Price of 3-bed semis rising twice as fast in commuter counties
THE prices of popular semi-detached homes in commuter counties are now increasing in value twice as fast as those in Dublin, a new survey reveals.
It also shows that the prices of the three-bed semis in Cork and Galway cities are surging – and nearly matching the rises in the capital.
The first estate agency price census measuring value movement of Ireland's most sought-after dwelling – the standard three-bed semi – shows that Laois was the county with the fastest-increasing prices.
However, the survey of prices over the first six months of the year shows that prices in Wexford were up 20pc, Wicklow rose 20.7pc and Cavan prices were up 20pc.
This is almost double the rate of increase of Dublin city, where the average three-bed semi increased by 11.76pc in the same six-month period.
However, with an average value now standing at €348,333 today – an increase of €36,666 over December's €311,667 – the capital's three-bed semis are still far and away the country's most expensive.
"In the outlying counties there was no market at all before Christmas, now there is a market. That's a big difference and it's what accounts for those percentages," said Philip Farrell, CEO of the Real Estate Alliance (REA), which surveyed 50 of its offices nationwide to produce Ireland's first Semi-d Price Census.
Within Dublin itself, the location with the fastest-appreciating semi-detached homes was Tallaght in Dublin 24, where prices have hiked 25pc since Christmas.
In Tallaght, the humble three-bed semi-detached house hiked from €160,000 in December to €200,000 at present.
Meantime, the overall increase for Cork County and City was almost 8pc in six months, while Galway saw a 11pc hike in six months countywide.
At the flat end of the semi-d price census were Longford and Monaghan, both of which recorded zero price movement since Christmas.
However, in these oversupplied and underpopulated counties, where prices have fallen extraordinarily hard and ghost estates are more common, the fact that there has been no movement in six months is a plus and likely marks the bottom for semis.
Other types, however, may still be falling in value in these areas.
The Real Estate Alliance network targeted the three-bed semi because it is the standard family home for urban areas and many large towns, but is also most in demand and in shortest supply in the cities.
Great semi-d census: Property