The price of the average three-bed semi in Galway rose this year by 3.1% across the county to €165,000 and by 2.7% in the city to €282,500 according to a national survey carried out by Real Estate Alliance.
Prices throughout both areas remained static this quarter with properties taking an average of 10 weeks to reach sale agreed, the REA Average House Price Survey found.
The REA Average House Price 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.
“The market remains steady, but the number of viewings is down as purchasers wait to see the outcome of Brexit negotiations,” said Kevin Burke of REA McGreal Burke in Galway City.
“Supply has reduced a little, although there are a number of new developments in Galway City and its environs coming to market.”
Robert McGreal of REA McGreal Burke in Loughrea said that prices remain stable and demand is reasonable, but supply is very limited.
The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.
The price of a three-bedroom semi in Dublin’s postal zones fell by an average of €4,500 in the past three months as Brexit uncertainty affects buyers.
Three-bed semi-detached houses in Dublin city registered a third consecutive quarter fall (-1%) since the end of June and have decreased by -3.3% to €428,500 compared to September 2018.
Prices also fell by 1% in the commuter counties in the past three months, with the average house now selling for €246,611 – an annual fall of 0.7%.
After a year of rises to June, agents are citing an uncertainty surrounding Brexit hampering viewing numbers.
Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford and Limerick – remained unchanged in the past three months.
“The highest annual price increases (3.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €5,000 in the past year and 0.36% in the past three months to €161,724,” said REA spokesperson Barry McDonald.
Ends
Available for interview:
Kevin Burke, REA McGreal Burke, 087 6792911
Robert McGreal, REA McGreal Burke 087 926 919
Media information: Holly Carr, 085 777 8568 holly@mediaconsult.ie
