House price growth finally seems to have abated. Yes, property prices are still increasing, but the rate of growth has finally started to fall, a welcome move for potential home buyers.
However, just because property price growth might be past its peak, it doesn’t mean that property prices have also peaked.
Given that prices rose by a still hefty 14.2 per cent in the year to April (down from 15.1 per cent in the year to March) houses are still getting more expensive. And some significantly so — the average house nationwide rose in value by €30,500 in the year to April, while in Dublin, the average house rose in value by €46,300 (that’s almost €5,000 more of a deposit a first-time buyer would need) to reach €512,502.
Given such a level of sustained double-digit growth, it means that prices in Ireland’s ritziest postcodes are increasingly beyond the reach of many.
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Ireland’s most expensive postcodes
Consider Dublin 4, home to Ireland’s most expensive streets in Shrewsbury and Ailesbury, and thus long considered to be one of the country’s most expensive postcodes. According to the latest figures from the Central Statistics Office (CSO), the average house price in this area is now close to €1 million, at €916,237.
DUBLIN
| Most expensive | Avg price |
|---|---|
| Dublin 4 | €916,237 |
| Glenageary | €825,376 |
| Blackrock | €799,611 |
OUTSIDE DUBLIN
| Most expensive | Avg price |
|---|---|
| Greystones, Co Wicklow | €532,683 |
| Bray, Co Wicklow | €507,016 |
| Kinsale, Co Cork | €469,880 |
A first-time buyer then, looking for a foothold in this postcode, would potentially need a salary (combined or single) of some €235,000 to buy an “average” home in this area. Of course, not all homes will be priced at this level, as sales of substantial homes in the embassy belt drive the average price up.
Elsewhere in Dublin, Glenageary, just a stone’s throw from the Forty Foot, seems to have benefited from the lockdown rush to the sea, with average prices up to €825,376. It is followed by another seaside location, Blackrock, in third, with an average price of almost €800,000.
Last April, Dublin 6, home to Palmerstown Road, was the most expensive, with an average price of €804,386. This year, however, its average price has fallen slightly back to €797,034.
Outside of Dublin, it’s no surprise to find commuter favourites, Greystones and Bray in Co Wicklow, making the list.
Of more surprise however perhaps, is the inclusion of Kinsale, Co Cork on the list. The seaside town, known for its foodie and sailing connections is Ireland’s third most expensive postcode, with an average price of about €460,000. A number of high-profile sales, including Raffeen, the Georgian waterfront home sold by Cully & Sully founder Colum O’Sullivan for €4.75m earlier this year, are likely to have affected this average.
And the cheapest
DUBLIN
| Cheapest | Avg price |
|---|---|
| Dublin 10 | €266,500 |
| Dublin 17 | €283,750 |
| Dublin 11 | €292,000 |
OUTSIDE DUBLIN
| Cheapest | Avg price |
|---|---|
| Castlerea, Co Roscommon | €115,000 |
| Ballyhaunis, Co Mayo | €120,000 |
| Belturbet, Co Cavan | €121,000 |
It’s not all millionaires’ row in the capital. Dublin 10, which includes Ballyfermot, had the cheapest average house price in the year to April 2022, at €266,500. A two-bed apartment in the area for example, has a typical asking price of about €225,000, while for the “average” price, you can expect a three-bed terraced home in good condition.
Outside of Dublin, if you want a cheap location to live in, you’ll have to head west.
Cheapest of the bunch is Castlerea in Co Roscommon, the third-largest town in the county. With an average house price of just €115,000 in the year to April 2022, a potential first-time buyer would need a deposit of just €11,500 to buy the average home here (or €23,000 for a trader-upper). And, income of less than €30,000 will qualify for a mortgage for such a home, based on the Central Bank’s lending rules.
Next up is Ballyhaunis, Co Mayo, with an average price of €120,000. At this price level, you can expect to get a three-bed semi-detached house, or alternatively, you could get a doer-upper for about €70,000, according to listings on daft.ie.
Third cheapest across Ireland is Belturbet, Co Cavan, with an average price of €121,000. This price will get you a three-bed semi-detached home in the town, in need of some updating, while €159,000 is the asking price for a three-bed home in the river Run development on the outskirts of the town.
