Small rise in Tipp house prices

The price of the average second-hand three-bed semi in County Tipperary has increased by 0.6% to €210,000, according to the latest national survey by Real Estate Alliance.

Across the county, the average time taken to sell rose by one week to four weeks, the Q3 REA Average House Price Index shows.

Tipperary agents are reporting that 61% of purchasers this quarter were first time buyers, with 10% of buyers coming from outside of the county.

Additionally, the data shows that BER A-rated homes are commanding a 10% premium over their C-rated equivalents.

Average prices in Newport were unchanged at €220,000, with time on the market increasing by two weeks to a total of four.

“The market is definitely more quiet, but a lack of available properties is keeping prices propped up,” said James Lee of REA John Lee, Newport.

“The current outlook is creating a fear factor with punters.”

Clonmel average prices were unchanged this quarter at €220,000, with time on the market increasing by two weeks to a total of four.

“The growth in prices seen in Q3 is starting to slow, and we are finding that the prices rise are starting to level off,” said John Stokes, REA Stokes & Quirke Clonmel.

“The time that it is taking to close a sale is getting longer, with many solicitors and mortgage approved buyers complaining that dealing with banks is extremely frustrating at present.”

Nenagh prices were unchanged at €220,000 this quarter, with time to sell remaining at four weeks.

“There are very few exceptionally well-presented three-bed semis coming to the market,” said Eoin Dillon of REA Eoin Dillon, Nenagh.

“Most that are coming to the market have been let out for a number of years and are old and tired.”

Average prices in Roscrea increased by 2.9% to €180,000 this quarter, with time to sell remaining at six weeks.

“We are seeing that viewings are down, with mortgage approval taking longer this quarter,” said Seamus Browne of REA Seamus Browne, Roscrea.

Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious, the index shows.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630 – representing an annual increase of 10%.

This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the frenetic demand in the marketplace.

And the index found that A rated homes are commanding a 12% premium over their C rated equivalents – a figure that rises to 16% in the capital as running costs become more important to home buyers.

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.

Time taken to reach sale agreed rose to five weeks from four as REA agents nationwide reported a less frenzied approach to viewing and buying.

While the actual average selling price of three bedroomed homes in Dublin city is about to breach the €500,000 mark, the 0.8% quarterly rise to €497,500 is half that experienced in the previous three months.

58% of all purchasers in the past quarter were first-time buyers according to REA, a figure which rose to 76% in Dublin as people with mortgage approval look to get on the housing ladder.