The price of the average second-hand three-bed semi in County Galway has increased to €280,000, up 3.7% from €270,000 in the last three months, according to a national survey by Real Estate Alliance.
Prices in the city rose by 2.7% this quarter to €380,000, the Q1 REA Average House Price Index shows.
“We are seeing a continued strong demand in the first quarter with prices increasing,” said Kevin Burke of REA McGreal Burke.
“With interest rates on a downward trend, this is driving strong market activity and buyer confidence.”
Time to sell across the county fell by one week this quarter to an average of five, and in the city it was a steady average of four weeks.
The survey shows that 60% of purchasers in the city and 70% of those across the county were first-time buyers, with a total of 10% of sales in the city and 20% across the county this quarter were attributed to landlords leaving the market.
Additionally, agents across the county reported that the BER ratings of properties saw A-rated properties command 10% price increases in comparison to comparable C-rated properties.
The REA Average House Price Index concentrates on the 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 actual selling price of a three-bed, semi-detached house across the country rose by 2.5% in the past three months to €338,847, and 10% overall annually.
Three-bed semis in Dublin’s suburbs are reaching sale agreed in days as a wave of mortgage approved buyers turns their focus from apartments to family homes, the survey has found.
Actual selling prices in Dublin city rose by 3% in the last three months, and the average three-bed semi in the capital is now selling at €558,250 – a rise of almost €50,000 in the past year.
Prices in the major cities outside the capital rose by an average of 3% to €355,250 in the last three months – an annual rate of increase of 8pc.
Homes in the country’s large towns continue to show the biggest annual growth nationwide, 2.9% this quarter and 13% year-on-year to an average of €256,576.
The absence of new home building, and historically low supply, has seen three bed semi-detached homes in parts of Donegal, Kerry, Mayo, Offaly and Roscommon increase by over 23% in the past year.
Homes in commuter counties rose by 1.9% over the past three months to an average of €350,278, an annual rise of 9%.
