Cost of three-bed semi-detached house in Tipperary expected to increase by five percent this year

The price of the average second hand, three-bed semi-detached house in county Tipperary is predicted to increase by five percent in 2024, according to a national survey by Real Estate Alliance (REA).

Three-bed semi-detached homes in the county now cost an average of €234,875, up 10 percent on the December 2022 average of €213,750, the quarter four REA Average House Price Index shows.

County agents reported that first-time buyers made up 83 percent of the market in quarter four, with 15 percent of sales coming from outside the county, and 23 percent of sales attributed to landlords selling properties.

Average prices in Newport saw a 13.6 percent increase in 2023 to €250,000. 

“Supply continues to be a problem, with lack of stock continuing to underpin prices, and we foresee this continuing into 2024,” said James Lee of REA John Lee, Newport.

Clonmel average prices rose by 12.3 percent in 2023 to €247,000.

“We are seeing a severe shortage of stock, especially three-bed semis, with no new development in Clonmel,” said John Stokes, REA Stokes and Quirke Clonmel.

Average prices in Nenagh in 2023 rose by 7.6 percent to €247,500.

“There have been practically no three-bed semis for sale in Nenagh in quarter four, and those that did come to the market were quickly snapped up,” said Eoin Dillon of REA Eoin Dillon Nenagh. 

Roscrea prices rose by 5.4 percent over the last 12 months to an average of €195,000.

“The market in Roscrea is steady, with supply meeting demand,” said Seamus Browne of REA Seamus Browne, Roscrea.

“We are seeing a 20% increase in property transactions in 2023 compared to the same period in 2022”.

The REA Average House Price Index 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.

Three-bed semi prices nationally will rise by 3 percent in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5 percent rise in the last three months in the capital, but only in houses under a certain price, the index found.