Property prices continue to rise in Limerick

AS property prices in Limerick continue to rise, a city auctioneer has revealed she shows each new house to more than 15 people.

Lisa Kearney, Rooney’s Auctioneers, made the comments after new data released this week show the average price of a three-bedroom house in the city is now €190,000 – a 2.7% hike from just three months ago.

And the average price of a home in the county now stands at €145,900 – a rise of 3.6% since June.

The information, put together by REA nationally, comes as the price of renting soars to record highs.

Ms Kearney says developers need to be incentivised to build.

“It [the price rises] is being driven by competitive bidding due to a lack of supply. There is a huge shortage of housing feeding every market from young first time buyers up to retirees,” she said.

Rooney’s Auctioneers housing stock is low at the moment, she added.

“We’re trying to get more stock in. We have huge demand.

We’re dealing with clients every day. Unfortunately, it means that when you put a house on, you often have more than 15 people viewing. It’s hard for everyone,” Ms Kearney stated.

Meanwhile, Dr Donal McManus, who heads up the Irish Council for Social Housing, said spending in this sector must be the country’s top priority in Budget 2018, which will be announced in two weeks.

Dr McManus made the comments at the council’s national social housing conference which is taking place at the Strand Hotel this Wednesday and Thursday.

“Driving down construction costs is vital to expanded delivery of social housing,” he said. “Ireland should follow the example of Sweden, where an innovative procurement model has led to a 25% reduction in costs for social housing,” he said.

Separately, in its own pre-budget submission, the Limerick Chamber has called for the introduction of a ‘Help to buy’ scheme.

It says this would avoid the possibility of the housing crisis threatening Ireland’s economic upturn.