13% rise in house prices in Westmeath

Property prices in Westmeath jumped by 13% in the second quarter of this year, compared to the same period last year.
That’s according to the latest Daft.ie report, which revealed that the average house price in the Lake County is now €159,000, some 35% above its lowest point. It represents a 5.3% increase on quarter one prices.
In Roscommon, prices between April and June 2016 were 14% higher than a year previously. The average house price is now €121,000, 33% above its lowest point. The average asking price in quarter two was 6.9% higher than quarter one of this year.
The latest report, published this morning, shows that the average asking price of a one-bedroom apartment in Westmeath is €59,000, while you can expect to pay €76,000 for a two-bedroom terraced house and €112,000 on average for a three-bed semi-detached house. Four-bedroom bungalows in Westmeath have an average asking price of €215,000, while the average price of a five-bedroom detached house in Westmeath is €233,000.
In Roscommon the average price of a one-bedroom apartment is €39,000, while you can expect a two-bedroom terraced house to cost you €47,000 and a three-bed semi-detached house to cost €70,000. The average asking price of a four-bedroom bungalow is €144,000, while a five-bedroom detached house in Roscommon has an average asking price of €159,000.
A quarterly report from MyHome.ie records the median price of a two-bedroom apartment in Westmeath at €78,250, which is a drop of 2% on the first quarter, or a rise of 13.4% compared to the same period last year.
It records the median price of a four-bedroom semi-detached house at €158,975, which is a rise of 1.6% on the first quarter and a 9.6% increase on the same period last year.
In Roscommon, the median price of a four-bedroom semi-detached house is €87,500, according to MyHome.ie, a drop of 32.4% on the same period last year, while the median price of a two-bedroom apartment is €40,000, a jump of 14.3% on the same period last year.
Nationally, house prices rose by an average of 6.3% in the year to June 2016, according to Daft.ie. The divide between Dublin and the rest of the country persists, with prices effectively stable in the capital – rising just 1.1% in the last year – compared to a rise of 10.2% on average outside Dublin. Compared to three months ago, there has been a slight uptick in inflation outside the capital.
The national average asking price in the second quarter of 2016 was €215,000, compared to €202,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €94,000 – or 42% - from their lowest point in mid-2012. Outside the capital, the average increase has been €43,300, or 32%, since the end of 2013.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “While supply pressures have eased slightly in the last three months, the overall dynamic in the housing market currently is one of very strong demand pulling up prices. In Mayo and Roscommon, for example, average prices have increased by roughly 10% since the start of the year.”
“The obvious exception to this is Dublin, where Central Bank rules have linked house prices to the real economy. What we are seeing in the capital is buyers seeking out good-value locations. Whereas prices are now falling in year-on-year terms in markets like Dublin 6 and South County Dublin, they are rising by roughly 5% a year in areas like Dublin 10, Dublin 11 and Dublin 12.”