Income of typical homebuyers hits €81,500 as single buyers squeezed out

A construction worker lays a row of bricks on a Cairn Homes construction site in Dublin. Photo: Bloomberg

Charlie Weston

THE typical income for joint purchasers of a home in the State in 2019 was €81,500, a new report shows.

And the proportion of properties purchased jointly stood at 62.2pc in 2019.

A new Central Statistics Office release gives details on the age, income and prices paid for each local electoral area.

It shows that Boyle, in Co Roscommon, had a lowest median price for a local electoral area, at €96,000.

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It was followed by Carrick-On-Shannon, Leitrim, and Manorhamilton, Leitrim, at €100,000 and €102,000 respectively.

The largest median, or typical, prices were found in the Dublin urban areas of Dún Laoghaire-Rathdown, and Dublin City.

Stillorgan, Dún Laoghaire-Rathdown, had the highest median price at €665,000, followed by Pembroke, Dublin City, at €637,000.

In Manorhamilton, Leitrim, the median price for a person buying on their own was €95,000.

This is compared with the median price of a joint transaction of €104,000.

Ongar, in Fingal, had the lowest median age for sole purchasers at 35.

The figure is 33 for joint purchasers in Tallaght South, South Dublin.

The CSO said the median income of a joint purchaser was €81,500 in 2019 at a State level.

But at local electoral area level it varied from a low of €48,800 in Buncrana, Donegal, to a high of €162,600 in Pembroke, Dublin City.

The four Dublin local authority areas dominated the table in terms of local electoral area with the highest median joint purchaser income.

Cork City South East, Cork City was the thirteenth highest of local electoral area with a value of €110,200.

Tallaght South, South Dublin, was the local electoral area with the lowest median age for joint transactions at 33, while it was highest in Bantry-West Cork, Cork County, at 53.

Leixlip, Kildare and Tallaght South, South Dublin are the local electoral areas with lowest median age of buyers in 2019 at 34.

Pembroke, Dublin City, was the electoral area with the highest median income for joint transactions at €162,600, while Buncrana, Donegal, had the lowest at €48,800.

Carrick-On-Suir, Tipperary, was the area with the lowest median income for sole transactions at €24,600, while Pembroke, Dublin City, was the LEA with the highest, at €74,200.

CSO statistician Seán O’Connor said research shows that the proportion of properties purchased jointly stood at 62.2pc in 2019.

But this rose to 76pc in South Dublin. He said this share stood at 82.5pc for Lucan in Dublin.

Of the 45,280 dwellings purchased in 2019, the LEA (local electoral area) with the highest number of transactions was Howth-Malahide, Fingal, at 770, followed by Naas, Kildare, at 740.

“In contrast, LEAs like Muinebeag, Carlow, Belmullet, Mayo, and Ballybay-Clones, Monaghan, jointly had the lowest number of transactions at 70.”

Meanwhile, local authorities were notified last month that 2,746 new homes were due to commence construction.

This was up 17pc on the April figure, the Department of Housing, Local Government and Heritage said.

In the past year commencement notices for 30,233 new homes were received.

On a rolling 12-month basis, the total number of homes for which commencement notices were received is 18.5pc higher than the previous 12-month period.

However, the figures are not directly comparable due to the pandemic-related restrictions on construction during the March 2020 – April 2021 period.

The number of residential homes for which commencement notices were received has increased every year since 2015 (the earliest year for which comparable data is available), with the exception of 2020, when significant restrictions on home-building existed due to the pandemic.

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