Waterford House Price Survey January 2024

The price of the average three-bed semi in Waterford city is expected to rise by 4pc in the next 12 months, while prices in the county are expected to increase by 8pc, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the city now cost an average of €295,000, up 5% on the December 2022 average of €280,000, the Q4 REA Average House Price Index shows.

Prices across the county have risen to an average of €245,000, representing an annual increase of 14% from €215,000.

In the city, first-time buyers made up 80% of the market in Q4, with 25% of purchasers coming from outside the county, and 50% of sales attributed to landlords leaving the market.

“Demand is still strong for good houses at affordable levels, however we are facing very limited supply, and houses in poor condition are harder to sell,” said Barry McDonald of REA O’Shea O’Toole, Waterford city.

“In Waterford, we expect increase in values of around 4% next year.”

Across the county last quarter, first-time buyers made up 50% of the market, with 20% of purchasers coming from outside the county, and 30% of sales attributed to landlords leaving the market.

The REA Average House Price Index 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.

Three-bed semi prices nationally will rise by 3pc in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5pc rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3pc.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59pc of sales nationally – a figure that rises dramatically to over 80pc in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73pc rise in the past three months to an average selling price of €323,000 – with the annual rate of increase of 4.5pc.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2pc to €319,722, with counties within travelling distance of the capital recording growth of just 0.2pc in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6pc annually and 1.2pc in the quarter to €223,638.