Wexford Property Prices See €6,000 Increase

Wexford’s property market has seen a €6,000 price increase over the past year. According to Joanne Geery, Managing Director of myhome.ie, this growth is driven by strong demand and limited supply, a trend echoed nationally. Joanne explains that with more people working and living in Wexford, combined with strong employment and wage growth, demand for homes is high. However, supply remains low, leading to fierce competition and rising prices. While national property supply has slightly improved, Wexford still faces a shortage of homes. In the last quarter, Wexford saw a 7% increase in properties for sale, reaching 694 homes. However, this is still low for a large county with a strong first-time buyer market. This lack of inventory results in multiple buyers bidding on available properties, driving prices up. A notable trend is the €30,000 rise in the asking price for four-bed semi-detached homes in Wexford. Joanne attributes this increase to new home schemes that hit the market, particularly with higher-priced four-bed semis. While this may seem like an outlier, the median asking price for a four-bed home in Wexford is €325,000, while three-bed homes have risen by €5,000 to €250,000. Joanne predicts that asking prices will continue to rise, though at a more moderate pace of around 5-7% in the coming months. Government measures to address housing supply, such as VAT cuts for apartment building, are expected to have a longer-term impact. These measures could help stabilize prices in the medium term, but for now, price growth is expected to continue. Wexford is increasingly attractive to buyers due to its relatively affordable median price of €295,000, especially compared to Dublin’s €420,000. The county also offers good transport links, making it ideal for those commuting to Dublin, Waterford or Kilkenny. Joanne notes that the rise in remote and hybrid working has made Wexford an appealing destination for those leaving more expensive urban areas. Despite its affordability compared to Dublin, first-time buyers in Wexford still face challenges. While the government’s recent budget aims to increase housing supply, there was disappointment that the Help to Buy scheme threshold wasn’t raised. First-time buyers are looking for new homes, particularly energy-efficient properties, but the shortage of new builds continues to be a key issue.