The price of the average three-bed semi in Galway rose by 3.1% in the county and remained static in the city over the past three months, according to a national survey carried out by Real Estate Alliance.
Prices in the county rose by 6.5% to €165,000 in the last year, while prices in the city rose by 3.7% to €282,500, with properties taking an average of 10 weeks to reach sale agreed, the survey found.
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.
“We see continued demand for good, well located properties, but the sale of second-hand homes is impacted by new developments,” said Kevin Burke of REA McGreal Burke in Galway City.
According to Robert McGreal of REA McGreal Burke in Loughrea, the market is continuing to perform well.
“Supply remains limited, particularly in Athenry. The market continues to perform well, with strong interest for good quality, well-located properties,” he said.
The average semi-detached house nationally now costs €236,028, the Q2 REA Average House Price Survey has found – a rise of 0.05% on the Q1 2019 figure of €235,898.
Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.
Dublin City second hand property prices decreased by an average of €4,500 in the past three months, registering a second consecutive quarter fall (-1% ) since the end of March, and -2.2% compared to June 2018.
The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €433,000.
“Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties,” said REA spokesperson Barry McDonald.
Prices rallied slightly by 0.1% in the commuter counties in the last three months, with the average house now selling for €249,167 – an annual rise of 1.17%.
The increased availability of new homes has had a suppressing effect on prices in some commuter areas such as Kildare, North Wicklow and Meath.
Prices in the country’s major cities outside Dublin were relatively static with agents in Galway and Limerick reporting no change due to an increase in supply and new homes developments.
The highest annual increases (5.3% ) were once again seen in the rest of the country’s towns which rose in selling price by an average of €8,000 in the past year and 1.08% in the past three months to €161,138.