Tipperary house prices expected to rise 7% in 2023 - survey
The price of the average three-bed semi in County Tipperary is expected to rise by 7% 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 €213,750, up 6% on the December 2021 average of €201,750, and a 1.8% increase in the past three months, the Q4 REA Average House Price Index shows.
The 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.
First time buyers made up 61% of the market in Q4 2022, with 10% of sales coming from outside the county.
Across the county, the average time taken to sell is now four weeks, the REA Average House Price Index shows.
Nenagh prices increased by 4.5% to €230,000 in the last quarter, with time to sell at four weeks.
“We predict further supply issues, with no new stock being built,” said Eoin Dillon of REA Eoin Dillon Nenagh.
“Demand is going to increase for existing second hand stock.”
Average prices in Newport were unchanged at €220,000, with homes taking four weeks to sell.
“We expect to see the market steady in 2023, but this is mainly due to a supply issue,” said James Lee of REA John Lee, Newport.
“There are no new developments in the area, and there is a shortage of houses available to purchase.”
In Clonmel, the average price was also static at €220,000, with homes reaching sale agreed in four weeks.
“The market may tighten for the first few months, but we don’t predict a change to prices,” said John Stokes, REA Stokes & Quirke Clonmel.
“Properties will continue to sell as there is a shortage in supply.”
Average prices in Roscrea this quarter rose by 2.8% in the past three months to €185,000.
“We predict a shortage of supply,” said Seamus Browne of REA Seamus Browne, Roscrea.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.
However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners.
REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.
The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.
The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.