Clare property price increases among largest in country

THE latest Residential Property Price Barometer from IPAV, the Institute of Professional Auctioneers & Valuers, covering the first half of 2022, showed Clare had among the largest price increases in the country.

In the three-bedroom category, Clare saw a price increase of 11.52%, the second highest in the country, while in the four-bedroom category Clare prices increased by 9.81%, the third highest in the country.

In the two-bedroom apartment category, Clare prices were up by 10.56%, the second highest increase in the country.

Pat Davitt, IPAV Chief Executive, said that while prices across the country increased over the six-month period, the rate of increase slowed towards its end.

“In the first four months the overall increase would have been of the order of 10% but changes during May and June brought the six months figure to 6.36 per cent.

“In the latter two months the practice of increasing reserves – where the price expectations of neighbourhood sellers tend to escalate when a property achieves a particular level – had almost disappeared.”

He said in the period ahead the level of price increases is likely to slow further.

“In the next six months we would expect prices to taper to about the 2% mark with some of the more expensive areas experiencing no increases at all.”

Mr Davitt said increasing interest rates “are bound to dampen sentiment” in the coming months.

He also said it was disappointing to see last week’s CSO data showing the residential sector reduced its volume of output by 2.9per cent on a seasonally adjusted basis between Quarter 1 2022 and Quarter 2 2022.

“If we can get to a stage where output grows closer to demand that would be a very desirable situation and it would create stability,” he said.