Nenagh house prices back in boom
Fastest selling time in Ireland
House prices in Nenagh have returned to the height last seen in the ‘Celtic Tiger’ boom years, according to a local auctioneer.
The town now also has the fastest selling time in the country, it taking an average of just 1.5 weeks to sell a home in Nenagh. Local selling agents have been reporting that demand from people living in Dublin and other cities to move to the Nenagh area has dramatically increased over the last year or so, and this is driving up house prices locally.
The recently published findings of a national survey by Real Estate Alliance bear this out, indicating that the price of the average second-hand three-bed semi in Co Tipperary has risen by 9.2% to €199,250 over the past three months. Homes in Tipperary are reaching sale agreed in three weeks; in Nenagh, prices rose by some 23.7% to €235,000 with time taken to sell at just 1.5 weeks – officially the quickest in Ireland.
“We have just agreed the sale of a very well-presented three-bed semi in Nenagh,” said Eoin Dillon of REA Eoin Dillon, Nenagh. “Bids started at €190,000 and finished at €237,500 after 22 bids, 11 viewings and 12 days on the market.
“We had sold a similar house in the same section of the estate at the height of the boom for €237,000, so we are now back to those levels.” Changes to work practices, particularly with regard to remote working and hybrid working, have resulted in many city dwellers selling up and moving to towns like Nenagh, among them local people who moved away for work purposes years ago and now wish to return to this area. The situation has, however, re-emphasised the frequently highlighted lack of housing available to buy or rent in the town.
A similar situation exists elsewhere in Tipperary. James Lee of REA James Lee in Newport, where average prices increased 3.7% to €197,000 with a two-week time on the market, said: “The market is strong, but there is very little supply with a huge amount of buyers
“Unless properties come on the market, the prices are going to continue to soar, and builders are unable to start building new homes as the cost of building is too high.”
In Roscrea, the REA survey found that average house prices increased by 3% this quarter to €170,000. The average time to sell remained at four weeks.
"The biggest demand is for detached one-off houses, both urban or rural, with price increases since the start of the year in the region of 20% in that area," said Seamus Browne of REA Seamus Browne, Roscrea.
The survey also looked at Clonmel, where average prices were up by 5.4% to €195,000, the time to sell also remaining at four weeks. Again, the absence of new building and rental properties was highlighted.
Real Estate Alliance found that average house prices nationally have risen by €3,500 per month since the end of June, with selling prices in commuter areas and small towns increasing by over double the growth experienced in the major cities. Buyers are continuing to move further out from Dublin in anticipation of long-term remote and hybrid working situations, and REA found that they are being joined by ex-pats anxious to return to Ireland after the pandemic, with more set to return when family homes become available.
"With an exceptional shortage of stock, demand is being fuelled by an increase in mortgage-approved buyers on the market," said REA spokesperson, Barry McDonald. "The rural flight, which began during lockdown, shows no signs of letting up, even in the face of a return to office working."