The price of the average second-hand three-bed semi in County Kerry has increased to €302,500, up 1.7% from €297,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell fell by two weeks to an average of six weeks, the Q3 REA Average House Price Index shows.

Kerry agents are describing the market as being at crisis levels with an all-time low of residential homes on the market and no new homes planned.

Average Killarney prices increased by 1.4% this quarter to €360,000, while this quarter saw Tralee prices rise 2.1% to €245,000.

“Supply is currently at an all-time low,” said Donal Culloty of REA Coyne and Culloty, Killarney.

“With no new house builds and nothing planned on the horizon, we are at crisis levels.”

The survey shows that across the county 55% of purchasers were first-time buyers, and 20% of purchasers were from outside of the county.

A total of 25% of sales in the county this quarter were attributed to landlords leaving the market.

The REA Average House Price Index 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.

The actual selling price of a three-bed, semi-detached house across the country rose by 1.4% over the quarter to €301,370 breaching the €300,000 mark for the first time since 2007.

House prices in Ireland’s large towns rose by 2% in the past three months and are increasing at twice the rate of Dublin and the major cities as mortgage approved buyers chase properties within their price ceiling.

Time taken to reach sale agreed nationally fell from six to five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 0.8% in the last three months, meaning that the average three-bed semi in the capital is now selling at €504,167 – an increase of 1.3% in the last year.

Nationally, 57% of sales are to first-timers, a figure that rises dramatically to 85% in Wicklow, Meath and North County Dublin as mortgage-approved buyers hunt suitably priced property.

Cities outside Dublin experienced a 0.73% rise to an average selling price of €317,500 – with the annual rate of increase halving to 4.5% from the previous survey.

Prices rose in Cork (1.4% to €365,000) and Limerick (1.8% to €285,000) while Waterford city and Galway remained static.

Commuter areas rose by 1.1% to €318,889, with 39% of buyers in areas such as Louth, Meath, Kildare and Wicklow coming from outside the county, a large proportion of them from the capital, with 73% of sales to first-time buyers.