The price of the average second-hand three-bed semi in Co Mayo rose by 3% in the last 12 months, according to a national survey by Real Estate Alliance.
During the first three months of the year, the average cost of three-bed homes in the county remained at €190,000, the Q1 REA Average House Price Index shows.
By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.
Across County Mayo, first-time buyers made up 80% of the market during Q1, with 30% of buyers moving out of the cities.
The average time taken to complete a sale in Mayo is now seven weeks, down three from the last quarter, the survey shows.
In Castlebar, the average price for a three-bed semi remained at €190,000, with time to sell this quarter falling by three weeks to seven.
“Despite the increase in interest rates, buyers are active in the market. The lack of supply is the biggest factor, and there is strong activity in the market for the properties that are available,” said Robert McGreal of REA McGreal Burke.
The average cost of a similar type of property In Westport rose to €260,000, up 8.3% from the previous quarter, while the time to sell fell two weeks to five.
“This quarter, there has been significant interest in moving west to a popular and modern town. Westport attracts regular holiday home purchasers as well as buyers who can now work from home and take the train to Dublin as required,” added Mr McGreal.
Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.
House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.
Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.
The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.
The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.
Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.
