Waterford City house prices rise 6% in 3 months

The price of the average second-hand three-bed semi in Waterford City has risen by 6% to €265,000 in the last three months, according to a national survey by Real Estate Alliance.

And the survey has shown that 60% of sales in the city are to first-time buyers, with 20% of all purchasers coming from outside the area.

“There is a continued low levels of stock at all price ranges,” said Des O’Shea of REA O’Shea O’Toole, Waterford city.

“We are seeing high demand, especially in people looking to move to Waterford from outside of the county, and particularly from Dublin.”

Across the county, prices rose 2.4% this quarter to €210,000, with the average time taken to sell at four weeks, the Q1 REA Average House Price Index has shown.

50% of purchasers throughout the county are first-time buyers, the survey shows, and similarly to the city, 20% of buyers are from outside the county.

“Market activity has remained strong primarily by reason of demand exceeding supply,” said Eamonn Spratt of REA Spratt, Dungarvan.

“There is further evidence of private landlords deciding to vacate the market.”

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.

Nationally, house prices are increasing at an average of almost €100 a day as the market shows no signs of slowing up in the early months of 2022, the survey has found.

Average house prices rose by 3.16% nationally in the first three months of year, matching the 1% a month increases experienced during the Celtic Tiger days.

And illustrating the two-tier nature of the market, 59% of all purchasers were first-time buyers, that figure rising to 76% in Dublin as people with mortgage approval scramble to get on the housing ladder.

The price of a three-bedroomed semi-detached house across the country rose by almost €9,000 over the past three months to €278,500 – representing an annual increase of over 14%.

The average three bed in Dublin is fast approaching the €500,000 mark, with actual selling prices rising by 2.2% since the new year, to an average of €481,250.

Commuter counties saw prices increase 4.47% – a jump of €13,000 to €305,000 – and double the rate of increase seen in the capital.

In the rest of the country, where prices rose 3.4% to €196,569, the survey found that one in every three buyers were from outside the county as new working conditions enable a rethink on home bases.

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REA Average House Price Survey Q2 2021

Waterford City house prices rise 4.3% this quarter  – REA survey

The price of the average second-hand three-bed semi in Waterford city has risen 4.3% to €240,000 in the last three months, according to a national survey by Real Estate Alliance.

The market in Waterford county saw a 5.4% increase this quarter to €195,000, the REA Average House Price Index shows.

“We are seeing a shortage of supply driving price up through competitive bidding,” said Des O’Shea of REA O’Shea O’Toole, Waterford.

The average time taken to sell reduced by half in the city to an average of four weeks this quarter, while across the county, the average time taken to sell fell by a fortnight to six weeks.

“The activity has increased further this quarter, with sales agreed in a shorter window as demand is increasing further over supply,” said Eamonn Spratt of REA Spratt, Dungarvan.

“The prices for second hand homes has been strengthened by reason of newly constructed homes taking longer to be completed.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

The 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.

Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.

And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.

The price of a three bedroom semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.

The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.

In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667.

Waterford, Cork, Limerick and Galway cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.

Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.

REA Average House Price Survey Q1 2021

Waterford county house prices rise 1.4% as time to sell falls – survey

The price of the average second-hand three-bed semi in county Waterford has increased by 1.4% to €185,000 in the last three months, according to a national survey by Real Estate Alliance.

The market in Waterford city was steady this quarter, with prices currently at €230,000, a 7% increase since this time last year, the Q1 REA Average House Price Index shows.

“We are seeing house prices holding firm for Q1 2021, with strong demand from all price sectors,” said Des O’Shea of REA O’Shea O’Toole, Waterford city.

“A shortage of stock is driving prices upwards, and we have waiting lists of potential purchasers when restrictions are lifted. 

“We anticipate that prices will continue to rise when restrictions on viewings are lifted.”

Across the county, the average time taken to sell has reflected a national trend and fallen to eight weeks from nine between December and March. Time to sell in the city was unchanged this quarter at eight weeks.

“The biggest current change in trends is that the investor and second-home purchaser have recently become more prevalent,” said Eamonn Spratt of REA Spratt, Dungarvan.

“The second-home buyer has been influenced by Covid-19 driving the idea of staycations and the draw of having a coastal property within easy commute of the larger centres.”

Nationally, average house prices rose by almost 2% over the past three months, despite the absence of physical viewing, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.

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.

The price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%.

The average three bed semi is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process according to REA.

The biggest rises in Q1 came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Dublin city experienced its biggest quarterly rise in over three years as the price of a three-bedroomed semi-detached house rose by 1.5% to €438,500 during the past 12 weeks.

This represents an annual increase of 2.7% and means that the average Dublin three bed semi has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 1.2% in the past 12 weeks with prices rising by €3,000 to an average of €265,625.

Three bed semi's in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 – with the average home selling in four weeks – down from a high of 11 a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828. 

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REA 2021 Market Predictions

The price of the average three-bed semi in County Waterford is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Prices in the county increased by 1.4% between September and December, the Q4 REA Average House Price Index shows.

Three-bed semi-detached homes in the county now cost an average of €182,500, up 2.5% on the December 2019 average of €178,000.

In the city, the same type of home rose by 7%, increasing in price from €215,000 to €230,000 in the last quarter of 2020.

And as supply struggles to keep pace with demand, city homes are selling four weeks quicker, taking 12 weeks to sell in September but falling to eight weeks at the end of 2020.

Strong demand, particularly from first-time buyers, and a shortage of supply is driving prices upwards, in addition to people moving out of Dublin.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Agents now expect price rises of 5% in three-bed semis across Waterford county in 2021 – and a 2% rise in the city – down on the 7% experienced in 2020.

“The sale of second-hand houses has not been affected despite Covid-19,” said Des O’Shea of REA O’Shea O’Toole in Waterford City.

“The property market is difficult to predict in 2021 because of Covid-19/Brexit uncertainty. If demand stays the same, prices will continue to rise. “A lot will depend on availability of funding from banks.”

In Dungarvan, prices rose by €4,500 in the 12 months from December 2019, from €178,000 to €182,500, up 2.5%, with time taken to sell falling from 12 weeks to nine between Q1 and Q4 last year.

Overall, the market in the final three months of 2020 was buoyant, fuelled by rising demand for detached four-bedroomed homes and properties with a sea view or a coastal setting realised good prices.

Eamonn Spratt of REA Spratt, Dungarvan, said agents expect selling prices to rise further. “However, we potentially see rental returns diminishing by reason of the impact of new homes, both private and affordable, being delivered to the market with the buyers moving out from rental accommodation, freeing up more rental stock,” he said.

Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

REA Average House Price Survey Q4 2020 

Average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 Irish Independent REA Average House Price Index has found.

The average three bed semi is now reaching sale agreed after just six weeks on the market across the country – a significant fall from the ten-week average in June. Many REA agents nationwide, including parts of the capital such as Lucan and Stoneybatter, are reporting that houses are reaching sale agreed within a four-week period as mortgage-approved buyers chase a limited amount of stock. Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%. The Irish Independent 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. The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

“People are watching the market very closely, and our agents are finding that as soon as they put a property up on our sites, the majority of the enquiries are coming within the first 48 hours,” said REA spokesperson Barry McDonald. “It is hard to imagine that the market would perform better during the crisis than before it, but we are witnessing the highest demand levels that I have seen. Pent-up demand and a scarcity of supply has seen the time taken to close sales fall from a high of ten weeks in Q1 and Q2 to an average of six weeks nationally - with agencies in many areas such as my own in Lucan and west Dublin going salea greed on most properties in under four weeks“ The upsurge in demandis nationwide and was illustrated by REA agent Harry Sothern in Carlow, who has reported being practically sold out - with five properties up for sale when he would usually have 25.

“The situation in mirrored in Dublin where there are just nine three-bed properties for sale in total in the Dublin Four area, according to our agents REA Halnon McKenna.“ Putting a house on the market in early December would previously have been considered naïve – however this year, any suitable properties placed on the market have been sale agreed before Christmas.” The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%. However, with gardens as a main buying driver, interest in capital city areas such as Clontarf (+4% to€625,000) has sky rocketed in the past few months. “A lot of employees from the big tech companies are moving over to Clontarf area and trading up from apartments in the city,” said Jim Gallagher from REA Grimes in Clontarf, where prices have risen by €25,000 in the past three months (+4% to €625,000). “Buyers want homes with a garden more than ever and we have up to 40 couples viewing each property. Buyers are decisive and they know what they want.” North County Dublin prices rose by over €6,500 on average to €311,670 – up 2.2% on the Q3 figure, while South County prices increased by 0.5% to €418,791.

Cork, Limerick, Galway and Waterford cities shared acombined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500. “Waterford City showed the biggest increase in this category, with prices rising by €15,000 in 12 weeks to €230,000 – a change of 7% since September,” said Barry McDonald. “Agents REA O’Shea O’Toole report that time taken to sell shortened by four weeks as people moving out of Dublin compete with first-time buyers for limited properties.“

Galway City saw prices rise by €5,000 (1.8%) in the same period, with any property with Home Office Potential (HOP) continuing to attract attention, according to agents McGreal Burke and properties going sale agreed after four weeks. Cork City saw its first price movement in over a year with a 1.6% uplift to €325,000, while Limerick prices remained stable. Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111. Prices rose by 3.5% in Wicklow in the last quarter, with REA Forkin reporting activity levels unseen since 2009 and time taken to sell dropping from 10 weeks in September to four at present. Q4 saw prices in Meath rise by 1.6% – or €4,000 on average –with one agent in Trim putting his town’s rising fortunes down to hybrid workers, for whom commuting time is now becoming less of an issue as they work between home and the office. “The market is being driven by buyers who may be working less than five days a week at home but would have previously bought a smaller house closer to Dublin because of the commute,” said Thomas Potterton of REA TE Potterton in Trim, where prices rose by €5,000 in 12 weeks to €145,000. Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.

“The lowest reported average selling period inthe survey is three weeks in Leitrim, where REA Brady’s Carrick-On-Shannon branch is reporting its busiest November in over a decade (+1.3% €160,000) with domestic buyers to the fore as UK interest is absent due to restrictions,” said Mr McDonald. “The popularity of Center Parcs saw values in the environs of Ballymahon in Longford increase by 10% this quarter. “Our agents in Tubbercurry in Sligo reported similar increases, with a €10,000 rise in selling prices since September to €110,000, fuelled by remote workers. “Roscommon also saw its selling time more than halved in 12 weeks – from 10 weeks to four, with prices in the county up by 3.4% to €150,000, and agent REA Seamus Carthy reporting a large influx of people leaving Dublin to relocate for home working.”

Covid Update January 2021

REA House Price Index Q3 2020

Waterford homes sell two weeks faster in last quarter – survey

The time taken to sell the average house in Waterford county has fallen by two weeks in the past quarter, a national property survey has found.

The REA Average House Price Survey found that the average time taken to sell across the county fell over the past three months from 12 weeks to 10.

As people move to incorporate new working-from-home lifestyles, the price of the average three-bed semi-detached house in the county rose by 1.1% to €180,000 this quarter.

“We are seeing a strong demand, driven by short supply,” said Des O’Shea of REA O’Shea O’Toole, Waterford City.

Waterford city prices remained unchanged over the past 12 months at €215,000, and time taken to sell fell from 13 weeks to 12 in the city.

“The market in Q3 locally was impacted by external purchasers now sourcing holiday homes in a coastal setting within easy reach of the larger urban centres,” said Eamonn Spratt of REA Spratt, Dungarvan.

“This demand was accelerated by the Covid-19 travel restrictions on international holiday destinations.” 

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.

The average three bed semi nationally is now reaching sale agreed after seven weeks across the country – a significant fall from the ten-week average in June.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €236,046, an annual increase of 0.4%. 

Reflecting the beginnings of a flight to rural locations, prices in the rest of the country’s towns rose by almost 1% in 12 weeks to €163,345.

“Houses are taking an average three weeks less to sell across the country, driven by a combination of low supply and highly-motivated buyers,” said REA spokesperson,  Barry McDonald.

“This is a huge shift in market behaviour, and one that we have not experienced in the last decade with almost every agent reporting a substantial drop in the time to reach sale agreed.

“Buyers are more focused, with a higher percentage of bids being made, and in many cases are looking to secure homes before their current mortgage approval runs out.”