Mayo house prices rise further
Mayo house prices have increased again.
Two major property price reports note Mayo house prices jumping by up to 7% with local auctioneers stating that the price hike is bigger than that in larger towns.
The price of the average second-hand three-bed semi in County Mayo has increased to €206,000, up 7% from €192,500 in the last three months, according to a national survey by Real Estate Alliance.
The average time taken to sell this quarter decreased by four weeks to a total of three, the Q2 REA Average House Price Index shows.
The survey shows that across the county, 75% of purchasers were first-time buyers, and 10% of purchasers were from outside of the county.
A total of 20% of sales in the county this quarter were attributed to landlords leaving the market.
“With the outlook for interest rates looking positive from an affordability perspective, it looks like the trend will be for increased prices in the months and years ahead,” said Robert McGreal of REA McGreal Burke.
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 latest House Price Report from Daft shows rices in the second quarter of 2024 were 6% higher than a year previously, compared to a rise of 5% seen a year ago. The average price of a home is now €225,000 in the county, 13% below its Celtic Tiger peak.
Elsewhere in the West, house prices have increased by 8% in Sligo to an average of €218,000 and 3.7% in Co Roscommon (€212,196). There was a modest increase of 1.9% in Co Galway but Galway city prices jumped by 12.2%.
Ballina-based estate agent with Property Partners Garrett Loftus, Liam Brady estimates that house prices in the Salmon Capital have leapt by more 10% compared to last year.
“The majority of houses here in the €100,000 to €250,000 bracket would have gone up by 12 to 15%. That’s because of the demand and the serious shortage,” said Mr Brady.
He said a house on the outskirts of Ballina sold for €1 million on Friday. “It’s been a long time since I sold a house for €1 million. It just shows that the demand and the buyers that are at that level are out there,” said Mr Brady.
He said there remains a huge interest in relocating to the West from Dublin which is also ramping up demand.
“That’s still 25% of our buyers. People are looking to relocate to a cheaper property bracket in the West with a better standard of living for families and kids,” said the estate agent.
He said the majority have ties to the West and come with bigger budgets that is pushing up house prices.
“There is still a limited market with very little new builds. There probably won’t be because of the cost of building at the moment. That’s not going to change in the short-term.”
