The average price of a three bedroom semi-detached dwelling has risen again to €170,000.00, according to a national survey by Real Estate Alliance. Across the county, the average time taken to sell has fallen from four weeks to two, the Q3 REA Average House Price Index shows.
"Demand is extremely strong at all levels of the market, in particular at the higher end, and the low level of supply is accounting for a large portion of the upswing in prices,” said Robert McGreal of REA McGreal Burke.
"This supply-driven increase is due to continue as the lead-in time for new developments and the increase in cost of construction are pushing those who would usually take advantage of buying a new dwelling or building themselves on top of the traditional second-hand purchaser."
Average house prices nationally have risen by €3,500 per month since the end of June, with selling prices in commuter areas and small towns increasing by over double the growth experienced in the major cities.
The 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 4.1% over the past three months to €264,056 – representing an annual increase of 12%.
The biggest rises in Q3 came in commuter counties (4.6% ) and the country’s large towns (4.9% ) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.
They are being joined by a surge of interest from ex-pats, anxious to return to Ireland after the pandemic, with more set to return when family homes become available. It is expected that Castlebar, Ballina and Westport will benefit most from the upswing in demand.
The rural and commuter area increases are double those being experienced in Ireland’s major cities, with Dublin increasing by 2.3% to €467,000 and Cork, Limerick and Galway by an average of 2.4% to €281,750.
"Demand across the county and in Castlebar is quite high at the moment and the number of interested parties on all dwellings continues to increase which is delivering higher than expected competition for each property that comes to the market,” Said Robert McGreal.
"With an exceptional shortage of stock, demand is being fuelled by an increase in mortgage-approved and cash buyers on the market. The growth in demand is being driven by people moving back to Mayo from Dublin, Galway and other major centres. With an REA office network across Dublin and with an REA McGreal Burke office in Galway we have a list of buyers looking for all types of properties".
If you are thinking of selling Robert would be delighted to give a free of charge no obligation market appraisal on your property and he can be reached by phone or Whatsapp on (087 ) 6687276.