Ten buyers for every house

The price of the average three-bed semi in Galway city rose by almost there per cent over the first three months of the year alone – with local agents reporting that there are ten buyers for every property to hit the market.

That’s according to the latest national survey carried out by Real Estate Alliance, which saw prices on average increase by 10.4% to €265,000 in the last year,

The REA Average House Price Survey concentrates on the actual 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 close of last week.

“‘There is strong demand across Galway City,” said Robert McGreal of REA McGreal Burke.

“Some new developments are coming on stream. Currently, there are ten buyers for every home coming to the market,” he said.

The price of the average three-bed semi in County Galway rose by 13.6% to €150,000 in the last twelve months. Co Galway prices increased by 1.4% between December 2017 and March 2018.

The average semi-detached house nationally now costs €229,111, the Q1 REA Average House Price Survey has found – a rise of 1.5% on the Q4 2017 figure of €225,806.

Overall, the average house price across the country rose by 9.1% over the past 12 months – indicating that the market is steadying after the 11.3% overall rise in 2017.

For more, read this week’s Connacht Tribune.