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The price of the average three-bed semi detached house in Donegal has risen 4.76% to €82,500 in the last six months, a nationwide property survey has found.
The REA Average House Price Survey concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of the selling season in December.
REA agents in Donegal are predicting a further 10% rise in prices in 2016, after 13.79% was added to the value of the average three-bed semi in 2015.
According to Michael McElhinney from REA McElhinney in Bundoran there is a lack of supply to met growing demand in the area.
“Prices rose and then stabilised in the fourth quarter of 2015,” said Paul McElhinney from REA McElhinney in Milford.
“Supply has thinned out and there is still demand. We haven’t seen many new builds so price increases will be for whatever stock comes on market.”
The average semi detached house nationally now costs €188,370, the Q4 REA Average House Price Survey has found – a slight rise on the Q3 figure of €186,102.
Prices in Dublin city and county fell by -0.75% in Q4, while Dublin city alone fell by -0.69% – the average three-bed semi now costing €357,500.
However, the biggest growth was in the rest of the country outside the commuter belt and larger cities, where house prices increased by 0.95% in the last three months.
The lack of suitable supply is the biggest influence on the property market nationwide, according to REA Chairman Michael O’Connor.
“What we have seen in the last three months are prices only increasing in areas that are offering people the accommodation that they require,” he said.
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