First time buyers seeing value in county towns reports Limerick auctioneer

Donal O'Regan

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Donal O'Regan

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donal.oregan@limerickleader.ie

First time buyers seeing value in county towns reports Limerick auctioneer

Auctioneer Michael O'Connor of REA O'Connor Murphy

THE AVERAGE three-bed semi detached property in County Limerick continues to build in price.

According to a national survey carried out by Real Estate Alliance, the most common home in Ireland costs €165,000 in the county. They have climbed by 3.1% in the last three months and by 10% in the last year.

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 second-hand property market in towns and cities countrywide.

Michael O’Connor, of REA O’Connor Murphy, said the market continues to improve in the county as prices are still well below construction cost.

“There is particularly good growth in towns within 20km of the city, with first-time buyers now seeing these as an alternative,” said Mr O’Connor.

The average time a three-bed semi currently takes to reach sale agreed in County Limerick rose from six weeks to 20 this quarter, with times in Limerick city remaining at four weeks.

Staying in the city, the average price of a semi-detached abode remained unchanged in the past three months at €200,000. This is due to an increase in supply and new housing developments. 

“Viewings are steady in the city, but due to an increase in supply it takes longer for buyers to make a decision,” said Michael O’Connor of REA O’Connor Murphy.

The average semi-detached house nationally now costs €236,028, the Q2 REA Average House Price Survey has found – a rise of 0.05% on the Q1 2019 figure of €235,898.

Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.

REA spokesperson Barry McDonald said: “Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties.”