Chronic lack of supply creates huge surge in Kilkenny house prices

The price of the average second-hand three-bed semi in County Kilkenny has risen 5% to €221,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has fallen from six weeks to three this quarter, the Q2 REA Average House Price Index shows.

The price of the average three-bed semi in Kilkenny city rose 5.3% to €258,000 this quarter, with time taken to sell falling from six weeks to two.

“We are seeing a market that is really strong and active,” said Michael Boyd of REA Boyd’s, Kilkenny.

“One particular property went on the market last week and there were 70 mortgage approved parties ringing to view it in three days.

“We are also seeing the early stages of new homes developments projects.”

Callan prices this quarter rose 4.5% to €185,000, with the average time to sell falling from six weeks to three.

“There is a lack of supply coupled with a positive market and huge demand, with many people moving from Dublin to County Kilkenny,” said Robbie Grace of REA Grace, Callan.

“There is a distinct difference in the market. People are prepared and more knowledgeable. Purchasers are a lot more focused.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

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.

And 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.