The price of the average three-bed semi in County Cork rose by 1.4% in the first three months of the year according to a national survey carried out by Real Estate Alliance.

County Cork prices rose by 10.9% to €168,500 in the past year, the REA Average House Price Survey found.

The 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.

Significant Shortage

“We are experiencing a significant shortage of supply. This is driving increased competition for new properties on the market, which we anticipate will appreciate prices further,” said Sarah O’Keefe of REA O’Keefe, Charleville.

The average three-bed semi is currently priced at €139,000 and spends and spends six weeks on the market before reaching sale agreed.

Properties elsewhere in the county have also seen appreciation this year, with REA Celtic Properties Bantry seeing a 13.14% increase this year, with 1.54% of that growth seen in the last quarter.

An average three-bed semi in the Bantry area is currently priced at €198,000 and is remaining on the market for 14 weeks, which is an increase from ten weeks this time last year.

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500.

“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago – and reflects the difficulties that people are experiencing in obtaining a mortgage,” said REA spokesperson Barry McDonald.

“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.