The price of the average second-hand three-bed semi in County Tipperary has increased to €234,375, up 4.2% from €225,000 in three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has increased by one week to an average of five weeks, the Q3 REA Average House Price Index shows.

The survey shows that across the county, 68% of purchasers were first-time buyers, and 13% of purchasers were from outside of the county.

A total of 36% of sales in the county this quarter were attributed to landlords leaving the market.

Average prices in Newport increased 8.7% this quarter to €250,000, with time on the market in the area currently averaging at four weeks.

“Supply is a major issue, although currently there are not as many customers in the market,” said James Lee of REA John Lee, Newport.

In Clonmel, average prices increased 2.1% this quarter to €245,000, with time to sell increasing by one week to four weeks.

Nenagh prices increased by 1% this quarter to €247,500, with time to sell increasing by one week this quarter to an average of four.

“The market for July and August was very quiet in general as many purchasers were taking extended summer holidays,” said Eoin Dillon of REA Eoin Dillon Nenagh.

“There were virtually no 3-bed semis available for sale in quarter 3, with only 1 listed on websites as of September 5. 

“We would expect that if one were available then it would  be snapped up very fast.”

Average prices in Roscrea this quarter increased 5.4% this quarter to €195,000, with time to sell increasing by one week to an average of six weeks.

“Roscrea town is still very much a local market, and there has been no new developments constructed here in 15 years,” said Seamus Browne of REA Seamus Browne, Roscrea.

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.