The price of the average three-bed semi in Co Leitrim has risen 4% to €96,750 in the last three months, according to the Q2 Real Estate Alliance Average House Price Index.
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.
In Carrick-on-Shannon a three-bed semi will now cost €128,500, a 2% increase this quarter.
However, prices in Carrigallen have risen 8.3% this quarter to €65,000 – an increase of over 18% annually.
Joe Brady reports that there is continued strong demand for homes in Carrick-on-Shannon with most demand in the €100,000 to €250,000 price bracket. In this sector prices continue to rise at between 10% & 12% per annum. Having sold a lot of houses in this price bracket in April, May and June they are eager to take on more to satisfy the demand from buyers on their books.
According to James Spring from REA Peter Donohoe in Carrigallen, demand is being driven by limited stock in the area.
The average semi-detached house nationally now costs €215,269, the Q2 REA Average House Price Survey has found – a rise of 2.5% on the Q1 figure of €209,944.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – in contrast to the 4.5% increase registered to the full year to June 2016.
While new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.
“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.
“Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital."
The price of an average house in Dublin rose by 2.6% in the second quarter of this year with three-bed semis in the capital now taking as little as three weeks to sell.
The average three-bed semi-detached in Dublin city now costs €414,500, a rise of €10,000 (2.6%) over the last three months and an increase of 14.1% over the past year.