‘Staple diet’ of first-timers jumps in price by 13%

Robert McGreal: demand is continuing to drive up prices.
Robert McGreal: demand is continuing to drive up prices.

The price of an average three-bed semi-detached house – the ‘staple diet’ of first-time buyers – jumped by more than 13% over the past year in the county and 11% in Galway City.

New research shows that the average price also rose by just under 3% in the three months from March to June, leaving the current average at €272,500.

The research by Real Estate Alliance found a 2.8% price increase over three months, and an 11.2% increase over the past 12 months.

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 secondhand property market in towns and cities countrywide to the close of last week.

“Buoyant demand is continuing to drive interest in starter homes,” said Robert McGreal of REA McGreal Burke in Galway City.

“A significant number of first-time buyers are purchasing in estates all over the city as lending has loosened up.”

County Galway prices increased by 3.3% to €155,000 between March and June.

“The price of the average three-bed semi in County Galway rose by 13.1% in the last 12 months and there is continued strong demand across the county,” said Mr McGreal.

For more, read this week’s Connacht Tribune.