Galway House Price Survey June 2024

The price of the average second-hand three-bed semi in County Galway has increased to €240,000, up 4.3% from €230,000 in the last three months, according to a national survey by Real Estate Alliance.

Prices in the city rose to €350,000 this quarter, up 1.4% from €345,000, the Q2 REA Average House Price Index shows.

The survey shows that 60% of purchasers in the city and 70% across the county were first-time buyers, and 20% of purchasers in the city and 25% across the county were from outside of the county.

A total of 30% of sales in the city and 20% in the county this quarter were attributed to landlords leaving the market.

Time to sell this quarter remained unchanged at six weeks across the county and four weeks in the city.

“There is a noticeable increase of buyers active in the market over the past three months, with strong prices being achieved,” said Kevin Burke of REA McGreal Burke.

“Local demand, commuters from the City in satellite towns and the continued lack of supply in established sought-after areas is driving the price increases.”

The REA Average House Price Index concentrates on the 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.

The actual selling price of a three-bed, semi-detached house across the country rose by 2.3pc in the past three months to €315,352.

Prices in Dublin city rose by 1.6pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €525,500 – an increase of 5.1pc in the last year.

Homes in commuter counties rose by 1.81pc over the past three months to an average of €327,500 – trebling their increase from the first three months of the year.

Major cities outside the capital rose by an average of over €5,000 in the last three months. The 1.5pc increase is equivalent to an average selling price

Homes in the country’s large towns continue to show the biggest growth, up 8.4pc on last June and 3.2pc this quarter.

A feature of the market is that many houses coming to the market are ex-rental stock, needing substantial refurbishment and upgrading, according to REA spokesperson Seamus Carthy.

"While we are seeing a slight improvement in stock, a lot of what is coming on the market in the capital is ex-rental and needing substantial refurbishment,” he said.

“Those intending to purchase a doer-upper are subject to different lending rules and their bank may look for proof that there are sufficient funds in place to renovate.

"There are huge issues sourcing people to do extensive repairs where multiple people are required, with construction companies telling multiple interested buyers at one recent property that it could be a year before they could do the job.

“As a result of this, people looking to trade up are opting for smaller extension work in their existing properties where it is easier to source labour.”