Average price of semi-d in County Limerick is €160,000: Report

THE COST of the average three-bedroom semi-detached home in County Limerick is expected to rise by 8% in the next 12 months, according to a survey carried out by Real Estate Alliance.

Prices in the county climbed by 8.1% to €160,000 for the same type of property in 2018. In Limerick city, prices were up by 4.2% to €200,000 in the last 12 months. REA predicts the price of a three-bed semi-detached home in the city to jump by 4% in 2019.

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

“Prices stayed static in Limerick city in quarter four, with its average selling price of €200,000 representing a 4.2% increase in 2018, with local agent REA O’Connor Murphy stating an increase in new developments has stabilised the second-hand residential market,” said REA spokesman Barry McDonald.

Michael O’Connor, of REA O’Connor Murphy in Limerick city, predicts an increase in the new homes market while the second-hand area will behave as in the latter stages of 2018 with sales taking longer to transact.

“The last quarter of 2018 saw a return to a normal market, with sales taking a little longer to transact and purchasers taking a little more time to consider their options,” said O’Connor.

“The increase in new developments has stabilised the second-hand residential market. Revision of the macroprudential rules, which took effect at the beginning of the year, appears to be having an impact, with price increases starting to slow,” he continued.

The average semi-detached house nationally now costs €236,287, the REA Average House Price Survey has found – a rise of 0.6% on the Q3 2018 figure of €234,284. It makes Limerick city and county both very affordable places to live.