H1 2014 Analysis Of Property Price Register
A study based on an analysis of the Property Price Register shows that the number of transactions for H1 2014 was up 39% on the same period last year.
The study, which was carried out by property website Myhome.ie, shows that there were 15,860 sales nationally between January 1 and June 30 compared with 11,390 a year earlier.
During this period, every county in the country saw their sales figures rise, while the amount of money spent on property in each of the 26 counties was up in all of them bar Carlow, where the amount spent fell back by 8%.
However it seems this was influenced by the one off sale of Oakley Wood in Tullow for €2.1m back in March 2013.
Unsurprisingly, it was Dublin that led the way in the first six months of the year with 5,240 sales – an increase of 32%.The amount of money spent in the capital also grew by 46% to €1.8bn. The most money was spent in Longford (€10.6m).
The capital was followed by Cork (1,694) and Galway (851) with the commuter counties of Kildare (649) Wicklow (537) and Meath (525) close behind.
Angela Keegan, Managing Director of Myhome.ie said the positive trend of the first six months was very good news for the property sector.
“Sales are closely linked to employment opportunities and that is why we see more sales in our cities and the commuter belts,” she said.
The largest percentage increases were recorded in the midlands and western areas. While Cavan led the way with sales up 114%, this was helped significantly by the sale of 43 properties in the Clare's Court development on Church Street in Cavan town.
The other counties which saw impressive sales growth were Kilkenny (68%), Offaly (67%), Laois (62%), Mayo (57%), Sligo (50%) and Westmeath (49%).
The counties with the lowest number of sales were Monaghan (141), Leitrim (145), Longford (152) and Carlow (157).
In the Dublin area, Dublin 6 was the most popular area to buy a property with 346 sales recorded between January and June. This was an increase of 76% on the 197 sales in that postcode region for the same period last year.
The Myhome.ie study shows that Dublin 15 (303), Dublin 16(265), Dublin 14 (259), Dublin 6W (258), Dublin 18(240), Dublin 8(233), Dublin 3 (225), Dublin 11(215), Dublin 9(210) and Dublin 13(208) also attracted lots of interest.
The latter recorded the biggest percentage increase in the first half of the year, rising by 189%, helped by the fact that sales in Clongriffin jumped dramatically from five in the first half of 2013 to 73 in the first six months of this year.
In total there was an increase of 32% in the volume of sales rising from 3,966 to 5,240 with €1.83bn being spent on property in the capital in this period. This is an increase of 45% on the €1.26bn which was spent in the first six months of 2013.
Indeed, of the 23 regions in Dublin – taking into account the postcode areas and Dublin County – only Dublin 20 (-14%) and Dublin 17 (-13%) failed to record an increase with the exact number of properties that it declined by being 10 in total.
Keegan predicted a full-year outcome of 14,000 transactions in Dublin for 2014 compared with 11,095 recorded last year.
“We are concerned about the lack of supply and the effect this is having on sales and affordability. For example Castleknock was the most popular area to buy a home during 2013 with 304 sales but its figures for the first six months of the year fell by 11%, underlining the stock problems that are affecting many parts of Dublin” she said.
Sales in Co Dublin rose from 940 in the first half of last year to 1,226 in the first six months of this year, an increase of 30%. Sales in South County Dublin were up 25%, while they rose by 34% in North County Dublin.
In total €454m was spent on property in Dublin County. The postcode area which saw the biggest spend was Dublin 18 on €178m while the smallest spend was Dublin 10 on €5m.
Terenure in Dublin 6W was the most popular locality to buy a home in the first half of the year after seeing sales increases from 48 in the first half of last year to 178 in the same period of this year. However this 271% increase was helped by 112 individual sales at Bushy Park House.
Amongst the notable risers in percentage terms were Clongriffin (1360%), Ballycullen (400%), Stepaside (283%), Kilmainham (183%), Fairview (140%), Rialto (138%), Rush (126%), Lusk (109%), Saggart (105%), Dundrum (100%), Skerries (82%), Baldoyle (80%), Donabate (76%), Balbriggan (72%), Dun Laoghaire (58%), Shankill (46%), Templeogue (35%), Dalkey (33%) and Lucan (33%).
Notable fallers in percentage terms were Ballymun (-85%), the Navan Road (-80%), Kimmage (-68%), Finglas (-51%), Drimnagh (-47%), Portobello (-42%), Inchicore (-38%), Milltown (-38%), Donnybrook (-35%), Ballsbridge (-34%), Rathfarnham (-34%), Killester (-33%), Portmarnock (-32%), Booterstown (-31%), Cabra (-31%), Howth (-30%), Tallaght (-30%) and Cabinteely (-25%).
Aside from Terenure, the top 20 most popular areas to buy homes in the county in the first six months of the year were Lucan (136), Dun Laoghaire (93), Swords (89), Blackrock (84), Balbriggan (74), Clongriffin (73), Rathfarnham (68), Malahide (66), Tallaght (65), Clondalkin (60), Skerries (60), Castleknock (58), Glasnevin (54), Crumlin (51), Drumcondra (49), Clontarf (48), Finglas (48), Clonsilla (46) and Stepaside (46). (September 2014).