Average house price up 11.2% over past year, say estate agents

Three-bed semi-detached home in Dublin’s postcodes up €17,000 in three months

The slowest growth nationwide was registered in the main cities outside of Dublin

The slowest growth nationwide was registered in the main cities outside of Dublin

 

The average three-bed semi-detached house nationally has risen 3.1 per cent to €221,843 since June, according to a survey by Real Estate Alliance.

The alliance, which has a network of 55 estate agents nationwide, said the overall average house price across the country rose 11.2 per cent over the past 12 months.

The average three-bed semi-detached home in Dublin city’s postcode districts has jumped in value by €17,000 in the three months to the end of September, and now costs an average of €431,500.

The 4.1 per cent rise over the last quarter means prices in the capital’s postcode areas have increased 15.6 per cent over the past year, with properties selling in an average of four weeks after hitting the market.

The commuter counties continued to rebound after a relatively static 2016 and saw an increase of 2.7 per cent this quarter, with the average house now selling for €229,300.

Outside Dublin

The slowest growth nationwide was registered in the main cities outside of Dublin. Cork city prices remained static over the three-month period, and 5.1 per cent up on the year.

There was some growth in Galway, where the average price is €255,000 (up 4.1 per cent) and Limerick at €190,000 (up 2.7 per cent).

Smaller rural towns outside Dublin, the commuter belt and the major cities outperformed the national index, with prices rising by an average of 2.8 per cent over the quarter to €142,867.

House prices in Longford have risen 32 per cent in the past year – but the county still has the cheapest semi-detached houses in the country at an average of €90,000, up from €68,000 in September 2016.

Longford, Leitrim (€97,000) and Donegal (€93,750) are the three counties where properties can be still be purchased for a five-figure sum.

Despite the absence of sterling buyers because of the exchange rate, prices in some parts of Donegal have risen by an average of €6,250 since June.