Tipp house prices on the rise

The price of the average second-hand three-bed semi in County Tipperary has increased to €260,000, up 3.5pc from €251,250 in 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 Q3 REA Average House Price Index shows.

NEWPORT

Average prices in Newport are up 1.8pc to €280,000 this quarter.

“Supply is still a major problem, with many non-Irish purchasers in competitive bids against local buyers,” said James Lee of REA John Lee, Newport.

“I can see a slight tail-off in demand with fewer viewers, but properties are still moving within the above timeframe."

NENAGH

Nenagh prices are up 5.5pc this quarter to an average of €290,000.

“We are seeing very strong demand at present, with practically no properties available to buy,” said Eoin Dillon of REA Eoin Dillon Nenagh.

CLONMEL

Clonmel average prices are up 2pc this quarter to €260,000.

“The severe shortage of stock for sale and for rent continues to drive prices upwards, though the rate of price growth and demand have slowed somewhat,” said John Stokes, REA Stokes & Quirke Clonmel.

“We are finding that the lenders have become somewhat more cautious, and mortgage drawdowns have slowed in certain cases.

“There is a severe shortage of new builds available in South Tipperary at present.”

ROSCREA

Average prices in Roscrea this quarter increased to €210,000, up 5pc.

“Demand is currently just above supply,” said Seamus Browne of REA Seamus Browne, Roscrea.

The survey shows that across the county, 74pc of purchasers were first-time buyers and 18pc of purchasers were from outside of the county.

A total of 31pc of sales in the county this quarter were attributed to landlords leaving the market.

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 2.7pc in the past three months to €323,741. Time taken to reach sale agreed nationally has dropped to four weeks as low supply continues to drive sales.

A supply drought in Dublin has reignited the commuter property market as buyers battle to secure affordable family homes, the Index has found.

Frustration in the capital has led to the return of the previously unheated commuter market, which has risen by 2.9pc over the past three months to an average of €336,944.

And further afield, large towns such as Ennis, Tralee, Tullamore and Athlone have experienced average increases of €20,000 in the past three months.

Actual selling prices in Dublin city rose by 1.3pc in the last three months, and the average three-bed semi in the capital is now selling at €532,333 – an annual increase of 7.4pc.

The number of sales in the capital due to landlords leaving the market has risen six points to 24pc in the past year, the Index revealed, but some areas are reporting a figure of over 50pc.

Prices in the major cities outside the capital rose by an average of 2.25pc to €341,250 in the last three months – an annual rate of increase of 7.5pc.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 10pc on last September and 3.6pc this quarter to an average of €243,241.