Cork city house prices up 7%

Cork city house prices up 7%

HOUSE prices in Cork city continue to soar, rising by 7% in the last year.

The average city house price is now €274,000, 67% above its lowest point during the recession.

In the rest of Cork, prices in the second three months of 2018 were 4% higher than a year previously. The average house price in Cork county areas is now €215,000, 50% above its lowest point.

House prices nationwide are now averaging at €254,000, 5.6% higher than a year ago.

Compared to their lowest point in 2013, prices nationwide have risen by 54%, or just over €89,000.

In Dublin city, the average house price is €374,885 — up 6.2% from last year.

Commenting on the figures, Ronan Lyons, an economist at Trinity College Dublin and author of the Daft.ie Report on house prices, said: “Ireland’s sales market for housing remains one of strong demand and relatively weak supply.”

Mr Lyons added: “That said, there are signs — in particular from the Dublin market — that new supply is having an effect, with increased availability on the market and a slowdown in inflation.

“While the increase in new homes built is welcome, it is predominantly in the form of housing estates.

“Almost all the new homes needed in the country are urban apartments, so the mix of supply remains a challenge for policymakers.”

Mr Lyons said house prices will continue to rise in the year ahead as demand outstrips supply, but more moderate price hikes are likely.

The number of properties available to buy on the market nationwide has risen in recent months.

In Dublin, almost 4,800 properties were available to buy in June, up close to 50% on the number a year previously. Outside the capital, almost 19,000 homes were on the market in June, 2% below a year previously, but up 2,000 on the March level.

Across each of the other major cities, prices rose substantially in the last three months — by 4.8% each in Limerick and Waterford cities, and by 4.3% in Galway.

Outside the main cities, prices rose by 3.2% in the same period, with the largest increases in Connacht-Ulster and the smallest in Munster.

Martin Clancy from Daft.ie said: “Interest in the property market remains extremely strong, we’re now seeing over a thousand property searches taking place every minute on Daft.ie.”

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