HOUSE prices in Cork city now average €278,000, the latest figures reveal.
New figures from property website Daft.ie reveal that prices in the final quarter of 2019 were 1% higher than a year previously, compared to a rise of 6% seen a year earlier.
The average price of €278,000 in the city is now 69% above that seen at the lowest point in the recession.
In the rest of Cork county, prices in the final quarter of 2019 were 1% lower than a year previously, compared to a rise of 6% a year ago.
The average house price in the county is now €218,000, which is 52% above the price at the lowest point during the recession.
Reviewing the latest figures, Ronan Lyons, economist at Daft.ie, said: “In the first and final quarters of the 2010s, sale prices were falling — but that is where the similarities end.
“Over the last 10 years, the sales segment of Ireland’s housing market has transformed, albeit slowly,” he added.
“As it enters the 2020s, there appears to be relatively good balance between the pipeline of newly-built owner-occupied housing and the number of households able to buy that housing, given constraints such as the mortgage rules.
“Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country’s competitiveness.
“Nonetheless, just because the sales segment is by and large in balance does not mean that Ireland’s housing system is healthy.
“There remain huge issues with the other segments of the system, including private rental and social housing,” said Mr Lyons.
“In addition, a huge mismatch exists between the existing stock of housing, which is predominantly for households of three or more persons, and the country’s housing needs, with one and two-person households not only the majority of households already but also accounting for the overwhelming majority of new households the country will add over coming decades. This is what policymakers need to focus on in the coming decade.”
In Dublin, prices were 1% lower than a year previously, compared to a fall of 3% seen a year ago.
The average house price in the capital is now €366,000, which is 26% below peak levels.
In Ireland as a whole, housing prices fell by 1.2% during 2019, the first calendar year in which a fall in prices was recorded since 2012, according to the latest Daft.ie report.
The average price nationwide in the final quarter of the year was €250,766, which is 2.4% lower than the price in the third quarter and 1.2% lower than a year ago.
Meanwhile, in Galway city, prices were unchanged on a year previously.
In the other main cities, house prices were higher, with year-on-year increases of 2.9% in Limerick and 3.3% in Waterford.
Outside the cities, prices were falling, by 0.8% in Munster and 2.6% in Connacht-Ulster.