The price of the average second-hand three-bed semi has risen again locally.
Real Estate Alliance’s latest report shows it’s up 8% in the last year in Kilkenny to €287,500 but has stayed the same in the second quarter of this year while it’s increased by 2.2% in the three months to June in Carlow to €232,500.
The average time to sell currently sits at seven and four weeks, respectively.
Across Kilkenny, 47% of purchasers were first-time buyers, and 13% of purchasers were from outside of the county with 18% of sales this quarter attributed to landlords leaving the market.
“The market has remained strong over the past months, and new jobs in Kilkenny city are keeping demand up,” said Robbie Grace of REA Grace, Callan.
While in Carlow 45% of purchasers were first-time buyers and 28% of purchasers were from outside of the county and 45% of sales in the county in the same time frame down to departing landlords.
“We are seeing lower priced homes selling very quickly, sometimes in less than one week,” said Harry Sothern, REA Sothern, Carlow town.
Tullow prices rose by 4.4% to an average of €235,000 this quarter – “Demand currently remains strong with prices appreciating,” said Matthew Conry, REA Dawson, Tullow.
He adds “Good quality properties in this market are selling quickly.”
Meanwhile, the number of second-hand homes on the market has dropped by 18% in the last year.
The latest Daft report shows just over 11,350 second-hand properties for sale, less than half the 2015-2019 average.
A rise in interest rates is identified as the reason for this, with many people on fixed rate mortgages.
Author of the report, economist Ronan Lyons says the lack of supply is driving up prices, noting; “A lot of people in their homes fixed their interest rates at a lower level and they’re now stuck in there, for want of a better they’re staying in there until they roll off and that’s going to happen relatively slowly there isn’t the same supply as there would have been”.
