for a Free No Obligation valuation of your home on 087 1311133, 045 482759 or info@appleton.ie. We would be delighted to discuss the specifics of the local market, the stages of sale and give some guidance on the preparation required to get the best possible outcome from the market.
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