Tipperary House Price Survey September 2020
29th September 2020
The time taken to sell the average house in Tipperary has fallen by four weeks in the past quarter, a national property survey has found.
The REA Average House Price Survey found that the average time taken to sell across the county fell over the past three months from nine weeks to five.
As people move to incorporate new working-from-home lifestyles, the price of the average three-bed semi-detached house in the county rose this quarter by 1.7% to €173,625.
“Lack of stock is driving prices higher, and rental levels are still continuing to grow,” said John Stokes of REA Stokes and Quirke, Clonmel.
“We are seeing active interest in houses, especially in the urban areas, and houses are going to sale agreed quicker, though we are finding that sales are taking longer to actually close.
“Many purchasers with mortgage approved in principal are finding that banks are slower to approve funds for draw down and completion of sales.”
Prices in Clonmel rose this quarter by 2.9% to €175,000, and time taken to sell fell from eight weeks to seven.
“We are seeing good demand from first time buyers with a shortage of property available at present. The market remains resilient in the current climate,” said James Lee of REA John Lee, Newport.
Newport prices rose 2.9% over the past 12 months to €180,000. This quarter, prices in the area remained unchanged and time to sell fell from 11 weeks to four.
“The market has cancelled out the very marginal decrease of the last two quarters and is back to where it was in pre-Covid. The noticeable difference is that it is now only taking two weeks to sell, with buyers quick to make a decision,” said Eoin Dillon of REA Eoin Dillon, Nenagh.
Nenagh prices rose 3.8% to €176,500 this quarter, and time taken to sell fell from four weeks to two.
“The market is buoyant, and properties are moving very quickly. People who have mortgage approval are anxious to buy now as they are worried about what is ahead with mortgage rules,” said Seamus Browne of REA Seamus Browne, Roscrea.
Prices were unchanged at €163,000 over the past 12 months in Roscrea, and time to sell fell from 15 weeks to eight this quarter.
The REA Average House Price Survey concentrates on the actual 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 average three bed semi nationally is now reaching sale agreed after seven weeks across the country – a significant fall from the ten-week average in June.
Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €236,046, an annual increase of 0.4%.
Reflecting the beginnings of a flight to rural locations, prices in the rest of the country’s towns rose by almost 1% in 12 weeks to €163,345.