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The average price of a second-hand, three-bedroom semi-detached home in Kerry has increased by four per cent over the past three months, reaching €372,500, according to the latest national survey from Real Estate Alliance (REA).
Up to 40 per cent of property sales across the county in the same period were linked to landlords leaving the rental market, the REA Average House Price Index has revealed.
In Killarney, average prices rose by 2.5 per cent, pushing past the €400,000 mark for the first time to €405,000, while Tralee saw a sharper rise of 6.2 per cent to €340,000. Homes in the county are currently selling within five weeks on average.
“There has been a significant increase in landlords selling up due to recent changes in rent pressure zone legislation,” said Donal Culloty of REA Coyne and Culloty in Killarney.
The REA Average House Price Index focuses on the selling price of Ireland’s standard home type – the three-bed semi – offering a detailed snapshot of the second-hand property market nationwide.
The introduction of a nationwide rent pressure zone earlier this year appears to have accelerated the trend of landlords exiting the market. REA agents in Carlow, Kerry and Waterford reported that over 40 per cent of their recent sales involved landlords, with the figure rising to 60 per cent in Limerick city and 80 per cent in Nenagh.
Energy-efficient homes are also commanding a premium, with A-rated properties selling for an average of 17 per cent more than those with a C rating, highlighting growing demand for retrofitted and energy-conscious homes.
Nationally, the average selling price of a three-bed semi rose by 1.6 per cent over the past three months to €353,458 – marking a 9.1 per cent increase over the past year.
However, growth in Dublin has slowed significantly, with the rate of price increases more than halving in the capital. REA agents report a noticeable decline in viewings, with properties now taking more than five weeks to go sale agreed.
Outside Dublin, major cities saw prices rise by 2.2 per cent this quarter to an average of €368,492, representing an 8 per cent annual increase. Meanwhile, Ireland’s large towns continue to post strong growth, with prices up 2.2 per cent since June and 10.7 per cent year-on-year, bringing the average to €269,199.