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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.Herald 1st April 2021

“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.”

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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.Average 3 bed semi Q4 2020

“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

NEW TO THE MARKET 4

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 mREA Average House Price Survey Q3 2020onths 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 Average 3 bed semi Q3 2020 2is 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.”

REA's New Online Auction Platform 'BidNow.ie'

National real estate group REA has launched a dedicated online sales platform under new name BidNow.ie which allows their agents to sell properties in three alternative ways to the traditional model.

REA agents will now have the facility to offer properties for sale via individual or group online auctions, host live-streamed in-room auctions and online private treaty sales.

The nationwide group of 55 estate agencies have a superb record in the online auction space, and their individual and regional auctions have achieved a success rate of over 70% since December 2017 – with sold properties averaging prices of 16% in excess of AMV. Bidnow paper

 “We are changing the way property is being sold in order to improve efficiency and assist in bringing sales to a successful conclusion,” said REA Chairman Anthony McGee.

“As well as the more anonymous online auctions, we will be facilitating both national and local in-room auctions, with each agent having the facility to host live-streamed events.

The online private treaty option on BidNow.ie will allow REA agents to fix a time and date to bring a property sale to conclusion if there are a number of interested bidders.

BidNow.ie will give our agents a full suite of options to offer prospective vendors, and will advise on which will work best for each property.

“For the vendor, our online auctions are an efficient way to sell, with the option of combining all the benefits of the traditional auction room with the speed and transparency of going online.

“Our agents’ local knowledge is vital in the future success of our online offering. The REA agent will set a competitive AMV at the beginning of the campaign, which will be realistic and designed to create interest.

“For the buyer, viewings are either carried out online or by appointment with an REA agent.”

Bidders will sign in after registering for an auction passport, and will pay a returnable €5,100 deposit to bid (inclusive of €100 administration fee). The successful bidder then pays the balance of the 10% deposit and the sales contracts are executed electronically.

The vendor then issues closing documents and the sale closes within 28 days, which is considerably less than through an offline sale.

The entire bidding process is conducted online with the sales contract and other legal documents available in advance on the BidNow.ie platform.

This allows the process to move faster with all legal queries dealt with prior to the online auction.

For more information see BidNow.ie

REA House Price Index Q2 2020

The price of the average three-bed semi in County Waterford remained unchanged over the past year according to a national survey carried out by Real Estate Alliance. IMG 58811

The price of the average three-bed semi in County Waterford remained unchanged over the past year according to a national survey carried out by Real Estate Alliance. Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained unchanged at €215,000 in Waterford City and €178,000 in Waterford County over the past three months.

“There is no evidence of a reduction in prices here and the market has been active since we came back two weeks ago,” said Des O’Shea of REA O’Shea O’Toole, Waterford City. “Time will tell if this is pent up demand. Vendors are bringing houses to the market at the moment in the hope that they can get a good price for their properties.

“We are advising vendors to expect a delayed selling period because of the uncertainty in the market.” The average time to sell rose by one week in the city this quarter to 13 weeks, and was unchanged at 12 weeks in the county. 

“Since our office reopened, we have experienced an exceptionally high level of requests for viewings in addition to receiving offers on a number of residential properties,” said Eamonn Spratt of REA Spratt, Dungarvan.

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. Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroom semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%. “Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald. “Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money. We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority. While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”

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