Tipperary house prices expected to rise 6% in 2022 – survey

The price of the average three-bed semi in County Tipperary is expected to rise by 6% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €201,750, up 15% on the December 2020 average of €175,125, the REA Average House Price Index shows.

Tipperary house prices expected to rise 6% in 2022 – surveyThe 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.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

Prices in Nenagh rose by 27.8% in 2021, but eased back slightly by 2.1% to €230,000 in the final three months of the year.

“The final quarter of 2021 has not been as hectic as Q3, but there is still a very limited supply of houses available and anything that comes up for sale is being snapped up straight away,” said Eoin Dillon of REA Eoin Dillon, Nenagh.

Clonmel prices saw a growth of 5.1% over quarter four to €205,000, representing an annual increase of 15.5%.

“There are no new developments due to be launched in Clonmel and demand far exceeds supply,” said John Stokes, REA Stokes & Quirke, Clonmel.

“Demand has increased substantially because there is limited supply in the rental and sales markets, and many small investors are exiting the market due to changes in regulation.”

Prices in Newport remained at €197,000 this quarter, increasing annually by 9.4%.

“There is limited supply, with anything priced right coming on the market being sold very quickly,” said James Lee of REA John Lee, Newport.

“Some vendors’ expectations are too strong, which is making some sales at higher price-points slower.”

Roscrea prices rose 2.9% to €175,000 in Q4 2021, representing an annual increase of 7.4%.

“There are no new developments in Roscrea, and the supply of three-bed semis is just about meeting demand, with little to no stock currently available,” said Seamus Browne of REA Seamus Browne, Roscrea.

“I feel we will see further price increases in 2022 due to lack of supply.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.

Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.

While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.

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