THE price of the average second-hand three-bed semi in County Donegal has risen by 5.6 per cent to €190,000 in the last three months, according to the latest Real Estate Alliance survey.
Prices have increased by 17 per cent since last March, and homes are selling in an average of four weeks, the Q1 REA Average House Price Index shows.
“Market supply is still an issue in the county, with demand currently strong,” said Paul McElhinney of REA McElhinney, Milford.
“We are seeing a limited amount of new builds in the county, however those new builds are BER A-rated and so their asking prices are significantly higher than existing stock.”
Average Bundoran prices rose by 2.6 per cent this quarter to an average of €200,000, an annual increase of 11 per cent, while prices in Milford rose 9.1 per cent to an average of €180,000 – a rise of 24 per cent in a year.
“We are seeing that the Northern market is driving prices, alongside the local investor market,” said Roger McCarrick of REA McCarrick and Sons.
The survey shows that across the county, 27 per cent of purchasers were first-time buyers, while a total of 15 per cent of sales in the county during 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 30 per cent 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 2.5 per cent in the past three months to €338,847, and 10 per cent overall annually.
However, the absence of new home building and historically low supply has seen three bed semi-detached homes in parts of Donegal, Kerry, Mayo, Offaly and Roscommon increase by over 23 per cent in the past year.
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