Mayo house prices rise by 8.2% in three months - survey
The price of the average second-hand three-bed semi in County Mayo has increased to €265,000, up 8.2pc from €245,000 in the last three months, according to a national survey by Real Estate Alliance.
The average time taken to sell this quarter increased by one week to a total of five, the Q2 REA Average House Price Index shows.
“We are experiencing very low supply, with a total of just seven properties sold in Castlebar in this quarter,” said Robert McGreal of REA McGreal Burke.
“There are eleven properties on market currently with an average of €265,000 as well.”
The survey shows that across the county, 50pc of purchasers were first-time buyers, while a total of 20pc of sales in the county this quarter were attributed to landlords leaving the market.
Additionally, agents across the county reported that the BER ratings of properties saw A-rated properties command 28pc price increases in comparison to comparable C-rated properties.
The REA Average House Price 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.
The actual selling price of a three-bed, semi-detached house across the country rose by 2.7pc in the past three months to €347,912, and 10.3pc overall annually.
While actual selling prices in Dublin city rose by 2.6pc in the last three months, REA agents have noticed fewer first-time buyers at recent viewings.
The average three-bed semi in the capital is now selling at €572,693 – a 9pc annual rise of almost €50,000.
The country’s biggest rises this quarter came in the commuter belt, as selling prices increased by 3.1pc to €361,319.
The commuter belt increases were particularly felt in Kildare, where Newbridge, Naas, Maynooth and Celbridge all experienced three-monthly price rises of 5pc.
Homes in Cork city hit €400,000 for the first time as prices in the major cities outside the capital rose by an average of 1.5pc to €360,605 in the last three months – an annual rate of increase of 8pc.
The REA survey found that properties with a BER rating of A commanded an average 16pc premium over C-rated stock.