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17 Aug 2022

Latest Real Estate Alliance (REA) survey reveals huge demand for housing in Kilkenny

Across the county, the average time taken to sell is just four weeks

Latest Real Estate Alliance (REA) survey reveals huge demand for housing in Kilkenny

The price of the average second-hand three-bed semi in County Kilkenny has risen by 3.1% to €252,500 in the last three months, according to a national survey by Real Estate Alliance.

The survey has shown that 38% of sales in the county are to first-time buyers, with 35% of all purchasers coming from outside the area.

Across the county, the average time taken to sell is four weeks, the Q2 REA Average House Price Index has shown.

Kilkenny city prices rose by €10,000 this quarter to €295,000, an increase of 3.5%, with first-time buyers representing 40% of sales, and 30% of buyers coming from outside the county. 

“The strong demand we have seen continues, however the market is facing chronic levels undersupply,” said Michael Boyd of REA Boyd’s, Kilkenny. 

Prices in Callan rose by €5,000 to €210,000, an increase of 2.4%, with 35% of sales to first-time buyers and 40% of buyers from outside the county.

“The lack of supply is still a big issue, and we are seeing fewer enquiries due to secondary schools being closed and talk of interest rate increases and inflation,” said Robbie Grace of REA Grace, Callan. 

The REA Average House Price 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.

A marked increase in private landlords selling their properties nationally has increased supply levels and tempered price rises in some areas.

Up to 30% of houses for sale in some areas of Dublin are now due to landlords selling their additional properties, with knock-on effects for the rental market, the survey has found.

Actual selling prices in Dublin postcode districts have risen by 2.5% in the past three months, to an average of €493,333 – but the annual rate of increase has dropped two percentage points to 8% on the previous survey.

The price of a three-bedroomed semi-detached house across the country rose by 2.9% over the past three months to €286,611 – representing an annual increase of 13%.

The highest segment increase in Q2 was in cities outside the capital, which saw a 3.3% rise to an average selling price of €298,750.

Commuter counties saw prices increase by 2.3% – a jump of €6,833 to €311,833.

In the rest of the country, where prices rose 3.2% to €202,897, the survey found that one in every three buyers were from outside the county, with 50% first-time purchasers, as new working conditions enable a rethink on home bases.

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