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House prices up 3% in tipp

The average price of a three-bed semi in Tipperary has risen by 3.33% in the first six months of the year, according to a national survey carried out by Real Estate Alliance.

The price of an average three-bed semi in the county is now €107,500, a rise of 10.64% over the past 12 months, the Real Estate Alliance Average House Index has found. REA Stokes and Quirke in Clonmel report that the market has picked up significantly, with banks now back in the market for first-time buyers.

Stokes and Quirke also report that the average time to sell a property has dropped from 24 weeks a year ago to 8 weeks now. The price of an average three-bed semi nationally has risen by 11.12% to €170,074 since the end of December. In Dublin city, the average three-bed semi is now costing €348,333, an increase of 11.76% on the December figure of €311,667. However, in the commuter counties and smaller cities like Cork and Galway, three-bedroomed semis have increased by 15.54% to an average price of €182,353 in the first six months of the year. “The shortage of supply of starter homes in the commuter belt and large urban areas such as Cork and Galway is every bit as challenging as the situation in Dublin,” said Real Estate Alliance CEO Philip Farrell. “In many cases we are now seeing increases in value which exceed that of Dublin. There is further evidence of a three-tier market in existence, with urban areas in the rest of the country seeing half of the growth of the commuter belt with values at an average of €106,345, up 6.57% in the first six months. The survey of 50 REA members nationwide also reported a 20% increase in mortgage-financed sales and a 32% reduction in selling time for properties since the start of the year. The REA index concentrates on Ireland’s typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide,” said Philip Farrell. “Rents are also increasing making it cheaper in many cases to buy than rent. Prices are also being influenced by the fact that there was very little property moving in the area a year ago.”

 
 
 

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