The price of a second-hand, three-bed semi is up 2.7% in Kilkenny in the first three months of this year but has remained the same in Carlow.
That’s according to the Quarter One Real Estate Alliance (REA) Average House Price Index.
Kilkenny
It shows the jump In Kilkenny from €280,000 to €287,500 where the average time to sell is six weeks.
47% were buying for the first time with 13% from outside the county while 18% of sales were attributed to landlords leaving the market.
The price of the average three-bed semi in Kilkenny city increased by 1.5% to €345,000 this quarter, while prices in Callan rose by 4.6% to an average of €230,000.
“There is still a strong demand in the market, but we would expect to see a little more confidence when interest rates reduce,” said Robbie Grace of REA Grace, Callan.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.
The REA Average House Price Index concentrates on the 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.
Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales – amidst a belief that interest rates may have peaked.
“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.
“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.
“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.
“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”
Carlow
While in Carlow there’s been no move for the same time frame, though there’s a 7% increase in the past year from €212,500 to €227,500.
The average time to sell though is now four weeks.
40% of purchasers were first-time buyers and 35% of purchasers were from outside of the county with a total of 35% of sales being landlords leaving the market.
“Stock remains in short supply,” said Matthew Conry, REA Dawson, Tullow.
“We are seeing that the market for starter homes is good, with enquiries for more expensive houses being quieter.”
Prices in Carlow town sat at €230,000 this quarter, while prices in Tullow are currently €225,000.
“We have observed no change this quarter, and lack of stock is still proving to be an issue,” said Harry Sothern, REA Sothern, Carlow town.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.
The REA Average House Price Index concentrates on the 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.
Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales – amidst a belief that interest rates may have peaked.
“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.
“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.
“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.
“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”
Mortgage-approved first-time buyers are still the main market drivers, accounting for 59% of sales nationally.
Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8% increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6%.
