Houses prices in Cork county climb in first quarter of 2021, report shows

Houses prices in Cork county climb in first quarter of 2021, report shows

The price of the average second-hand three-bed semi in Cork city has increased by 1.6% to €325,000 in the last 12 months, according to a national survey by Real Estate Alliance.

THE first quarter of 2021 has seen the price of the average second-hand three-bed semi in Cork county climb by 1.3%, according to a national survey by Real Estate Alliance (REA).

The Q1 REA Average House Price Index reveals that the average price of such a property in the county now stands at €182,000.

While the average price of a three-bed semi in the city has remained unchanged in Q1, the average price has increased by 1.6% to €325,000 in the last 12 months.

In the county, the average time taken to sell has reflected a national trend and fallen to seven weeks from eight between December and March while in the city the average time taken to sell remains at eight weeks.

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

“The continuing Level 5 restrictions are having an impact, and while virtual tours give a purchaser a picture of the property, we have found to date that any interested party will not commit until they have viewed the property concerned.

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

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi.

Nationally, average house prices rose by almost 2% over the past three months, despite the absence of physical viewings, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.

The price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%.

Graphic shows percentage increases across the different counties in three-bed semi detached houses.
Graphic shows percentage increases across the different counties in three-bed semi detached houses.

The average three-bed semi is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

REA has said that not having to schedule appointments “has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process”.

Dublin city experienced its biggest quarterly rise in over three years as the price of a three-bedroomed semi-detached house rose by 1.5% to €438,500 during the past 12 weeks.

This represents an annual increase of 2.7% and means that the average Dublin three-bed semi has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

The biggest rises in Q1 came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Three-bed semis in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 with the average home selling in four weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828.

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