Johnstown sees house-buying frenzy as prices slashed by half

A decision by Navan auctioneers T&J Gavigan and developers Andrews Construction to reduce the price of houses and apartments in a new Navan development has paid off in spades as over two dozen units were sold in a buying frenzy last week. Gavigans and Andrews dropped the prices for Athlumney Wood homes in Johnstown by 50 per cent of their price at the height of the boom, a move which paid off last week when 25 units were sold within three days. Gavigans launched a special 'Love Is In The Air" campaign to market the properties in last week"s Meath Chronicle and, by the end of the week, had sold out all of the apartments in the development, as well as a number of three-bed semi-detached properties. The apartments sold at €129,950 for a two-bed of 68 square metres, and €149,950 for the larger 76 square metre properties, according to Sarah Ryan of the Navan-based estate agents. A number of three-bed semis were released at €175,000, and there are some more available at prices yet to be determined. 'It was a limited offer at those prices and, as we only advertised locally, most of the buyers were local, and mainly first-time buyers,' she added. Michael Gavigan of T&J Gavigan said that prices have reduced by 45 to 50 per cent since their peak of 2007. 'In our opinion, this is the bottom of the market,' Mr Gavigan said. 'These properties were sold at cost of construction or less.' Mr Gavigan disputed Irish Permanent TSB figures claiming that here has been an eight per cent drop in prices since the 2007 high. 'Any agent in the country will tell you house prices have dropped by 45-50 per cent,' he declared. He said that it is now more affordable to buy a house than it has ever been, with prices at half of what they were previously, and with interest rates at the lowest they have been in years. Athlumney Wood is located in Johnstown on the east side of Navan. Each property is stone-fronted and has a cobblelock driveway. Lawns are filled and levelled with top soil. Internal fittings include built-in wardrobes, fireplaces, fitted kitchens and high-quality sanitary ware. In addition, each house is finished with decorative coving and centrepieces and the homes are painted throughout.