The price of the average three bed semi in Mayo has risen 3.5 per cent to €148,000 in the last three months, according to a national survey carried out by Real Estate Alliance. 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 property market in towns and cities countrywide to the close of last week.
“There is good demand, limited supply, and strong interest from first-time buyers,” said Kevin Burke from REA McGreal Burke. He added: "The monthly cost of accommodation to occupiers shows significant savings where they own their home rather than rent. The traditional investor who buys a three-bed semi and rents it out appears to be no longer interested with calls decreasing from this sector month on month. A new type of investor is entering the market, the 'Air Investor' who is advertising on Airbnb. In Westport there are 166 properties listed for sale online and 14 to rent. On Airbnb for the same area there are 250 properties listed.”
Mayo has recorded an 11.3 per cent increase in prices over the past 12 months, an average rise of €15,000. The average semi-detached house nationally now costs €221,843, the Q3 REA Average House Price Survey has found – a rise of 3.1 per cent on the Q2 figure of €215,269. Overall, the average house price across the country has risen by 11.2 per cent over the past 12 months – just under twice the six per cent increase registered to the full year to September 2016.