THE AVERAGE price of a second hand three-bedroom house in Limerick City has increased again, according to the latest survey by the Real Estate Alliance (REA).
The price of a thee-bed semi in Limerick now sits at €315,000, up 3.3 per cent from €305,000 in the last three months, the latest survey has shown.
Prices across Limerick County have also increased, currently sitting at €250,000, up from €245,000 three months ago – a two per cent increase.
Limerick auctioneer Pat Dooley of REA Dooley said that demand across Limerick for second-hand homes remains very strong.
“The market remains very strong in Limerick city,” Mr Dooley said.
“Supply is still scarce and demand, particularly in the three-bed semi and first-time buyer house market remains very strong. We are also seeing that the vendors of these three-bed semis seem to be more active in the trader-upper market, and more and more have to sell their own property first before buying,” the Limerick auctioneer explained.
This is leading to more and more property owners being caught in a property chain where they have to sell their current property before they can buy somewhere new.
According to REA’s Average House Price Index, 75 per cent of purchasers in the city and 80 per cent across the county were first-time buyers.
According to the report, 60 per cent of city sales and 45 per cent of sales in the county were attributed to landlords who were leaving the market.
Nationally, house prices outside Dublin were sitting at €341,250 in quarter three of this year – an annual increase of 7.4 per cent.
