The price of the average three-bed semi in Galway city rose by 2.9% to €286,750 in the past year according to a national survey carried out by Real Estate Alliance.
Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county has remained unchanged over the past three months.
The average house price in County Galway has remained steady at €165,000 for the past 12 months, according to the REA Average House Price Survey.
“We have found that the Galway city market, in most sectors, is particularly buoyant and prices have held,” said Kevin Burke of REA McGreal Burke in Galway City and Loughrea.
“While the market outside the major urban areas is more susceptible to any major or minor shock, Loughrea in particular is a prosperous town and a close commute to Galway, and we expect it to hold up well.”
“Galway City and its environs are still the place to be, especially for younger couples and families,” said Alan McKenna of REA Halnon McKenna, Galway City.
“Interest has grown over the last two months and we expect there is a lot of pent up demand for housing across all sectors of the market.
“We expect that prices will remain stable during the rest of 2020, although the delay in new builds coming to the market will have an impact on supply, which in turn will only increase demand.”
The REA Average House Price 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.
Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.
“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.
“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.
“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.
“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”