Limerick House Price Survey June 2024

The price of the average second-hand three-bed semi in Limerick city has increased to €305,000, up 3.4% from €295,000 in the last three months, according to a national survey by Real Estate Alliance.

Average prices in the county increased to €245,000, up 2.1% from €240,000 this quarter, the Q2 REA Average House Price Index shows.

Across the county, the average time taken to sell currently sits at in three weeks in Limerick city and four weeks in the county.

The survey shows that 75% of purchasers in the city and 85% across the county were first-time buyers, and 35% of purchasers in the city and 45% across the county were from outside of the county.

A total of 55% of sales in the city and 45% in the county this quarter were attributed to landlords leaving the market.

“The property market is holding very resilient with prices remaining strong and still increasing due to lack of supply,” said Pat Dooley, REA Dooley.

“Nearly every property brought to market is getting into a bidding situation which looks to be a trend for the remainder of 2024.

“There appears to be a lot of panic bidding as potential purchasers don’t want to lose out as they don’t know when the next similar property will become available.

“We are noticing some similarities that were associated with the boom, especially gazumping which we have had a few instances of lately.

“We are also noticing that less of our buyers are local as affordability in the local market is becoming a major issue."

The REA Average House Price Index concentrates on the 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 actual selling price of a three-bed, semi-detached house across the country rose by 2.3pc in the past three months to €315,352.

Prices in Dublin city rose by 1.6pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €525,500 – an increase of 5.1pc in the last year.

Homes in commuter counties rose by 1.81pc over the past three months to an average of €327,500 – trebling their increase from the first three months of the year.

Major cities outside the capital rose by an average of over €5,000 in the last three months. The 1.5pc increase is equivalent to an average selling price

Homes in the country’s large towns continue to show the biggest growth, up 8.4pc on last June and 3.2pc this quarter.

A feature of the market is that many houses coming to the market are ex-rental stock, needing substantial refurbishment and upgrading, according to REA spokesperson Seamus Carthy.

"While we are seeing a slight improvement in stock, a lot of what is coming on the market in the capital is ex-rental and needing substantial refurbishment,” he said.

“Those intending to purchase a doer-upper are subject to different lending rules and their bank may look for proof that there are sufficient funds in place to renovate.

"There are huge issues sourcing people to do extensive repairs where multiple people are required, with construction companies telling multiple interested buyers at one recent property that it could be a year before they could do the job.

“As a result of this, people looking to trade up are opting for smaller extension work in their existing properties where it is easier to source labour.”