Price of average three-bed house in Cork city due to rise by around 5%

THE price of an average three-bed house is expected to rise by around 5% in Cork city this year, according to a survey by Real Estate Alliance (REA).

Figures from the Q4 REA Average House Price Index show prices rose by €5,000 between September and December to €325,000, a rise of 1.6%.

The REA also noted the time taken to sell the average house in the city fell from 10 weeks in September to eight weeks at the end of the fourth quarter of last year,

The REA Average House Price 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.

“Overall, demand continues to be relatively strong with a mixture of both mortgage approved and cash purchasers, but lack of stock coming to the market remains an issue,” said Michael O’Donoghue of REA O’Donoghue and Clarke, Cork.

“In our opinion, the market at this point is quite stable with steady demand overall for various property types throughout the city and county.”

He added: “We would see a possible increase of 5% in 2021 but this is dependent on both Brexit and the impact of the pandemic throughout the year.”

Prices in Cork county increased by €1,000 between September and December, a rise of 0.6%, the Q4 REA Average House Price Index shows.

Three-bed semi-detached homes in the county now cost an average of €179,750, up 2.1% on the December 2019 average of €176,000.

Nationally, average house prices rose by almost 1.5% over the past three months, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 — an annual rise of 1.9%.

The REA said commuter counties are now feeling the benefit of the migration towards space and home working potential, with three-bed semis rising 2.2% by almost €6,000 on the third quarter figure to an average of €253,111. 

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.