The price of the average three-bed semi in County Carlow is expected to rise by 4% in the next 12 months, according to a survey by Real Estate Alliance.
Three-bed semi-detached homes in the county now cost an average of €212,500, up 9% on the December 2021 average of €195,000, the REA Average House Price Index shows.
The 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.
First time buyers made up 45% of the market in Q4, with 33% of sales coming from outside the county.
“We predict that the market is going to level out due to higher interest rates, and prices should increase or level off,” said Harry Sothern, REA Sothern, Carlow town, where prices were unchanged at €220,000 this quarter.
“Prices have levelled out for the last few months, and we have seen enquires slowing down during the period.”
Tullow prices were static this quarter at €205,000, with time taken to sell standing at four weeks.
“Demand in this area will remain good, with first time buyers still active in the market and not many new builds under construction,” said Matthew Conry, REA Dawson, Tullow.
“Interest rate increases in the new year will have a big influence on prices in 2023.”
REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.
The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.
In Dublin city, which is currently experiencing small price drops in certain areas, agents anticipate modest increases of 3.6% across the year.
This comes off the back of a 2022 which saw average house prices rise by 8% nationally and 5% in the capital – with feverish early year increases slowing down in the autumn and winter.
The country’s large towns experienced 10% growth last year, with 1.2% in the final quarter, and REA agents say that this will continue throughout next year, albeit at a slower pace, with growth of 3% predicted.
The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.