House price hikes see massive money being paid for Mayo homes

House prices in Mayo and the West are continuing to rocket as inflation and a lack of supply impacts the market.

Meanwhile, Mayo auctioneers admit to being “shocked” at some of the huge prices that are being paid for homes in the county.

Housing price inflation is at a ten year high, according to a new report publushed by Daft.ie.

The report reveals that house prices have jumped right across the West.

House prices nationally have risen by 3%.

In Mayo, the average cost of a home has risen by 7.9% compared to the same time last year.

 A house in the county will now set back an average of more than €23,000, according to the Daft.ie report.

In Co Galway, house prices have increased by 13.7% to close to €320,000 on average. 

In Co Sligo the cost of purchasing a home has gone up by 5.2% while Co Roscommon prices rose by 9.7%.

The survey also examined the cost of a newly-built home. In Mayo, the median price of a newly-built home is €350,000.

A report from the . Estate Alliance (REA) estimates that price of the average average second-hand three-bed semi in Mayo has increased to €265,000, up 8.2% from €245,000 in the last three months.

“We are experiencing very low supply, with a total of just seven properties sold in Castlebar in this quarter,” said Robert McGreal of REA McGreal Burke.

Castlebar-based auctioneer Kevin Beirne told the Western People that some second-hand three-bed semi-detached homes can change hands for as high as €295,000.

“The new ones are fetching €380,000,” he added.

He said supply remains tight in the county with high prices impacting the buying ability of young prospective homeowners.

“You are putting houses for sale but you are not exactly being snowed under with people coming out to see them,” said Mr Beirne.

He said there were just 45 homes for sale in Castlebar at the beginning of this week.

Their remains a demand for the higher end of the housing market which has taken the estate agent aback.

“We are shocked at that. House in Castlebar never went over the half a million and at the latter end of this year I have achieved two or three and I know other auctioneers have achieved that as well. For new type houses in good areas you are getting it, which is amazing,” said Mr Beirne.

Ballina-based estate agent Liam Brady, of Property Partners Garrett Loftus, recently sold a home in the town for more than €600,000.

“For a three to four bedroom house you are looking at between €270-300,000 in Ballina,” 

“On Saturday gone, I sold a house in Ballina for €610,000. It is a smaller market but there is a market there. It just shows you there is demand out there when supply is low. There are people willing to pay that high price," he added.