The price of an average three bedroom semi detached house in Clare has risen by 3.45% to €76,667 in the last three months, according to a national survey carried out by Real Estate Alliance.
The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.
“There is strong demand in the Clare area and the lack of supply in urban areas is having a positive impact on prices being achieved,” said Liam Browne from REA Paddy Browne in Ennis.
A nationwide supply shortage has fuelled a rise of over 2% in the price of the average house in the last three months, with the majority of counties in the State recording price increases in Quarter Two this year, the latest Real Estate Alliance Average House Price Survey found. However, it is the lack of supply of suitable properties in a scarce market that has caused these rises, exacerbated by the effect of would-be commuters moving ever further from Dublin to acquire affordable homes.
“We are seeing firms who are in business for 50 years who have never experienced such a low level of supply, and this is responsible for causing sharp increases in prices in some areas over the past three months,” said REA Chairman Michael O’Connor.
Nationally the average three bed semi now costs €195,361, an increase of over €4,000 (+2.18%) since the end of March. This is a rise of 4.49% against the same time last year. The REA Average House Price Survey concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of Q2 this week.
While prices in Dublin city and county grew by +1.4% to €363,333 since March, competition for scarce housing below the Central Bank’s €220,000 deposit limit in both the inner and outer commuter areas is fuelling an inflationary market. Prices in commuter counties, Cork and Galway have risen by €5,000 to €214,588 (+2.4%) while those in the rest of the country have increased by over €3,000 to €128,768 (+2.75%).
Clare has seen the ninth largest increase in the last three months behind Roscommon, Laois, Kilkenny, Louth, Sligo, Wicklow, Kerry and Westmeath.