South Tipp house prices fall 53% from boom high

House prices in South Tipp have plummeted to less than half of what they were at the peak of the Celtic Tiger boom, and have fallen 25% in the last year alone, according to a national survey.

House prices in South Tipp have plummeted to less than half of what they were at the peak of the Celtic Tiger boom, and have fallen 25% in the last year alone, according to a national survey.

The county has experienced the second most severe drop in house values in Ireland in the last year, coming behind Wexford in The Sunday Times survey.

House prices in North Tipperary have also taken a steep dive in value, but at 12.5% what is a shocking drop is still only half what has been experienced in South Tipp since the start of 2011. And the bad news for home owners is that prices are predicted to fall again this year - however this is good news if you are thinking of investing in a property.

According to the report, buyers looking for a family home in South Tipperary could have paid €250,000 for a second-hand, four-bed house in a town, back in 2007. Today prices are closer to €115,000.

A three-bed bungalow on half an acre, on the outskirts of a town, was priced at €350,000 four years ago but is not more likely to be reduced to €170,000, and could fall to €150,000 by this time next year.

Buyers could be paying just a third of what the 2007 cost of a second-hand, one-bed apartment was by next year. In 2007 the cost was €155,000, today it is €65,000 and by next January could be as low as €52,000.