The price of the average three-bed semi detached house in Laois is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.
Homes in the county now cost an average of €198,000, unchanged since December 2019, the Q4 REA Average House Price Index shows.
And in line with the national trend, three-bed semis are selling a week faster – four weeks in December compared to five in September 2020.
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.
Seamus Browne of REA Seamus Browne, Portlaoise, said: “Supply is not a problem as there are five new developments under construction in Portlaoise.
“There is a 25-30% price difference between a new A-rated and a second hand C-rated three bed semi-detached house. I can see this gap closing in 2021.”
“The number of cash buyers in the county has increased, especially small pension fund purchases on second hand property with good rental yields.
“The sale of new homes has doubled and has prevented any price increase on second hand three-bed semi-detached houses in 2020.
“New three-bed semis have gone up 10% and good detached houses are hugely in demand.”
Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply.
The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.
Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.
SEE ALSO – Planning application submitted to construct 54 new houses in Laois town
