Limerick county house prices to rise 5% in 2021

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THE price of the average three-bed semi in County Limerick is expected to rise by 5% in the next 12 months, with city prices expected to rise 3%, according to a survey carried out by Real Estate Alliance.

Prices in the county rose by 3% in 2020 to €170,000, with city prices remaining unchanged last year at €205,000, the Q4 REA Average House Price Index shows.

“The market is very buoyant, and we are seeing good demand, but a low level of supply as more buyers look outside the city for larger spaces,” said Pat Dooley of REA Dooley, Limerick.

“There is a great demand for quality larger homes in the county, especially those within a reasonable commute from the city.

“Looking ahead, we expect a good market with all the current loan approval, and we are hoping that more people will go ahead to sell.”

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The REA Average House Price Survey concentrates on the actual 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.

Average house prices rose by almost 1.5% nationally over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.