The average price of a three-bed semi in Westmeath has risen by 5.56 per cent in the first six months of the year, rccording to a national survey carried out by Real Estate Alliance.
The price of an average three-bed semi in the county is now €95,000, a rise of 5.56 per cent over the past 12 months, the Real Estate Alliance Average House Index has found.
REA Hynes in Athlone reports that the market is showing improvement, with the average time to sell a property dropping from 24 weeks a year ago to 12 weeks now.
“Pent-up demand from cash purchasers is increasing as they correlate the value in the market with the confidence that the market has bottomed,” said Healy Hynes from REA Athlone.
“Potential private vendors are restricted in their options as the prices being commanded are well short of their requirements if they wish to move. As sales prices are also well short of construction costs, there is no motivation for construction in the area. We see construction activity being many years off at current trends,” added Mr Hynes.
The price of an average three-bed semi nationally has risen by 11.12 per cent to €170,074 since the end of December.
In Dublin city, the average three-bed semi is now costing €348,333, an increase of 11.76 per cent on the December figure of €311,667.
However, in the commuter counties and smaller cities like Cork and Galway, three-bedroomed semis have increased by 15.54 per cent to an average price of €182,353 in the first six months of the year.
“The shortage of supply of starter homes in the commuter belt and large urban areas such as Cork and Galway is every bit as challenging as the situation in Dublin,” said Real Estate Alliance CEO Philip Farrell.
“In many cases we are now seeing increases in value which exceed that of Dublin.
“There is further evidence of a three-tier market in existence, with urban areas in the rest of the country seeing half of the growth of the commuter belt with values at an average of €106,345, up 6.57 per cent in the first six months.”
The survey of 50 REA members nationwide also reported a 20 per cent increase in mortgage-financed sales and a 32 per cent reduction in selling time for properties since the start of the year.
The REA index concentrates on Ireland’s typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.