Saturday, 18th November 2017
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The price of the average three-bed semi in Co Waterford has risen 1.5% to €167,500 in the last three months, according to a national survey carried out by Real Estate Alliance.

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 property market in towns and cities countrywide to the close of last week.

In Waterford city, the average three-bed semi will cost €190,000 – a 10.1% annual increase. In Dungarvan, prices have risen 8.1% in the last year to €167,500 with homes in the town now taking eight weeks to sell.

"We continue to observe a decrease in the demand for second hand three-bed homes with the incentives directed at first-time buyers under the Help to Buy Scheme proving quite attractive,” said Eamonn Spratt in REA Spratt in Dungarvan.

"In addition, we are only recently noticing that prospective buyers are now paying more attention to the energy rating. Newer homes have a significantly better energy rating and this is a further reason for their being a stronger interest in the new developments.”

"We continue to experience a shortage of supply of second-hand three-bed semi-detached houses in suburban areas,” said Des O’Shea from REA O’Shea O’Toole. "We have noted a significant increase in the sale and values of new three-bed semis.”

The average semi-detached house nationally now costs €221,843, the Q3 REA Average House Price Survey has found – a rise of 3.1% on the Q2 figure of €215,269.

Overall, the average house price across the country has risen by 11.2% over the past 12 months – just under twice the 6% increase registered to the full year to September 2016.

The average three-bed semi-detached home in Dublin city has jumped in value by €17,000 in the three months to the end of September, and now costs €431,500. The 4.1% rise over the last quarter means that prices in the capital’s postcode areas have increased by 15.6% over the past year, with properties selling in an average of four weeks after hitting the market.

"Supply is the main driver of these continuing price rises with our agents reporting that the volume of listings are down around the country,” said REA spokesperson Healy Hynes.

"In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market.

"To complete the equation, first-time buyers are not seeing the three-bed semis coming through in sufficient numbers.”

The country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities out-performed the national index with prices rising by an average of 2.8% over the quarter to €142,867.

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