House prices ease as as market cools down

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THE price of the average three-bed semi in Waterford City rose by 2.4% over the last three months, while prices in the county rose by 0.8%, according to a national survey carried out by the Real EstateAlliance.

Waterford City prices have risen by 7.5% to €215,000 this year, while prices in the county rose by 1.7% to €178,000, 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.

good demand for second-hand houses from first time buyers

“We are seeing good demand for second-hand houses from first time buyers due to shortage of new stock,” said Des O’Shea of REA O’Shea O’Toole in Waterford City.

According to Eamonn Spratt of REA Spratt, Dungarvan, “the market has started to quieten slowly due to a combination of the summer season and commentary on Brexit.”

The time for an average three-bed semi in Waterford City to reach ‘sale agreed’ rose from four weeks to eight this quarter, while properties in Dungarvan remained at nine weeks.

Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is steadying after an 8% annual rise to June 2018.

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