March 2, 2021
Business News Property

€15,000 wiped off value of average Waterford home in just six months: report

A massive €15,000 has been knocked of the average price of a property in Waterford county in just six months, a new survey reveals.

The latest report by the property website Daft.ie shows property prices in county Waterford have crashed in the past six months, dropping by €15,000 or 6.7% – the biggest fall recorded since the height of the bust.

Back then the 12 months between 2009 and 2010 saw a massive 16.0% drop in house prices in county Waterford and now this decade has ended in a similar vein with the first recorded average year-on-year drop in house prices since 2013.

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

The report reveals the average price of a house in county Waterford now stands at €223,182 – down from the high of €239,000 recorded just at the end of June 2019.

The figures show the average house price in Waterford city is now €180,650, which is again down from a maximum price of €183, 805 recorded in the second three months of 2019 – a drop of 1.8% in just six months.

The latest figures reveal house prices in county Waterford are the ninth most expensive of the 35 areas identified in the report.

Commenting on the overall findings, the author of the report Ronan Lyons said the most recent housing boom lasted the exact same amount of time as the bust which preceded it.

“It was a decade that started with rapidly falling prices and closes with gently falling ones. In the first quarter of 2010, sale prices nationally were 17.4% lower than a year previously – just one of 16 consecutive quarters where prices fell by more than 10% in year-on-year terms and the tenth of 24 consecutive quarters where prices were falling,” he said.

“For the following 24 quarters, from 2013 to 2019, the average listed sale price nationally was higher than it had been a year previously. In other words, the sale price boom lasted as long as the preceding bust: six years.”

 

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