Average price of three-bed semi in Cork to rise by 2%

Average price of three-bed semi in Cork to rise by 2%
Sasko Lazarov/Photocall Ireland

THE average price of a three-bed semi in Cork City is expected to rise by 2% in the next 12 months, according to a survey by Real Estate Alliance.

Prices in the city rose by 0.8%, to €320,000, in 2019, with no change between September and December.

In Cork county, the price of the average three-bed semi is expected to rise by 3% this year.

Prices in the county rose by 5.9%, to €176,000, in 2019.

The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide. “The market appears to be remaining consistent, with a lack of supply similar to the rest of the country,” said Michael O’Connor, of REA O’Connor Murphy.

“The city centre market is due to see growth with the supply of apartments, which may result in more confidence from purchasers.”

REA O’Donoghue and Clarke reported an increase in selling time, from 10 weeks to 12, in the last three months of 2019.

“The market continues to be sluggish, due to both the time of the year and Brexit uncertainty,” said Michael O’Donoghue, of REA O’Donoghue and Clarke.

“We are also seeing the effects of Central Bank lending restrictions, which are keeping a lid on the market, due to people’s inability to obtain mortgage funding,” said Mr O’Donoghue.

The price of a three-bedroomed semi-detached house, across the country, fell by -0.6% over the past year, after a 4.6% annual rise in 2018.

The average family home, nationally, now costs €234,704, the survey found, a drop of -0.1% on the quarter-three figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed, semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833, down €20,000 from €445,167 a year ago.

The absence of small investors, due to Brexit uncertainty and a lack of incentives, has also removed stimulus from the resales market and added to supply in many cases, as landlords leave the market nationwide.

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