County Limerick house prices rise 7.4% in past year

The price of the average three-bed semi in Limerick County rose by 7.4% to €160,000 in the past year while city prices remain unchanged, according to a national survey carried out by Real Estate Alliance.

Limerick prices were static in the first three months of this year, the REA Average House Price Survey found.

The 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 to the close of last week.

The average three-bed semi in Limerick City is currently selling for €200,000, and has remained static since last March.

 “We are experiencing low supply but have seen our stock intake improve this quarter, and with new developments due to launch in the coming weeks we should be in a better position to meet current demand,” said auctioneer Michael O’Connor of REA O’Connor Murphy.

 “While the market has stalled recently with no significant change to prices or time on the market, we saw significant growth in the county last year, and are seeing very good value to be had with commuter towns.”

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.