House prices rise nearly 1.5% in three months TheJournal.ie

Home prices have risen nearly 1.5% in the past three months, according to a new study.

A record number of mortgage approvals and a lack of supply have driven the increases, according to the Real Estate Alliance (REA) fourth-quarter house price index.

The average three-bedroom townhome is now reaching for-sale deal status after just six weeks on the market, dropping from a 10-week average in June.

Many realtors report that homes are reaching agreed-for-sale status within four weeks, as mortgage-approved buyers seek a limited number of shares.

Despite fears of a market recession during the Covid-19 crisis, the price of a three-bed semi-trailer nationwide rose by more than 3,000 euros over the past three months to 239,194 euros, an annual increase. 1.9%.

REA spokesman Barry McDonald said that “people are watching the market very closely and our agents are finding that as soon as they list a property on our sites, most inquiries arrive within the first 48 hours.”

“It’s hard to imagine that the market would perform better during the crisis than before, but we are witnessing the highest levels of demand that I have seen,” McDonald said.

The largest increases in the fourth quarter of the year were in Ireland’s secondary cities and commuter counties.

Both experienced the least movement in prices during the previous 18 months.

The increase in demand is nationwide and was illustrated by REA agent Harry Sothern in Carlow, who has reported that it is practically sold out, with five properties for sale when he would normally be 25.

The situation is mirrored in the capital, where there are only nine three-bedroom properties for sale in total in the Dublin Four area, according to REA agents Halnon McKenna.

McDonald said: “Putting a house on the market in early December would have been considered naive previously; however, this year all suitable properties placed on the market have been agreed for sale before Christmas.”

The price of a three-bedroom townhouse in Dublin City increased 0.6% to € 431,833 over the last three months, an annual increase of 1.41%.

However, with the demand for homes with gardens as the main purchase engine, interest in areas of the capital such as Clontarf (+ 4% to € 625,000) has skyrocketed in recent months.

“A lot of employees from big tech companies are moving to the Clontarf area and changing apartments in the city,” said Jim Gallagher of REA Grimes in Clontarf.

Prices in North County Dublin increased by more than 6,500 euros on average to 311,670 euros, 2.2% more than in the third quarter, while prices in South County increased 0.5% to 418,791 euros .

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

Waterford City showed the largest increase in this category, with prices rising € 15,000 in 12 weeks to € 230,000, a 7% change from September.

Galway City saw a price increase of 5,000 euros (1.8%) in the same period, and any property with home office potential (HOP) continued to attract attention, according to agents McGreal Burke, and the properties were sold agreed after four weeks.

Cork City saw its first price move in over a year with a 1.6% increase to € 325,000, while Limerick prices were stable.

Commuter counties are now feeling the benefits of migration to space and the potential for home work, with three-bed semi-trailers increasing 2.2% by almost 6,000 euros from the third quarter figure at an average of 253,111 euros.