The price of the average second-hand three-bed semi in Galway city has risen by 0.8% to €398,000 this quarter, according to the latest REA national survey.
Across the county, prices over the past three months have also increased by 0.8% to an average of €312,480, the Q1 REA Average House Price Index shows.
There was an increase in supply this quarter due to a noticeable increase in the number of landlords selling,” said Kevin Burke of REA McGreal Burke. “The market remains very busy overall, with lots of active buyers.”
The survey shows that this quarter, 60% of purchasers in the city and 70% across the county were first-time buyers, while a total of 20% of sales in the county, and 15% in Galway city, were attributed to landlords leaving the market.
Additionally, the survey found A-rated BER properties in the county are commanding 10pc price increases in comparison to C-rated properties.
The REA Average House Price Index concentrates on the 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.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.5% in the past three months to €364,747.
This represents a 7.67% annual rise – slowing gradually from the 9pc increase registered six months ago.
With energy prices coming into focus, agents are reporting that there is a renewed focus on heating costs, with the A-rated v C-rated BER price premium rising to 13%, up from 10% at the end of December.
Actual selling prices in Dublin city rose by 1.6% in the last three months, with the average three-bed semi in the capital’s postcode areas now selling at €595,453, a 6.6% annual rise.
The percentage of first-time buyers purchasing in Dublin has dropped from 50% to 39% in the past six months, with agents citing a wait-and-see policy from buyers around the changes in rental legislation.
Selling prices in Ireland’s major cities outside Dublin rose by 1.2% to an average of €378,250 – a 6.5% annual increase, with homes selling in four weeks on average.
Homes in the country’s large towns rose by 2% this quarter and 9% annually to an average of €281,287, while prices in commuter counties rose by 1% to €377,185.
