The price of the average second-hand three-bed semi in Cork city has risen 1.5% to €330,000, according to a national survey by Real Estate Alliance.

In the city, the average time taken to sell has fallen from eight weeks to six, the Q2 REA Average House Price Index shows.

Across Cork county, this quarter saw prices rising 6.3% to €193,500, and the average time taken to sell fell from seven weeks to four.

“Overall, demand continues to be strong with a mixture of both mortgage approved and cash purchasers,” said Michael O’Donoghue of REA O’Donoghue and Clarke, Cork.

“Having said that, a continuing lack of stock coming to the market remains a significant issue in relation to all property types.

“In our opinion, the market at this point is buoyant, with strong, steady demand overall for all property types throughout the city and county.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

The survey concentrates on the actual 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.

Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.

And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.

The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.

The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.

In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.

Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.