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.”
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.