The average price of a second-hand, three-bed semi in Waterford city rose by 6% in the past year, according to the latest national survey by Real Estate Alliance.

During the first three months of 2023, the average cost of three-bed homes in the city remained at €280,000, 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.

First-time buyers in the city made up 60% of the market during Q1, with 25% of buyers moving from other cities.

The average time taken to complete a sale in Waterford city is eight weeks, the same time as it was last quarter, the survey shows.

“This quarter, we have seen low levels of stock at all price ranges coupled with a high demand,” said Barry McDonald, of REA O’Shea O’Toole, in Waterford city.

Across the county, the average price paid for the traditional three-bed semi has remained the same over the quarter at €215,000, representing a 2% annual rise with 10% of buyers moving from cities.

“With the cost of fuels and utilities rising, we are noticing that purchasers are becoming more aware of the energy rating of properties,” said Eamonn Spratt, of REA Spratt in Dungarvan, where time to reach sale agreed this quarter was eight weeks.

In 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%.