Tipp property prices on the rise
The price of the average second-hand three-bed semi in County Tipperary has risen by 1.6% to €205,000 in the last three months, according to a national survey by Real Estate Alliance.
And the survey has shown that 66% of sales in the county are to first-time buyers, with 20% of all purchasers coming from outside the area.
Across the county, the average time taken to sell is four weeks, the Q1 REA Average House Price Index has shown.
Prices in Nenagh rose by €5,000 to €235,000 over the past three months, representing an increase of 2.2%.
“We have seen strong demand in the first half of the quarter with demand far exceeding supply,” said Eoin Dillon of REA Eoin Dillon Nenagh.
In Newport, prices increased by €3,000 to €200,000 this quarter, a rise of 1.5%.
“Supply is still a major problem, with a lack of properties available on the market continuing to drive prices,” said James Lee of REA John Lee, Newport.
“We are seeing a large number of prospective purchasers in the marketplace.
“Good quality detached family homes continue to be in huge demand given the proximity to Limerick City, and the work from home lifestyle is continuing to drive this.”
Prices in Roscrea remained unchanged at €175,000 this quarter.
“The supply of stock on the market is at its lowest level in 30 years, and demand has slowed considerably in the past four weeks,” said Seamus Browne of REA Seamus Browne, Roscrea.
“Prices should be increasing, but purchasers are only bidding to a certain level.”
Clonmel prices rose by €5,000 over the past three months to €210,000, a 2.4% increase.
“The lack of stock is driving price for rental and for sale upwards,” said John Stokes, REA Stokes & Quirke Clonmel.
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.
Nationally, house prices are increasing at an average of almost €100 a day as the market shows no signs of slowing up in the early months of 2022, the survey has found.
Average house prices rose by 3.16% nationally in the first three months of year, matching the 1% a month increases experienced during the Celtic Tiger days.
And illustrating the two-tier nature of the market, 59% of all purchasers were first-time buyers, that figure rising to 76% in Dublin as people with mortgage approval scramble to get on the housing ladder.
The price of a three-bedroomed semi-detached house across the country rose by almost €9,000 over the past three months to €278,500 – representing an annual increase of over 14%.