Limerick house prices set to continue to rise in 2018 – survey

THE PRICE of an average three-bedroom semi-detached house in Limerick city is expected to rise by 8.5 percent this year, according to a new survey.

Prices increased by 1.1 percent between September and December of last year, and local agents are predicting the prices are going to continue rising, says the survey by Real Estate Alliance.

A three-bed semi in Limerick city now costs an average of €192,000, according to the survey.

“Prices look set to increase in the first half of 2018, and we expect them to level off at this point due to the commencement of new home developments which will offer greater supply,” said Michael O’Connor of REA O’Connor Murphy.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.

The average semi-detached house nationally now costs €225,806, the REA Average House Price Survey found – a rise of 1.8 percent on the 2017 third quarter figure of €221,861.

The survey also found that agents throughout the country expect prices to rise by 7.5 percent on average in the next 12 months.

“The heated market that we saw throughout much of 2017 has cooled somewhat and we are now in a period of more certainty,” said REA spokesperson Healy Hynes.

“A lack of supply is still the main driver of the market, with listings of second hand properties at a low level around the country.

“Anything that does go on sale is reaching sale agreed in a short period of time – five weeks on average and four weeks in Dublin city,” said the spokesperson.

“However, this is not normal in a properly functioning market, where time periods of eight weeks to sale agreed are more common.”