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House prices on the rise in Limerick again

House prices on the rise in Limerick again

THE price of the average three-bed semi in the city rose by 2.5% to €205,000 in the past year, according to a new survey.

Carried out by Real Estate Alliance, the study also shows the price of a three-bedroomed semi has remained unchanged over the last three months, despite a freeze in the economy due to the Covid-19 lockdown.

But Pat Dooley of REA Dooley Limerick said: “Since we returned to the office the market has been very active, with demand from first time buyers who are anxious to buy something before their mortgage approval runs out. We have noticed a trend whereby people who are willing to travel up to 15 minutes outside the city are trading up to properties with more room. We feel confident for growth in prices for the larger type properties in Co Limerick,” he added.

Prices in the county remained static in the last year at €165,000. The average time taken to sell rose this quarter from eight weeks to nine in the county, and from five weeks to seven in the city, according to the study.

The REA average house price 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.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%. 

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”

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