The price of the average second-hand three-bed semi in Limerick City has risen by 4% to €260,000 in the last three months, according to a national survey by Real Estate Alliance.

And the survey has shown that 60% of sales in the city are to first-time buyers, with 30% of all purchasers coming from outside the area, while time to sell remains at three weeks.

Across the rest of the county, the average price rose 4.8% this quarter to €220,000, the Q2 REA Average House Price Index has shown.

Time to sell across the county has increased from three weeks to four, with 55% of sales to first-time buyers and 45% of buyers from outside the county.

“While there appears to be a slight decline in the amount of viewers for properties, there are still similar bidding patterns as we see a slightly larger jump in this quarter,” said Pat Dooley, REA Dooley.

“Our opinion would be that every quarter that goes by sees more first time buyers being priced out of the market.

“A decline in viewings might also be as a result of coverage around the interest rate rise next month, and as a result buyers are holding off to see if there will be any correction in the market.”

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.

A marked increase in private landlords selling their properties nationally has increased supply levels and tempered price rises in some areas.

Up to 30% of houses for sale in some areas of Dublin are now due to landlords selling their additional properties, with knock-on effects for the rental market, the survey has found.

Actual selling prices in Dublin postcode districts have risen by 2.5% in the past three months, to an average of €493,333 – but the annual rate of increase has dropped two percentage points to 8% on the previous survey.

The price of a three-bedroomed semi-detached house across the country rose by 2.9% over the past three months to €286,611 – representing an annual increase of 13%.

The highest segment increase in Q2 was in cities outside the capital, which saw a 3.3% rise to an average selling price of €298,750.

Commuter counties saw prices increase by 2.3% – a jump of €6,833 to €311,833.

In the rest of the country, where prices rose 3.2% to €202,897, the survey found that one in every three buyers were from outside the county, with 50% first-time purchasers, as new working conditions enable a rethink on home bases.