Lisa Kearney, residential negotiator, Rooney Auctioneers
HOUSE prices in the city and county have increased by 5.1%, with the average selling price going at €165,000, according to a recent Real Estate Alliance survey.
According to REA chairperson and auctioneer, Michael O’Connor, Limerick has been the “fastest growing county” in relation to price increases, over the past three months.
The nationwide survey shows that three-bed semis increased by around €8,000, averaging at €165,000. The national average cost of a three-bed semi is €191,194.
Residential negotiator, Lisa Kearney, of Rooney Auctioneer, said that every house that has been sold over the past month has “gone well over the asking price.
“It’s a twofold thing. One, there is a shortage of houses and, two, there is a massive market of people wanting to buy now because they know that the prices are on the up. So they are trying to get in now.
"We are trying to serve the market because there is a huge demand for it, yet we don’t have the supply for it because there is very little new development in the market, as well,” she explained.
Ms Kearney said that she believes the increase is more than than 5.1%.
She said that it could be between 10% and 15%, as houses are, at least, selling at €10,000 more than the asking price.
She added that in areas such as Raheen, Dooradoyle, Castletroy and Ennis Road, some houses are selling up to €50,000 more than the asking price.