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16 May 2022

Carlow house prices rose significantly in last three months, according to new survey

Carlow house prices rose significantly in last three months, according to new survey

Average house prices rose by 3.16% nationally in the first three months of year

The price of the average second-hand three-bed semi in County Carlow has risen by 3.8% to €202,500 in the last three months, according to a national survey by Real Estate Alliance.

And the survey has shown that 40% of sales in the county are to first-time buyers, with 38% of all purchasers coming from outside the area.

Across the county, the average time taken to sell is three weeks, the Q1 REA Average House Price Index has shown.

Prices in Carlow town rose by €5,000 to €210,000, an increase of 2.4%, with 20% of sales to first time buyers and 25% of buyers from outside the county.

“Demand continues to outstrip supply, and we are seeing multiple interested parties and offers on practically every property going to market,” said Harry Sothern of REA Sothern, Carlow town.

Tullow prices increased by 5.4% this quarter to €195,000, with 60% of sales to first time buyers and 50% of purchasers from outside the county.

“There is very little stock in the market place at present, with a good level of enquiries in the first quarter of 2022,” said Matthew Conry, REA Dawson, Tullow.

“We saw strong prices achieved for properties presented in good condition, and expect more houses to come on the market in the coming months.”

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.

Nationally, house prices are increasing at an average of almost €100 a day as the market shows no signs of slowing up in the early months of 2022, the survey found.

Average house prices rose by 3.16% nationally in the first three months of year, matching the 1% a month increases experienced during the Celtic Tiger days.

And illustrating the two-tier nature of the market, 59% of all purchasers were first-time buyers, that figure rising to 76% in Dublin as people with mortgage approval scramble to get on the housing ladder.

The price of a three-bedroomed semi-detached house across the country rose by almost €9,000 over the past three months to €278,500 – representing an annual increase of over 14%.

The average three bed in Dublin is fast approaching the €500,000 mark, with actual selling prices rising by 2.2% since the new year, to an average of €481,250.

Commuter counties saw prices increase 4.47% – a jump of €13,000 to €305,000 – and double the rate of increase seen in the capital.

In the rest of the country, where prices rose 3.4% to €196,569, the survey found that one in every three buyers were from outside the county as new working conditions enable a rethink on home bases. 

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