The average price of a three-bed semi in Ireland creeps past €200,000

It has not breached this landmark-figure since the Celtic Tiger years...

Newstalk, Central Statistics Office, CSO, November, increase, growth, house, apartment, property

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The average price of a three-bed semi-detached house in Ireland has risen above €200,000 for the first time since before the property crash.

According to Real Estate Alliance, more buyers are chasing limited supply, and prices in Dublin have crept up by 2.75% - almost double the price increase measured in the previous three months.

At the end of the third quarter the average three-bed-semi cost €200,093. That's €4,732 more than the end of June - and a 6.37% year-on-year increase.

The average price in Dublin city has risen to €373,333 since June. The Real Estate Alliance says that in Clonskeagh prices are up by €25,000 during the past three months - increasing to €480,000. This represents a 9.09% year-on-year increase.

"We are seeing little or no increase in supply nationally, with an increase in funded buyers fueling the market in the short-term," said REA Chairman Michael O’Connor.

“Many of our agents are now reporting some buyers are returning to the market having achieved a level of savings, and that there is an increase in mortgage-funded purchases ... The average amount of cash buyers has fallen by 3% to 33% nationwide, but in Dublin city that figure is down by 7% in three months, with 72% of transactions now mortgage-funded," he continued.

Mr O'Connor added that his staff report that first time buyers are holding back on purchases as they hope new incentives will be included in October's Budget.