House prices continue to climb in Cork City with increases higher than the national average

House prices continue to climb in Cork City with increases higher than the national average

The latest report from Daft.ie on the first quarter of 2021 has revealed that house prices have increased in Cork City by 11%.

House prices in Cork City have continued to climb despite the pandemic, with the average price of a house now 11% per cent higher than in the past year.

That’s according to a new report by Daft.ie which has highlighted the impact of supply shortages on rising house prices.

According to the report, across Munster, listed prices dropped by an average of 1% between December and March despite prices increasing in the previous two quarters.

However, prices in Munster are now up 4.1% year-on-year, despite this slight drop in the first quarter of 2021.

In Cork City, the average price now stands at €309,681. This is an increase of 11% when compared to the previous year- one of the highest increases in Munster and above the national average of €275,751.

Prices nationally in the first quarter of 2021 were 7.6% higher than the same quarter a year previously, in line with the increase in late 2020 and well above the average over the period 2018-2020.

Cork City had the highest quarter on quarter change in Munster with the average price increasing by 4.2% while five other areas saw decreases this quarter.

The only areas to see an increase this quarter were Cork City, Waterford City (3%), Waterford County (2.3%) and Limerick City (1.9%).

Cork City had the highest average house price in Munster while Cork County had the third-highest, following after Waterford County at €241,931.

The average house price in Cork County for the first quarter of the year was €233,249 which was an increase of 3.3% when compared to the previous year.

However, this was a decrease of 1.8% when compared to the previous quarter.

The author of the report, Ronan Lyons said that when comparing the first quarter of 2021 with the same period a year earlier, prices on average were 7.6% higher nationally.

“What is perhaps even more remarkable is that this is not the market momentum carrying on a prior trend, regardless of the impact of Covid.

"Indeed, the counterpart to this report a year ago found that prices had actually fallen 1.7% in the last twelve months - the culmination of over two years of cooling inflation,” he said.

According to the report, supply across Munster was down 40% with just over 3,600 properties on the market in Munster on 1 March, down from 6,066 on the same date a year ago.

Nationally, the number of homes available to buy was down 34%.

“Post-Covid boom or not, the fundamental challenge of the Irish housing market over the last few years - and indeed the last few decades - remains. 

"This is an economy short on homes. Dramatically improving the supply of new homes, especially for smaller and more urbanized households, remains the priority,” added Mr Lyons.

More in this section

Sponsored Content

summersoaplogosml

Called Droid, our next story is about a boy who designs a robot at UCC and chaos ensues. It was written by Margaret Gillies, from the MA in Creative Writing Programme at UCC.

Add Echolive.ie to your home screen - easy access to Cork news, views, sport and more