The price of the average second-hand three-bed semi in County Tipperary has risen by 9.2% to €199,250 over the past three months, according to a national survey by Real Estate Alliance.
Homes in the county are reaching sale agreed in three weeks during this period, the Q3 REA Average House Price Index shows.
Nenagh prices rose 23.7% to €235,000, with time taken to sell at just 1.5 weeks – officially the quickest in Ireland.
“We have just agreed the sale of a very well-presented three-bed semi in Nenagh – bids started at €190,000 and finished at €237,500 after 22 bids, 11 viewings and 12 days on the market,” said Eoin Dillon of REA Eoin Dillon Nenagh.
“We had sold a similar house in the same section of the estate at the height of the boom for €237,000, so we are now back to those levels.”
Average prices in Newport rose 3.7% to €197,000, with time on the market remaining at two weeks this quarter.
“The market is strong, but there is very little supply with a huge amount of buyers,” said James Lee of REA John Lee, Newport.
“Unless properties come on the market, the prices are going to continue to soar, and builders are unable to start building new homes as the cost of building is too high.”
Clonmel average prices rose by 5.4% to €195,000, with time to sell remaining at four weeks.
“There is no new building and no rental properties, and people want to buy as it is better value,” said John Stokes, REA Stokes & Quirke Clonmel
Average prices in Roscrea rose 3% this quarter to €170,000, with time to sell remaining at four weeks.
“The biggest demand is for detached one-off houses, both urban or rural, with price increases since the start of the year in the region of 20% in that area,” said Seamus Browne of REA Seamus Browne, Roscrea.
Average house prices nationally have risen by €3,500 per month since the end of June, with selling prices in commuter areas and small towns increasing by over double the growth experienced in the major cities.
The 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.
The price of a three-bedroomed semi-detached house across the country rose by 4.1% over the past three months to €264,056 – representing an annual increase of 12%.
The biggest rises in Q3 came in commuter counties (4.6%) and the country’s large towns (4.9%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.
They are being joined by a surge of interest from ex-pats, anxious to return to Ireland after the pandemic, with more set to return when family homes become available.
The rural and commuter area increases are double those being experienced in Ireland’s major cities, with Dublin increasing by 2.3% to €467,000 and Cork, Limerick and Galway by an average of 2.4% to €281,750.
“The survey’s average of four weeks to sell should be even lower because, while bidding is fast and furious, vendors are not rushing to accept offers,” said REA spokesperson, Barry McDonald.
“With an exceptional shortage of stock, demand is being fuelled by an increase in mortgage-approved buyers on the market.
“The rural flight, which began during lockdown, shows no signs of letting up, even in the face of a return to office working.”