The average price of a second-hand, three-bed semi in County Tipperary rose by 1.8% in the first three months of the year, according to the latest national survey by Real Estate Alliance.
Three-bed homes in the county now cost €217,500, up from €213,750 in December 2022, 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 Tipperary, first-time buyers made up 63% of the market during Q1 with 10% of buyers coming from the cities.
The average time taken to complete a sale in Tipperary is eight weeks, the same as in the previous quarter, the survey shows.
In Nenagh, the average cost of the traditional three-bed semi is now €235,000, up 2.17% from €230,000 in the previous quarter.
“Once again, there is very little supply coming to market. This means there is strong demand for anything that is well presented and ready to move into,” said Eoin Dillon, of REA Eoin Dillon, Nenagh.
The average price paid for a similar property in Roscrea this quarter was €185,000 and was unchanged from December 2022; the time to sell is now five weeks, up one from the previous quarter.
“The market has been steady since January, with supply meeting demand,” said Seamus Browne, of REA Seamus Browne, Roscrea.
In Newport, the average cost of a three-bed semi is €230,000, up 4.55% from €220,000 in the previous quarter; the time to sell also remained unchanged at four weeks.
“The lack of supply is continuing to drive prices. There are a number of potential buyers for all types of properties at present,” said James Lee of REA John Lee, Newport.
The average cost of a similar property in Clonmel remained the same at €220,000 from the previous quarter, with the time to sell also remaining unchanged at four weeks.
“There is no real change on the three-bed semi here in south Tipperary, with a shortage of supply still causing problems,” said John Stokes, of REA Stokes & Quirke in Clonmel.
“The increase in interest rates has created a slight cooling in the top end of the market.”
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%.