January 18, 2021
Business News Property

Average Waterford house has €20,000 wiped off value in just 12 months

County Waterford experienced the second highest fall in house prices in the country last year – with as much as €20,000 wiped off the value of average homes in the county, a new survey reveals.

The latest housing report by the property website Daft.ie shows property prices in Waterford have crashed by €19,055 (8%) in the space of just one year – the biggest fall recorded since the height of the crash.

Back then, the 12 months between 2009 and 2010 saw a massive 16% drop in house prices in the county. The latest figures record the first average year-on-year drop in house prices in Waterford since 2013.

Despite the drop, house prices in county Waterford remain among the highest in the country outside Dublin and trhe capital commuter belt, Cork city and Galway city.

The report reveals the average price of a house in county Waterford now stands at €219,854 – down from the high of €238,909 recorded at the end of June 2019.

The figures show the average house price in Waterford city is now €173,848, down from the €183,805 recorded in the second quarter of 2019 – a drop of 5.5% over the year.

Despite the huge drop, the survey reveals house prices in county Waterford are still the second highest in Munster, behind Cork city,

Commenting on the findings, the author of the report, Ronan Lyons, said: “The country is still in need of hundreds of thousands of homes, principally for smaller households of one to two persons, in the social and market rental segments, and in or close to the biggest cities and towns.

“Ireland is used to building homes for bigger households, away from the big cities and for owner-occupiers.

“Repositioning the construction sector to build what the country needs is one of the big challenges for the new government,” he added.

 

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