House prices up 15% in Limerick city in a year

Anne Sheridan

Reporter:

Anne Sheridan

House prices up 15% in Limerick city in a year

House prices are up, according to the latest quarterly report from the property website Daft.ie

HOUSE prices in Limerick city have risen by over 15% in the past year, climbing to an average of €153,892, according to the latest quarterly report from the property website Daft.ie.

In the county, prices have risen by just over six per cent in the past year to €152,531.

The quarter-on-quarter change in county Limerick is just under one per cent, and in the city it has risen by 2.8% in the past three months.

The price change since the trough in the city, when prices bottomed out, is 29.6% and in the county, they have risen by 15.9% since the crash. 

Despite the increase, Limerick remains one of the most affordable places to buy in the country – cheaper than Kerry, where average prices are nearly €169,000; Galway where the average is nearly €237,000 and Cork (€185,000). Tipperary and Clare are cheaper at €149,000 and €151,000 respectively.

There were 8,700 properties for sale in Munster in June, an increase compared to earlier in the year, which marked the lowest since early 2007.

Half of all properties in Munster find a buyer within four months, up slightly from 47% both three and twelve months ago.

“The first sign of slightly better health is that the total number of properties actively on the market at any one time has risen, compared to three months previously,” said Ronan Lyons, economist for Daft. 

“This is only the second time in five years that this was the case – the first was the same quarter last year, so it remains to be seen whether this is merely seasonal or the start of a bigger trend.”

Currently there are over 1,700 properties for sale in Limerick through Daft.ie. The majority of those – nearly 1,300 – are priced under €300,000. A further 130 properties are between €300,000 and €600,000, and 18 properties are priced above this, up towards €1m.