Prices rising by almost €1,000 per week
Huge demand and a lack of properties coming onto the market have meant that house prices are rising faster in Drogheda than in any other part of the country – and they are also selling quicker.
In the last quarter alone the price of the average second-hand three-bed semi in Drogheda rose by a huge 13.6% to €250,000, and the time it took to sell fell from four weeks to three.
These shocking statistics were revealed today in a national survey carried out by Real Estate Alliance.
“The market has taken off since the lifting of Covid-19 restrictions on viewings,” said Darina Collins of REA O’Brien Collins, Drogheda.
“Pent-up demand means prices are rising across the board, and we are currently seeing properties making up to 16% more than at the end of 2020.
“The scarcity of supply plus availability of buyers with savings is having a big impact on the second-hand market.”
Michael Gunne of REA Gunne Property in Dundalk blames the price rises on the continued lack of new property coming on to the market.
The survey found that average house prices have risen by almost €1,000 per week nationwide since the end of March.
The survey 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.
Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history
As multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.
