House prices continue to rise

The price of the average three-bed semi in County Louth rose by rose by 3.7% to €210,000 between March and June, according to a national survey carried out by Real Estate Alliance.

Louth prices rose 7.7 % in the last 12 months, the REA Average House Price Survey found.

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 to the close of last week.

“The market has slowed, with reduced viewings. Sales are still happening, but not at the previous rate,” said Darina Collins of REA O’Brien Collins in Drogheda, where average prices are €230,000 (+2.2% in Q2).

The survey also finds that the average time taken to sell a three-bed semi in Drogheda has increased from 6 to 8 weeks in the second quarter of 2018.

“Demand is good, but, first-time buyers prefer a new-build,” said Michael Gunne of REA Gunne Property in Dundalk, where the average three-bed semi is now selling at €190,000, up 5.6% in three months.

The average semi-detached house nationally now costs €232,441, the Q2 REA Average House Price Survey has found – a rise of 1.5% on the Q1 2018 figure of €229,111.

Overall, the average house price across the country rose by 8% over the past 12 months – indicating that the market is continuing to steady after an 11.3% overall rise in 2017.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8% in the last three months, with prices falling slightly in one suburb.

After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,000 so far this year and now stands at €443,000.

The commuter counties continued their recent steady growth with a 1.7% increase in Q2, with the average house now selling for €246,278 – a rise of €4,000 on the first three months of the year.

The country’s major cities outside Dublin recorded a combined Q2 rise of 1.5%, with an average three-bed semi costing €247,500.

The highest increases were seen in the rest of the country’s towns, which experienced a 2% rise in Q2 to an average of €153,094 – up €3,000 in 12 weeks

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