Wexford House Price Survey June 2021
29th June 2021
The price of the average second-hand three-bed semi in County Wexford has risen 3% to €211,250 in the last three months, according to a national survey by Real Estate Alliance.
Across the county this quarter, the average time taken to sell fell from seven weeks to three, the REA Average House Price Index shows.
Average prices in Wexford town rose 1.3% to €192,500 over the past three months, and in Gorey, prices rose 4.6% to €230,000.
The average time taken to sell fell to three weeks in these areas this quarter, from eight weeks in Gorey and from six weeks in Wexford town.
“We have seen a huge increase in demand in the area for all types of properties especially since viewing restrictions have been lifted,” said Winston Halnon of REA Halnon McKenna.
“Buyers of all types are active at present, however it is a similar story to everywhere - the lack of supply is a major issue.
“Town properties are particularly thin on the ground and when they do come to the market, they are going sale-agreed within a couple of weeks, and in some cases a couple of days.
“People appear to be holding off selling their properties as they have nowhere to move to as there is so little for sale.
“We hope that more supply will begin to materialise in September. I also think people are looking forward to enjoying a normal summer and therefore are postponing selling their homes now.”
Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.
The 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.
Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.
And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.
The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.
The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.
In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.
Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.
As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.