Cork county house prices rise but city values remain static 

Cork county house prices rise but city values remain static 
Real Estate Alliance

THE price of the average three-bed semi in County Cork rose by 1.1% to €176,000 in the past year according to a national survey carried out by Real Estate Alliance but city house prices remain unchanged by Covid-19.

The price of a three-bedroomed semi-detached house in Cork city remained unchanged over the past three months, according to a national survey carried out by Real Estate Alliance.

The price of the average three-bed semi in Cork city remained static at €320,000 in the past year according to the REA Average House Price Survey, while prices in County Cork rose by 1.1% to €176,000 in the same period.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained also unchanged over the past three months.

“We have found no evidence so far to suggest that the market will be severely affected by Covid 19 and demand continues to be relatively strong,” said Michael O’Donoghue of REA O’Donoghue and Clarke, Bantry.

“We will have to wait until the end of Q3 to get a clearer picture as to how the market is progressing allowing for the summer period.” In Bantry prices remained static at €198,000 for the year, and time to sell has risen this quarter from 18 weeks to 19.

“Demand is strong for semi-detached units under €160,000 and the continued lack of supply will keep prices strong,” said Sarah O’Keeffe of REA O’Keeffe, Charleville.

In Charleville, the price of an average three-bedroomed semi-detached house rose by 2.7% for the year to €154,000, and time to sell rose by one week to 11 weeks this quarter.

The REA Average House Price 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.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”

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