Sharp increases in Cork house prices continue

THE average price of a house in Cork rose by €3,000 in the last quarter of 2021, according to the latest MyHome.ie Property Report.

The report, which was conducted in association with Davy, shows that the median asking price for a three-bed property in the county is now at €255,000.

The figure is a €5,000 increase compared to this time last year.

The asking price for a four-bed semi-detached house in Cork rose by €15,000 from the third quarter of the year to €325,000.

Meanwhile, there were just 1,357 properties for sale in the county at the end of 2021 – a decrease of 12.5% over the last quarter of the year.

The 11,300 homes listed for sale nationally on MyHome.ie by the end of the quarter was a record low. In addition, the average time for a property to sell in Cork after being placed up for sale now stands at just over four months. In the city, it is just over two months.

TRENDS

The trends mirror what is happening nationally, with the average asking price for a house in Ireland increasing 9.7 per cent year on year.

The author of the report, Davy chief economist Conall MacCoille, said that the findings painted a “grim picture” for prospective buyers.

“The unwelcome message from this quarter’s MyHome report is that there is little sign of conditions easing,” Mr MacCoille said.

“Prices also rose by an uncharacteristically sharp 1.2% during the normally quiet winter months. This reflects the market grinding tighter, with the stock of homes listed for sale having fallen to a historic low.

“In addition, Ireland’s labour market is performing exceptionally well, adding to housing demand.” The managing director of MyHome.ie, Angela Keegan, added: “It is promising to see construction activity has increased for seven months in a row to November, but the stark reality is that we will, unfortunately, be living with a dysfunctional property market for some time to come.”

“We have never seen such a lack of stock on the MyHome.ie website and, given the significant increase in savings among prospective homebuyers, it is doubtful we will see much let-up in demand during 2022.”