août 16, 2022


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Realtors sell nearly one in four home sales

The latest survey found that landlords leaving the market accounted for one in four home sales over the past three months.

The Real Estate Alliance (REA) average home price survey showed average home prices rose 2.24% nationwide in the last three months of the year, half the number recorded between June and September as demand eased and the market calmed.

As investor properties add to the supply in urban centers, sale prices in transit areas have experienced three times the growth as in major cities.

The data also reveals that some dealers have seen a significant drop in demand for « toppers » due to a sharp rise in the cost of building materials and labor.

The survey focuses on the actual sale price of a typical Irish stock house, which is semi-three-bed, giving an accurate picture of the second-hand property market in towns and cities across the country.

The price of a three-bedroom semi-detached home has risen nationally by €5,900 over the past three months to €269,963 – a 13% year-on-year increase.

Selling prices are soaring in commuter areas and the country’s big cities as buyers continue to move away from Dublin in anticipation of long-term hybrid and remote business situations.

Price increases in passenger areas were three times those seen in major Irish cities, with Dublin up 1% and Cork, Limerick and Galway up 0.8% on average as dealerships reported a quieter quarter.

In Dublin, house prices rose by more than 4,000 euros last quarter, compared to more than 10,000 euros in the third quarter, rising from 467,000 euros in September to the current rate of 471,667 euros.

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However, there were exceptions such as the Dublin suburb of Clontarf, where values ​​continued to rise with a supply drop that drove €25,000 this quarter to €740,000, according to local dealers REA Grimes.

This represents an 18.4% year-on-year increase, with interest remaining strong in high-value properties in good locations.

Prices for three-bedroom semis have risen by €30,000 to €390,000 in the past three months in the town of Swords in the northern county of Dublin, with a 27% year-on-year increase driven by a tight supply of high-quality family homes.

REA spokesperson Barry MacDonald said: “There is definitely a quieter market at the end of this year, with less crazy activity among buyers.

« In my own area of ​​Lucan, the three-bed semi-finals have been flat in value since late summer, and across the country, agents are reporting a drop in views after the very busy second and third quarter, » he said.

Our survey also found that 24.2% of all used home sales in the last quarter were due to landlords exiting the market.

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« This is a nationwide phenomenon, but it is most pronounced in urban areas. »

MacDonald added that with continued price increases, values ​​are now at a level acceptable to many investors to sell and exit the market.

“It is also clear that the changing legislation associated with the residential rental market has become a deterrent to non-institutional landlords.

“There is no doubt that investors leaving the market and selling to resident owners will put further pressure on the pool of properties available to tenants.

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“Increased costs for construction materials and labor are closing another avenue for buyers, as our REA O’Brien Collins in Drogheda agent has reported a marked decrease in demand for ‘essential items’.