Demand for family homes with quick access to the motorway network, combined with a shortage of housing stock, is creating a surge in prices in Co Limerick.
The price of a four-bed detached home has jumped 20pc to an average €245,000, while a five-bed detached soared 17pc to €280,000. The average price of a detached property with at least 2,000 sq ft of accommodation has climbed 17pc to €270,000.
Agent Ailbhe O'Malley from Sherry FitzGerald Limerick says: "We saw big increases in Limerick city prices which translated to the county area, where the biggest increases were in family homes with access to the motorway. People are moving to the country for lifestyle reasons and because they see property there as being more affordable than in the city."
"The first-time buyer is strong in Limerick County but the market for trading up to family homes is stronger."
|3-BED SEMI IN TOWN||€130,000||€165,000||€180,000|
|3-bed Semi Out Of Town||€120,000||€135,000||€146,000|
|4-BED SEMI IN TOWN||€150,000||€180,000||€195,000|
|4-bed Semi Out Of Town||€155,000||€170,000||€185,000|
|3-bed Bungalow In Town (outskirts)||€165,000||€180,000||€195,000|
|3-bed Bungalow Outside Town||€150,000||€170,000||€185,000|
|4-bed Bungalow In Town (outskirts)||€190,000||€220,000||€240,000|
|4-bed Bungalow Outside Town||€170,000||€190,000||€215,000|
|Det 2000+ Sq Ft||€230,000||€270,000||€290,000|
After stagnant prices in 2016, the cost of a four-bed semi-detached home in a town jumped 20pc to €180,000 over the last 12 months and is set to rise 8pc to an average €195,000 by the end of 2018. The price of a three-bed semi in a town, meanwhile, surged 27pc to €165,000 in 2017.
There is a disparity, however, between prices across various towns: a three-bed semi in Castleconnell, which is near the M7, costs an average €220,000, while the same house type in Newcastle West would cost €140,000, O'Malley says.
The area, which has been long undervalued, is experiencing price increases because it’s close to the motorway network and good schools.
Prices for properties in more remote towns in the county may improve once the M20 between Limerick and Cork is finished.
Despite the low number of transactions, the heritage tourist town of Adare still commands the highest prices in the county area.