Cost of county’s average three bed semi increases

The price of the average three-bed semi in County Galway increased by 3.2 per cent to €160,000 between June and September, according to a national survey carried out by Real Estate Alliance.

County Galway prices rose by 10.3 per cent in the last 12 months, and the survey found evidence of city buyers moving further out to commuter towns, causing prices to increase.

In Galway city, the price of a three-bed semi increased by 0.9 per cent to €275,000 in the last quarter and 7.8 per cent over the past 12 months.

Kevin Burke of REA McGreal Burke says there is strong demand in Galway city and county for family homes.

"As a result of the continued shortage of new properties, there has been a marginal increase in this quarter in Galway city, with a larger increase of 3.2 per cent in the county. A high proportion of buyers are now considering the commuters towns of Loughrea, Gort, Athenry and Tuam."

The REA Average House Price 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 to the close of last week.

The average semi-detached house nationally now costs €234,824 – a rise of 1% on the Q2 2018 figure of €232,441.

Overall, the average house price across the country rose by 5.8 per cent over the past year – a decrease on the eight per cent recorded to June and indicating the market is continuing to steady after an 11.3 per cent overall rise in 2017.

The price of a three-bed semi-detached house in Dublin has increased by 2.7 per cent in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city’s postcode zones was 0.1 per cent over the last three months, compared to 4.1 per cent for the same quarter last year.

After rising by 12.5 per cent in 2017, the average price of a second-hand semi-detached house in the capital has increased by €5,300 so far this year and now stands at €443,333.

Growth in the commuter counties also slowed to 0.9 per cent in the last three months, with the average house now selling for €248,528 – a rise of €2,000 on the second three months of the year.

The country’s major cities outside Dublin recorded a combined Q3 rise of 0.8 per cent, with an average three-bed semi costing €249,375.

The highest increases were seen in the rest of the country’s towns, which experienced a 2.1 per cent rise in Q3 to an average of €156,383 – up €3,000 in 12 weeks.



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