The Clare Champion Clare news, sport, entertainment and local notes
The price of the average three-bed semi in Clare has risen 3% to €170,000 in the last three months, a national survey carried out by Real Estate Alliance has 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 property market in towns and cities countrywide.
“The market is strong with a high number of potential purchasers but a limited supply, which is helping values. We are seeing a mix of purchasers, between investors and owner-occupiers,” said Liam Browne from REA Paddy Browne in Ennis.
The average semi-detached house nationally now costs €215,269, the Q2 REA Average House Price Survey has found – a rise of 2.5% on the Q1 figure of €209,944.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – in contrast to the 4.5% increase registered to the full year to June 2016.
While new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.
“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.
“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.
“Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital”.
