Demand sees houses in Tallaght selling in as little as 21 days

By Aura McMenamin

The length of time it is taking for houses in Tallaght and other parts of Dublin to sell is down to 21 days, according to REA McGee.

Three bedroom semi-detached houses in Tallaght, Clonskeagh and Dun Laoghaire previously took around seven weeks to sell last year.

According to REA Managing Director Anthony McGee, the change is due to people looking for larger homes.

He said: “Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital.”

The average price of a house in Dublin City rose 2.6 per cent in the first half of this year according to the data by the Q2 REA Average House Price Survey.

A three-bedroom semi-detached home, or ‘typical stock house’ in the capital now costs  €414,500,  a rise of €10,000 over the last three months and an increase of 14.1 per cent over the past year.

House prices across the country have risen by 11.2 per cent since last year, with the average house now costing €215,269.

Commuter belt towns have also seen a rapid increase in house prices. The average price for a semi-detached in counties such as Kildare, Wicklow and Meath has risen by 2.6 per cent and is now around €223,267.

According to McGee, the development of new houses in small pockets of the country has pushed the prices of second-hand and older houses upwards.

Mr McGee said: “Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure.

“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.