Tipperary house prices rise by 1.7% to €175,225

Noel Dundon

Reporter:

Noel Dundon

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nd@tipperarystar.ie

Uncertain market sees fall in house prices in Louth

Over the last three months, the market has been stable across the county, with prices and times to sell remaining unchanged.

Over the last three months, the market has been stable across the county, with prices and times to sell remaining unchanged.

The price of the average second-hand three-bed semi in county Tipperary has increased by 1.7% to €175,125 in the last 12 months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has reflected a national trend and fallen to five weeks from nine since June, the Q1 REA Average House Price Index shows.

Over the last three months, the market has been stable across the county, with prices and times to sell remaining unchanged.

Average prices in Newport are currently €180,000, with time on the market averaging at four weeks.

“Supply is currently a major issue, and there is demand from approved buyers,” said James Lee of REA John Lee, Newport.

“We are seeing that one-off bungalows in particular have sold very well with a 5% increase.”

Clonmel average prices remain at €177,500 this quarter, with time to sell at six weeks.

“We are seeing a large increase in enquiries, especially in the first-time buyer category and also in the larger family homes, as many people have managed to save money during the lockdown,” said John Stokes, REA Stokes & Quirke Clonmel.

“We anticipate that the availability of finance going forward, especially for the self-employed and small business owners, may become problematic.”

Nenagh prices currently sit at €180,000, which time to sell remaining at four weeks this quarter.

“We are seeing practically no houses on the market at present, with vendors looking to hold off putting their properties up for sale until restrictions lifted,” said Eoin Dillon of REA Eoin Dillon Nenagh.

“Any properties that do come up are snapped up quickly, and demand is very strong.”

Average prices in Roscrea remained at €163,000 this quarter, with time to sell steady at six weeks.

“We can see that the demand is going to be immense once the restrictions lift,” said Seamus Browne of REA Seamus Browne, Roscrea.

“We are seeing interest from people outside Roscrea for the first time in years, with a lot of enquiries coming from people from the greater Dublin area.”

Nationally, average house prices rose by almost 2% over the past three months, despite the absence of physical viewing, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.

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.

The price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%.

The average three bed semi is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process according to REA.

The biggest rises in Q1 came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Dublin city experienced its biggest quarterly rise in over three years as the price of a three-bedroomed semi-detached house rose by 1.5% to €438,500 during the past 12 weeks.

This represents an annual increase of 2.7% and means that the average Dublin three bed semi has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 1.2% in the past 12 weeks with prices rising by €3,000 to an average of €265,625.

Three bed semis in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 – with the average home selling in four weeks – down from a high of 11 a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828.