Tipperary House Price Survey March 2024

The price of the average second-hand three-bed semi in County Tipperary has increased to €243,750, up 3.8% from €234,875, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell currently sits at four weeks, the Q1 REA Average House Price Index shows.

The survey shows that across the county 84% of purchasers were first-time buyers, and 24% of purchasers were from outside of the county.

A total of 25% of sales in the county this quarter were attributed to landlords leaving the market.

Nenagh prices rose by 7.1% to €265,000 this quarter, while the average time to sell in the area fell to two weeks.

“We are seeing an extreme shortage of supply, with significant competition for each house and consequently substantial price increases,” said Eoin Dillon of REA Eoin Dillon Nenagh.

Average prices in Newport rose by 6% this quarter to a total of €265,000.

“Supply is currently a major issue, with excellent demand for what is on the market,” said James Lee of REA John Lee, Newport.

Clonmel average prices rose by 1.2% this quarter to €250,000.

“Severe shortage of stock is driving prices upwards,” said John Stokes, REA Stokes & Quirke Clonmel.

“There are no real private new build starts in South Tipperary, and we are seeing landlord continue to exit the market.

“Higher energy rated houses are attracting a better price."

Average prices in Roscrea were unchanged this quarter at €195,000.

“Roscrea is still pretty much a local market,” said Seamus Browne of REA Seamus Browne, Roscrea.

“There are less viewings and less stock available in Q1 2024 compared to Q1 2023.”

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.

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.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales - amidst a belief that interest rates may have peaked.

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.

“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.

“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.

“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”

Mortgage-approved first-time buyers are still the main market drivers, accounting for 59pc of sales nationally.

Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8pc increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6pc.