House prices continue to grow in Limerick

Stock photo.

THE price of the average second-hand three-bed semi in Limerick City has increased to €305,000, up 3.4 per cent from €295,000 in the last three months, according to a national survey by Real Estate Alliance.

This comes as landlords continue to leave the market in droves, the survey suggests.

Average prices in the county increased to €245,000, up 2.1 per cent from €240,000 this quarter, the Q2 REA Average House Price Index shows.

Across the county, the average time taken to sell currently sits at in three weeks in Limerick City and four weeks in the county.

The survey shows that 75 per cent of purchasers in the city and 85 per cent across the county were first-time buyers, while 35 per cent of purchasers in the city and 45 per cent across the county were from outside of the county.

Sign up for the weekly Limerick Post newsletter

A total of 55 per cent of sales in the city and 45 per cent in the county this quarter were attributed to landlords getting out of the market.

“The property market is holding very resilient with prices remaining strong and still increasing due to lack of supply,” said Pat Dooley, of REA Dooley.

“Nearly every property brought to market is getting into a bidding situation which looks to be a trend for the remainder of 2024.

“There appears to be a lot of panic bidding as potential purchasers don’t want to lose out as they don’t know when the next similar property will become available.”

REA also revealed that there are some similarities associated with the last housing boom, especially ‘gazumping’ which they have had a few instances of lately. This is when a seller accepts a higher offer on their property, despite having already verbally agreed to another offer.

“We are also noticing that less of our buyers are local as affordability in the local market is becoming a major issue,” Dooley said.

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.