06/08/2021

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Average house prices in Kilkenny have risen by 5% in three months

Average house prices in Kilkenny have risen by 5% in three months

Kilkenny house prices continue to climb

The price of the average second-hand three-bed semi in County Kilkenny has risen 5% to €221,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has fallen from six weeks to three this quarter, the Q2 REA Average House Price Index shows.

The price of the average three-bed semi in Kilkenny city rose 5.3% to €258,000 this quarter, with time taken to sell falling from six weeks to two.

“We are seeing a market that is really strong and active,” said Michael Boyd of REA Boyd’s, Kilkenny.

“One particular property went on the market last week and there were 70 mortgage approved parties ringing to view it in three days. 

“We are also seeing the early stages of new homes developments projects.”

Callan prices this quarter rose 4.5% to €185,000, with the average time to sell falling from six weeks to three.

“There is a lack of supply coupled with a positive market and huge demand, with many people moving from Dublin to County Kilkenny,” said Robbie Grace of REA Grace, Callan.

“There is a distinct difference in the market. People are prepared and more knowledgeable. Purchasers are a lot more focused.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

The survey concentrates on the actual 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.

Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.

And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.

The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.

The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.

In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.

Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.

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