Three bed semis in Cavan edge closer to €190K

Over the last quarter, two in three purchasers were first-time buyers.

The price of the average second-hand three-bed semi in county Cavan has increased to €187,500, up 1.4% from €185,000 in the last three months, according to a national survey by Real Estate Alliance.

The survey also shows that, over the last quarter, two in three purchasers were first-time buyers and 37% of buyers were from outside of the county.

The Q3 REA Average House Price Index also found that one in three sales (33%) in the county were attributed to landlords leaving the market.

The index concentrates on the 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.

Ballyconnell prices rose by 2.9% over the last three months to €175,000, while prices in Cavan Town during this period were unchanged at €200,000.

“There is currently limited supply, leading to increased prices, and demand is still high with more first time buyers from outside the area who have increased their search radius,” said James Spring of REA Donohoe Spring.

“Less landlords are currently selling, due to the volume who have already sold. We are seeing very few new builds, but they are seen as much more expensive compared to second hand,” he continued.

“Figures are the same as in Cavan Town as last quarter, and there is a wide variance in pricing from development to development, with some still under 200K and others breaking 300K.”

Added value

Mr Spring says there are ways to add value to your home or make it more attractive to buyers. “Presentation in property is absolute key for higher prices, we advise that it is worth spending money on repairs and cosmetics prior to listing,” he suggested.

That said, high demand means properties are currently selling well. A large pool of buyers is mostly made up by owner occupiers and mortgage-buying first times.

“There is still limited supply to meet the demand,” surmised Mr Spring.

Looking at the national picture, the actual selling price of a three-bed, semi-detached house across the country rose by 2.7% in the past three months to €323,741.

Time taken to reach sale agreed nationally has dropped to four weeks as low supply continues to drive sales.

A supply drought in Dublin has reignited the commuter property market as buyers battle to secure affordable family homes, the Index has found.

Frustration in the capital has led to the return of the previously unheated commuter market, which has risen by 2.9% over the past three months to an average of €336,944.

And further afield, large towns such as Ennis, Tralee, Tullamore and Athlone have experienced average increases of €20,000 in the past three months.

Actual selling prices in Dublin city rose by 1.3% over the period, and the average three-bed semi in the capital is now selling at €532,333 – an annual increase of 7.4%.

The number of sales in the capital due to landlords leaving the market has risen six points to 24% in the past year, the index revealed, but some areas are reporting a figure of over 50%.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 10% on last September and 3.6% this quarter to an average of €243,241.