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Average Waterford house prices rise in past three months

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Average Waterford house prices rise in past three months the market has started to quieten slowly due to a combination of the summer season and commentary on Brexit

Average Waterford house prices rise in past three months

The price of the average three-bed semi in Waterford city rose by 2.4% over the last three months, while prices in the county rose by 0.8%, according to a national survey carried out by Real Estate Alliance.

Waterford city prices rose by 7.5% to €215,000 this year, while prices in the county rose by 1.7% to €178,000, the REA Average House Price Survey found.

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 second-hand property market in towns and cities countrywide to the close of last week.

“We are seeing good demand for second-hand houses from first time buyers due to shortage of new stock,” said Des O’Shea of REA O’Shea O’Toole in Waterford city.

According to Eamonn Spratt of REA Spratt, Dungarvan, “the market has started to quieten slowly due to a combination of the summer season and commentary on Brexit.”

The time for an average three-bed semi in Waterford city to reach sale agreed rose from four weeks to eight this quarter, while properties in Dungarvan remained at nine weeks.

The average semi-detached house nationally now costs €236,028, the Q2 REA Average House Price Survey has found – a rise of 0.05% on the Q1 2019 figure of €235,898.

Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.

Dublin city second hand property prices decreased by an average of €4,500 in the past three months, registering a second consecutive quarter fall (-1%) since the end of March, and -2.2% compared to June 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €433,000.

“Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties,” said REA spokesperson Barry McDonald.

Prices rallied slightly by 0.1% in the commuter counties in the last three months, with the average house now selling for €249,167 – an annual rise of 1.17%.

The increased availability of new homes has had a suppressing effect on prices in some commuter areas such as Kildare, North Wicklow and Meath.

Prices in the country’s major cities outside Dublin were relatively static with agents in Galway and Limerick reporting no change due to an increase in supply and new homes developments.

The highest annual increases (5.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €8,000 in the past year and 1.08% in the past three months to €161,138.