THE PRICE of the average second-hand three-bed semi in Limerick city has risen by 9.3% to €235,000 in the last three months, according to a national survey by Real Estate Alliance.
Average prices in County Limerick rose 10.1% to €196,000 in this period, the REA Average House Price Index shows. They are the second and third biggest rises in the country behind Louth (10.6%).
"Stock is currently at an all-time low. Paired with this, in the first-time buyers’ market, demand is very strong," said Pat Dooley, director of REA Dooley Group.
"We are seeing a mix of investors and owner occupiers selling, as well as a number of people trading up and relocating out to the country from the city.
"Because of this, there is a strong demand for country locations and lack of supply is driving up prices."
Average house prices have risen by almost €1,000 per week nationwide since the end of March.
The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.
And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.
The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.
The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.
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