Property prices in County Wexford continue to rise through 2022, according to two reports released on Monday.
The price of the average second-hand three-bed semi in County Wexford rose by 1.9% to €247,500 in the last three months, according to the latest national survey by Real Estate Alliance.
A total of 20% of purchasers this quarter were first time buyers, with 27% of buyers coming from outside of the county, the Q3 REA Average House Price Index shows.
Additionally, agents report that BER A-rated homes are commanding a 25% premium over their C rated equivalents.
Across the county this quarter, prices in Wexford town rose by 2.2% to €230,000, and in Gorey, prices saw an increase of 1.9% to €265,000.
The average time taken to sell in these areas increased by one week this quarter for a total of four weeks.
Meanwhile, property prices in Wexford have bucked the national trend by rising during the quarter, according to the latest MyHome.ie Property Report.
The report for Q3 2022, in association with Davy, shows that the median asking price for a property in the county is now €250,000. This means prices have risen by €20,025 compared with this time last year.
Asking prices for a 3-bed semi-detached house in the county rose by €19,000 over the quarter to €219,000. This means that prices in the segment rose by €24,000 compared to this time last year.
Meanwhile, the asking price for a 4-bed semi-detached house in Wexford rose by €12,500 over the quarter to €252,500. This price is up by €30,000 compared to this time last year.
There were 748 properties for sale in Wexford at the end of Q3 2022 – an increase of 39% over the quarter.
The average time for a property to go sale agreed in the county and the city after being placed up for sale now stands at just over two and a half months.
“Throughout Q3 the Wexford property market continued to achieve strong results,” said Winston Halnon of REA Halnon Humphreys.
“Supply has remained limited, however there was a noticeable increase in town properties coming for sale, which is primarily due to landlords deciding to sell up.
“Rural one-off properties have performed very well, once they are priced appropriately: if properties are overpriced they will not generate interest from potential purchasers.
“Buyer sentiment remained strong, however, there is a noticeable shift in buyers focus on energy efficiency, cost of living and cost of refurbishment works.
“Buyers are focusing on new homes due to their energy efficiency and lack of modernisation and upgrading required.
“The price difference between new and equivalent second-hand homes can vary between €60,000 - €90,000, however, there can be other determining factors such as location and size.
“We expect the remainder of the year to be busy, and prices may remain stable.”
Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious, the index found.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630 – representing an annual increase of 10%.
This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the frenetic demand in the marketplace.
And the index found that A rated homes are commanding a 12% premium over their C rated equivalents – a figure that rises to 16% in the capital as running costs become more important to home buyers.
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.
Time taken to reach sale agreed rose to five weeks from four as REA agents nationwide reported a less frenzied approach to viewing and buying.
While the actual average selling price of three bedroomed homes in Dublin city is about to breach the €500,000 mark, the 0.8% quarterly rise to €497,500 is half that experienced in the previous three months.
58% of all purchasers in the past quarter were first-time buyers according to REA, a figure which rose to 76% in Dublin as people with mortgage approval look to get on the housing ladder.