Average house price in Tipperary rises 2.4% in last three months – survey
The price of the average three-bed semi in County Tippeary rose by 2.4% to €163,125 between June and September, according to a national survey carried out by Real Estate Alliance.
County Tipperary prices rose by 10.6% in the last 12 months, the survey found.
“There is strong demand for properties in urban areas and the rural market has significantly improved, but there is a scarcity of available property,” said John Stokes of REA Stokes and Quirke, Clonmel.
The price of the average three-bed semi in Clonmel remained stable at €170,000 between June and September.
“Demand is good for well-priced houses. There is strong, competitive bidding on all well-presented properties,” said Eoin Dillon of REA Eoin Dillon, Nenagh, where the price of a three-bed semi increased by 6.3% to €167,500 in the last quarter.
The time taken to sell a three-bed semi in Nenagh dropped from six to four weeks between June and September.
“The market has levelled across the board. Any demand is coming from first-time buyers and the Eastern European community,” said James Lee of REA John Lee, Newport, where a 3.2% price increase to €160,000 for the average three-bed semi was recorded between June and September.
“Demand is meeting supply in the local market,” said Seamus Browne of REA Seamus Browne Roscrea, where three-bed semi prices remained stable in the last quarter at €155,000.
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.
The average semi-detached house nationally now costs €234,824, the Q3 REA Average House Price Survey has found – a rise of 1% on the Q2 2018 figure of €232,441.
Overall, the average house price across the country rose by 5.8% over the past 12 months – a decrease on the 8% recorded to June and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
The price of a three-bed semi-detached house in Dublin has increased by just 2.7% in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.
The rate of increase in second-hand three-bed semi-detached home prices in Dublin city’s postcode zones was just 0.1% over the last three months, compared to 4.1% for the same quarter last year.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,300 so far this year and now stands at €443,333.
Growth in the commuter counties also slowed to 0.9% in the last three months, with the average house now selling for €248,528 – a rise of €2,000 on the second three months of the year.
The country’s major cities outside Dublin recorded a combined Q3 rise of 0.8%, with an average three-bed semi costing €249,375.
The highest increases were seen in the rest of the country’s towns, which experienced a 2.1% rise in Q3 to an average of €156,383 – up €3,000 in 12 weeks.
“These are areas where many buyers can still escape with a 10% deposit, it is still largely not economic to build new homes, and the dwindling supply existing stock at lower rates is disappearing,” said REA spokesperson Barry McDonald.
