Limerick house prices expected to rise by 10% in next 12 months

THE PRICE of the average three bed semi detached house in Limerick City and county is expected to rise by 10% in the next year according to a new survey.

According to a survey by Real Estate Alliance, the average price of a three bed semi in the county has risen to €205,000 in 2021, an increase of 21% from December 2020’s price of €170,000.

The REA Average House Price Index also shows that the same type of houses in the city now cost an average of €245,000, up 20% on the December 2020 average of €205,000, and 2.1% in the final three months of the year.

Average house prices rose by 2.24% to €269,963 nationally in the last three months of 2021.

Selling prices rose in commuter areas by 3.34% and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote working situations.

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The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork, Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.

While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.

Pat Dooley, REA Dooley said: " “Due to seasonality, we typically see fewer properties come to market in December.

"Q1 will have restricted supply and coupled with large demand and low interest rates price inflation is here to stay in 2022 albeit at a more moderate level subject to level of new builds increasing."