The average house price has increased by 3.16% nationally during the first three months of the year. This is according to the REA Average House Price Survey, which also revealed that 60% of all purchasers were first-time buyers. The survey concentrates on the actual sale price of Ireland’s typical stock home which is a three-bedroom semi.
According to the report it shows that the price of a three-bedroom semi-detached house across the country rose by almost €9,000 over the past three months to €278,500. That’s the equivalent of about €100 every day. According to REA spokesperson, Barry McDonald, “we are now approaching and, in many cases, exceeding Celtic Tiger prices in the capital, with the market being driven by frustrated first-time buyers.”
The country’s other major cities saw an increase of 2.2% on average, mostly in line with Dublin, while Waterford city returned a 6% price increase. This has brought with the average three-bed semi up €15,000 to €265,000, driven by high demand from outside buyers. Meanwhile, 75% of house sales were to first-time buyers in Cavan town.
Homes there rose €15,000 in three months to €175,000 and sales were being agreed in an average of two weeks, according to REA Peter Donohoe. The REA Average Price Survey also reveals that the average listed price nationwide in the first quarter of 2022 was €299,093, up 8.4% on the same period in 2021 and just 19% below the Celtic Tiger peak.