The price of the average three-bed semi-detached house in Westmeath has increased by 3.85 per cent to €135,000 in the last three months, a nationwide property survey has found.
The REA Average House Price Survey concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of the first quarter this week.
According to Healy Hynes from REA Hynes in Athlone, supply remains an issue and well-priced homes are selling in a matter of weeks. The average three-bed semi nationally now costs €191,194, a rise of €2,824 or 1.5 per cent on the final quarter of 2015.
While prices have risen slightly in the commuter counties and main cities such as Cork and Galway, these rises are confined to the few towns that have new developments on the market.
The biggest growth has been in towns in the rest of the country where prices have risen by 9.58 per cent in the past year, and 2.59 per cent since December, with the average three-bed semi increasing from €122,161 to €125,321.
However, REA agents around the country state that many local rises are now being caused by lack of stock driving up prices. REA chairman Michael O’Connor says there is a notable absence of 25-40 year olds at viewings.
“Under the current Central Bank restrictions, they are finding it impossible to raise the deposits needed to purchase houses over the €220,000 limit,” Mr O’Connor said. “Conversely, we are seeing growth in commuter interest in counties previously considered at the edge of the daily travelling limits such as Laois and Offaly, simply because the price is right.”
“Although supply is extremely limited, suitable properties are now being bought in these areas by buyers who are prepared to travel over an hour to work in the capital. Lack of supply of suitable housing is the paramount issue nationwide, and while we have had rises in many areas, they are primarily driven by buyer competition for the lowest supply we have seen in years.”