House prices continue to rise in Tipperary
The price of the average second-hand three-bed semi-detached house in County Tipperary has increased to €251,250, up 3.1% from €243,750 over the last three months, according to a national survey by Real Estate Alliance.
Across the county, the average time taken to sell currently sits at four weeks, the Q2 REA Average House Price Index shows.
The survey shows that across the county, 74% of purchasers were first-time buyers, and 18% of purchasers were from outside of the county.
A total of 29% of sales in the county this quarter were attributed to landlords leaving the market.
Average prices in Newport rose by 3.8% this quarter to €275,000.
“Supply is an issue and this is continuing to drive prices in our view,” said James Lee of REA John Lee, Newport.
Clonmel average prices rose this quarter by 2% to an average of €255,000.
“A severe shortage of stock is driving prices upwards, with higher energy rated houses attracting a better price,” said John Stokes, REA Stokes & Quirke Clonmel.
“There are no real private new build starts in South Tipperary and we are seeing landlords continue to exit the market, lowering the rental stock.”
Nenagh prices rose by 3.8% this quarter to an average of €275,000.
“Demand is still exceptional in the Nenagh area, and it is far outstripping supply,” said Eoin Dillon of REA Eoin Dillon Nenagh.
Average prices in Roscrea this quarter increased by 2.6% to €200,000.
“The number of viewings has decreased and, supply is just about keeping with demand,” said Seamus Browne of REA Seamus Browne, Roscrea.
ACCURATE PICTURE
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 2.3pc in the past three months to €315,352.
Prices in Dublin city rose by 1.6pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €525,500 – an increase of 5.1pc in the last year.
Homes in commuter counties rose by 1.81pc over the past three months to an average of €327,500 – trebling their increase from the first three months of the year.
Major cities outside the capital rose by an average of over €5,000 in the last three months. The 1.5pc increase is equivalent to an average selling price
Homes in the country’s large towns continue to show the biggest growth, up 8.4pc on last June and 3.2pc this quarter.
A feature of the market is that many houses coming to the market are ex-rental stock, needing substantial refurbishment and upgrading, according to REA spokesperson Seamus Carthy.
“While we are seeing a slight improvement in stock, a lot of what is coming on the market in the capital is ex-rental and needing substantial refurbishment,” he said.
“Those intending to purchase a doer-upper are subject to different lending rules and their bank may look for proof that there are sufficient funds in place to renovate.
“There are huge issues sourcing people to do extensive repairs where multiple people are required, with construction companies telling multiple interested buyers at one recent property that it could be a year before they could do the job.
“As a result of this, people looking to trade up are opting for smaller extension work in their existing properties where it is easier to source labour.”