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.

Average house price in Tipperary rises 2.4% in last three months - survey

Comments are closed.