Galway House Price Survey April 2021

The price of the average second-hand three-bed semi in county Galway has increased by 1.5% to €172,500 in the last three months, according to a national survey by Real Estate Alliance.

Prices in the city rose by 0.9% this quarter to €292,500, the Q1 REA Average House Price Index shows.

“Buyers are like the Spring daffodils, they are here in abundance. We are seeing double the number of enquiries for all properties when compared with Q1 2020,” said Kevin Burke of REA McGreal Burke.

“Some vendors are holding back bringing their property to the market in the current lockdown, so once the lockdown is lifted, we expect a really strong period ahead, due to the pent-up demand.

“Clever future vendors are using this period to get their properties market ready.”

Time to sell across the county remained at six weeks this quarter, and in the city it was unchanged at four weeks.

“The start of 2021 has been a strange time for estate agents, buyers and vendors alike,” said Alan McKenna of REA Halnon McKenna.

“We have agreed a number of sales virtually over the past number of months which is helpful to a point but not an ideal scenario.

“Enquiries for all type of properties have been excellent since the start of the year and it shows no sign of abating.

 “Purchaser sentiment is strong and despite a very difficult year, there is a feeling of positivity.”

Average house prices rose by almost 2% over the past three months, despite the absence of physical viewing, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.

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.

The price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%.

The average three bed semi is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process according to REA.

The biggest rises in Q1 came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Dublin city experienced its biggest quarterly rise in over three years as the price of a three-bedroomed semi-detached house rose by 1.5% to €438,500 during the past 12 weeks.

This represents an annual increase of 2.7% and means that the average Dublin three bed semi has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 1.2% in the past 12 weeks with prices rising by €3,000 to an average of €265,625.

Three bed semis in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 – with the average home selling in four weeks – down from a high of 11 a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828.