New survey finds Waterford house prices unchanged in the last three months

The price of the average second-hand three-bed semi in Waterford has remained unchanged across the county in the last three months, according to the latest national survey by Real Estate Alliance.

The average price in Waterford City is €270,000 this quarter, with the average time to sell currently sitting at four weeks, the Q3 REA Average House Price Index shows.

Across the county, the average price is €215,000, with time taken to sell increasing by two weeks to a total of six.

“We have observed a number of potential buyers becoming conscious of the recent interest rate increases, with more potentially on the horizon,” said Eamonn Spratt of REA Spratt, Dungarvan.

Across the county, 50% of purchasers this quarter were first time buyers, with 20% of buyers coming from outside of the county, the survey found.

Additionally, agents report that BER A-rated homes are commanding a 16% premium over their C-rated equivalents in Waterford city, and a 20% premium across the county.

“We are seeing a continued low level of stock at all price ranges, coupled with a high demand,” said Barry McDonald of REA O’Shea O’Toole, Waterford city.

Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious, the index shows.

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The actual selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630 – representing an annual increase of 10%.

This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the frenetic demand in the marketplace.

And the index found that A rated homes are commanding a 12% premium over their C rated equivalents – a figure that rises to 16% in the capital as running costs become more important to home buyers.

The REA Average House Price 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.

Time taken to reach sale agreed rose to five weeks from four as REA agents nationwide reported a less frenzied approach to viewing and buying.

While the actual average selling price of three bedroomed homes in Dublin city is about to breach the €500,000 mark, the 0.8% quarterly rise to €497,500 is half that experienced in the previous three months.

58% of all purchasers in the past quarter were first-time buyers according to REA, a figure which rose to 76% in Dublin as people with mortgage approval look to get on the housing ladder.