REVEALED: The number of new dwellings added in Offaly in 2018
A total of 200 residential address points in Offaly were added to the GeoDirectory database in the twelve months to December 2018, according to the latest GeoView Residential Buildings Report, published by GeoDirectory.
Nationally, 21,207 dwellings were added. The vast majority of these new addresses were located in Leinster region (65.6%), with Dublin accounting for over a third (35.2%) of the overall total.
In December 2018, 76 residential buildings were classified as being under construction in Offaly according to the GeoDirectory database.
Offaly vacancy rate is 4.5%, which is lower than the national average of 4.8%. In total, 19 out of 26 counties experienced a decline in residential vacancy rates over the past twelve months. Dublin is the county with the lowest vacancy rate at 1.1%, however it was one of only seven counties to experience an increase in vacancy rates, up 0.3pp on its corresponding rate last year.
The three counties with the highest vacancy rates are all located in Connacht, while the three counties with the lowest were all located in the Greater Dublin Area highlighting the wide gap in vacancy rates between the east and north-west coasts. Leitrim had the highest vacancy rate (15.8%) in the State, followed by Roscommon (13.5%), Mayo (12.8%) and Sligo (10.5%).
According to the latest GeoView Residential Buildings Report, 574 residential property transactions took place in Offaly in the 12 months to October 2018. Of this total, 6.1% were new dwellings, lower than the national average of 20.7%.
The national average of 20.7% represents an increase of 2.7pp on the corresponding figure in 2017 indicating that new building output is increasing. The highest number of new dwelling purchases were recorded in Dublin (27.3% of property transactions), and the surrounding commuter belt counties Meath (39%), Kildare (33.4%), Louth (28%) and Wicklow (25%).
The average residential property price in Offaly in 2018 was €152,962, lower than the national average of €284,546. Residential property prices in Offaly increased by 9.7% across the twelve months, equating to €1,128 per month.
In Offaly, the town with the highest average residential property price was Tullamore (€167,200).
Dublin (€425,830), Wicklow (€335,092) and Kildare (€294,635) were the only counties to record house prices above the state average. When Dublin is excluded, the average house prices falls to €207,135. The counties with the lowest average house prices were Longford (€106,813), Leitrim (€113,093) and Roscommon (€121,170).
Speaking about the latest GeoView Residential Buildings Report, Dara Keogh, Chief Executive, GeoDirectory, said, “Nationally, construction activity has increased by 121% in the past two years and we are beginning to see this reflected in residential property transaction data. 20.7% of all residential property transactions in the twelve months to October 2018 were for new dwellings, an increase of 2.7 percentage points on the previous year. We are also seeing a growth in the number of apartments coming on stream. Dublin, in particular, is rising, with 63.6% of all apartments in the state found in the capital.”
Annette Hughes, Director of EY-DKM Economic Advisory Services said, “The latest findings confirm a trend that we have seen in recent GeoView reports, that the construction industry is responding positively to the challenge of meeting housing demand but supply still has a way to go to satisfy demand. There is somewhat of an east-west divide when it comes to construction activity, which is concentrated heavily around Dublin and the surrounding commuter counties. A similar divide is evident when we look at vacancy rates, with the highest vacancy rates occurring in the North-West of the country, while the lowest are recorded in the Greater Dublin Area.”