Price of average three-bed semi detached rises above €200,000 for first time since crash
Published 26/09/2016 | 08:10
The price of an average three-bed semi detached house has risen above €200,000 for the first time since the financial crash, new research has shown.
Countrywide the average three bed semi costs €200,093, an increase of €4,732 since the end of June. The price increase represents a 6.37pc on the same period last year, according to a survey by the Real Estate Alliance (REA).
In Dublin city prices grew by 2.75pc to €373,333 since June, nearly twice the growth reported in the second quarter of the year.
In Clonskeagh increases of €25,000 have been reported in sale prices over the last three months with the average price for a three-bed semi increasing by 5.49pc to €480,000.
Those in the commuter counties and the main cities of Cork and Galway have seen prices rise by an average of just under €3,000 over the last three months.
“We are seeing little or no increase in supply nationally, with an increase in funded buyers fueling the market in the short-term,” said REA Chairman Michael O’Connor.
“Many of our agents are now reporting some buyers are returning to the market having achieved a level of savings, and that there is an increase in mortgage-funded purchases.
“The average amount of cash buyers has fallen by 3pc to 33pc nationwide, but in Dublin city that figure is down by 7% in three months, with 72pc of transactions now mortgage-funded," he said.