Limerick city house prices increased by over eight percent in last year

Limerick city house prices increased by over eight percent in last year

THE price of an average three-bed semi in Limerick city rose by 8.1 percent to €200,000 in the last 12 months, according to a new survey.

But prices remained static between March and June, said local agents.

The Real Estate Alliance (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 second hand property market in towns and cities countrywide by the end of last week.

“Demand is still strong but buyers remain price sensitive,” said Michael O’Connor of REA O’Connor Murphy in Limerick.

“A number of new developments are coming to market, and as supply improves market pressure reduces,” he added.

The price of the average three-bed semi in County Limerick rose by 7.1 percent to €150,000 in the last 12 months.

And between March and June, the prices increased by 0.7 percent in the county.

The average semi-detached house nationally now costs €232,441, the Q2 REA survey found – a rise of 1.5 percent on the Q1 figure of €229,111.

Overall, the average house price across the country rose by eight percent over the past 12 months – indicating that the market is continuing to steady after an 11.3 percent overall rise in 2017.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8 percent in the last three months, with prices falling slightly in one suburb.

After rising by 12.5 percent in 2017, the average price of a second-hand semi-detached house in the capital has increased by €5,000 so far this year and now stands at €443,000.

The country’s major cities outside Dublin recorded a combined Q2 rise of 1.5 percent, with an average three-bed semi costing €247,500.

The highest increases were seen in the rest of the country’s towns, which experienced a 2 percent rise in Q2 to an average of €153,094 – up €3,000 in 12 weeks.

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