Here's why now is a good time to be selling your house in Ireland
If you are looking to offload your house in the capital, you will be delighted to hear this.
The price of an average house in Dublin rose by 2.6% in the second quarter of this year and three-bed semis in the capital are now taking as little as three weeks to sell.
The average three-bed semi-detached in Dublin city now costs €414,500, a rise of €10,000 (2.6%) over the last three months and an increase of 14.1% over the past year, the Real Estate Alliance (REA) Average House Price Index has found.
REA agents in areas of south Dublin such as Tallaght, Clonskeagh and Dun Laoghaire are reporting that properties which took seven weeks to sell a year ago are now moving to sale agreed in 21 days.
The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.
The survey, which compares prices from March 2017 to June 2017, found that the average semi-detached house nationally now costs €215,269, a rise of 2.5%.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – in contrast to the 4.5% increase registered for the full year to June 2016.
New developments on sale in small pockets of the country, meanwhile, have had an impact on the price and demand for second-hand properties locally.
“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.
“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.
“Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital."
The commuter counties - Louth, Meath, Kildare, Wicklow, Carlow and Laois - continued to rebound after a relatively static end to 2016 and saw an increase of 2.6% in the quarter, with the average house now selling for €223,267.
Prices in the major cities of Cork, Galway, Limerick and Waterford rose by 1.9% in Q2 and 9% on the year, the survey found.
The average three-bed semi now costs €311,000 in Cork (+2%), €245,000 in Galway (+2.1%) and €185,000 in Limerick (+3.9%) and Waterford €190,000 (0%), with first-time buyers opting for new homes as the reason for static pricing in the latter location.
The biggest percentage increases over the past three months came in the country’s smaller rural counties such as Offaly and Westmeath, which are situated outside of Dublin, the commuter belt and the major cities.
Prices here rose by an average of 2.8% over the quarter, with a three-bed semi now costing €138,183 on average – a rise of 12.3% over the past year.