The price of the average three-bed semi in County Cork rose by 4.3% to €158,500 between March and June, according to a national survey carried out by Real Estate Alliance.

Cork county prices increased by 11.2% to in the last 12 months, the survey has found, while the rose by just 2.4%, with an 0.8% increase over the past three months.

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 to the close of last week.

“The market continues to improve with first-time buyers and investors competing for properties and bidding competitively due to lack of supply,” said Sarah O’Keeffe of REA O’Keeffe in Charleville.

“Local construction is unlikely in the near future due to high costs, so I anticipate house price growth throughout 2018.”

“There has been an increase in business,” said John O’Neill of REA Celtic Properties in Bantry.

The average semi-detached house nationally now costs €232,441, the Q2 REA Average House Price Survey has found – a rise of 1.5% on the Q1 2018 figure of €229,111.

Overall, the average house price across the country rose by 8% over the past 12 months – indicating that the market is continuing to steady after an 11.3% overall rise in 2017.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8% in the last three months, with prices falling slightly in one suburb.

After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,000 so far this year and now stands at €443,000.

The commuter counties continued their recent steady growth with a 1.7% increase in Q2, with the average house now selling for €246,278 – a rise of €4,000 on the first three months of the year.

The country’s major cities outside Dublin recorded a combined Q2 rise of 1.5%, with an average three-bed semi costing €247,500.

The highest increases were seen in the rest of the country’s towns, which experienced a 2% rise in Q2 to an average of €153,094 – up €3,000 in 12 weeks.