'A pure lack of supply across the board': Lisa Kearney of Rooney’s Auctioneers on rising house prices
HOUSE prices in Limerick City rose by 7% at the end of last year, climbing to an average of €177,000, according to the latest report from the property website Daft.ie.
In Limerick City, prices in the final three months of 2017 were 7% higher than the same time last year, according to an analysis carried out on the final quarter of 2017.
This follows a 14% increase in the price of property recorded by the company at the end of 2016.
According to Daft.ie, house prices in the city are now averaging at €177,000, some 49% higher than prices at the market’s lowest point in 2013.
In the rest of Limerick, prices in the last three months of 2017 were 9% higher than a year previously.
This compares to a rise of 8% seen at the end of 2016.
Average house prices in the rest of Limerick have reached €170,000, 29% above the market’s lowest point five years ago.
House prices in the city and county are being driven by the lack of available properties, according to Lisa Kearney of Rooney's Auctioneers.
“Because there’s no supply, you have competitive bidding on houses that come on the market and that’s what is driving the prices up,” Ms Kearney told the Limerick Leader.
“If there was more of a supply there would be an even balance of pricing but there is a pure lack of supply across the board between the first-time buyers market, the middle market and the retirees market.”
”They are all feeding into one market so we need more new developments and we need more supply.”
“So I’m afraid until that changes and they free up supply and more houses come on the market, we’re going to be faced with the same thing.”
Nationwide, house prices rose by more than €20,000 on average during 2017, according to Daft.ie.
Since the market’s lowest point in 2013, prices have risen by more than €76,500.