THE price of the average three-bed semi in both Limerick City and county is expected to rise by 10% in the next 12 months, according to a survey by Real Estate Alliance.
Three-bed semi-detached homes in the city now cost an average of €245,000, up 20% on the December 2020 average of €205,000, and 2.1% in the final three months of the year, the REA Average House Price Index shows.
Across the county, the average price rose to €205,000 in 2021, an increase of 21% from December 2020’s price of €170,000 and a rise of 2.5% in the final quarter of the year.
The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.
Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.
“The end of Q4 has seen the market quieten somewhat,” said Pat Dooley, REA Dooley.
“Due to seasonality, we typically see fewer properties come to market coupled with large demand, and this is a trend we see continuing into Q1 2022.”
Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.
The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.
Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.
The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.
In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.
Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.
As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.
While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.