Average Tipperary house prices fall 0.8% in past three months – REA survey

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across Tipperary fell by just 0.8% over the past three months, according to a national survey carried out by Real Estate Alliance.

Clonmel and Nenagh saw a dip in average prices this quarter of 0.3% and 2.8% respectively, with Newport and Roscrea prices remaining unchanged.

Average Tipperary house prices fall 0.8% in past three months - REA survey

County by County June 2020

However, there has been a large increase in enquiries since agents in the county reopened their doors after lockdown.

The price of the average three-bed semi in County Tipperary rose by 0.4% to €170,750 in the past year, the survey found.

REA sold sign 1

“There is demand and a substantial increase in enquiries for smaller country homes so long as broadband is available in the area,” said John Stokes of REA Stokes and Quirke, Clonmel, where, despite fluctuations this year, the price for an average three-bed semi is €170,000, the same as a year ago.

“There is a lot of demand for any new listings, especially in the first-time buyer category as there are no new homes being built in Clonmel at present.”

“There are a lot of genuine buyers with approved mortgages out there ready to purchase,” said James Lee of REA John Lee, Newport, where prices rose by 2.9% over the past year to €180,000.

“We are seeing a market where it makes sense to purchase rather than rent, even if the prices were to slip back in the short term,” said Eoin Dillon of REA Eoin Dillon, Nenagh, where prices fell by 2.9% annually to €170,000.

“It looks like there will be a shortage of three-bedroom semi-detached houses on the market in the area for the foreseeable future.”

“There is a lot of uncertainty in the market, and while viewings are still active, buyers are slow to make an offer,” said Seamus Browne of REA Seamus Browne, Roscrea, where prices rose 1.9% to €163,000 in the past 12 months.

The average time to sell fell by a fortnight to four weeks in Nenagh this quarter. It was unchanged in Clonmel at eight weeks and rose by one week in Newport and Roscrea to 11 and 15 weeks respectively.

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”

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