THE average cost of a house in Cork has now surpassed €300,000, as the CSO reports property prices in the South West region have risen by 16% in a year.
The latest Residential Property Price Index, for March 2022, shows that across the country, prices of houses and apartments have risen by 15.2% nationally in a year.
This is up from the 15.1% annual increase recorded in February.
Prices continue to rise faster outside the capital. Within Dublin, prices have risen by 12.7% in a year, compared to an average of 17.3% elsewhere in the country. Prices have risen by 16% in the South West region, which encompasses Cork and Kerry.
The CSO reports that Dublin houses are still 10.1% lower than their Celtic Tiger peak, while prices in the rest of Ireland are now only 3.3% shy of record prices in May 2007.
The median price for a house in Cork county stands at €285,000, in line with the national average, and up from €260,000 this time last year.
The mean price of a house in county Cork has now surpassed the €300,000 mark, at €300,557. In the city, the mean price of a home is now €305,186.
The average mean price of a house in Cork remains below the national figure of €333,315, and well below the mean price of a house in Dublin, at €512,995.
However, Kinsale continues to be one of the most expensive areas to buy a house in the country outside of Dublin, beaten only by Greystones and Bray in Wicklow.
Properties in Kinsale sold for a mean price of €469,169 in the past year, making it the priciest postcode in Cork.
Joining Kinsale in the top three were Ballincollig, with an average house price of €371,685, and Crookstown where the mean house price was €349,550.
In the city, properties on the Southside are selling for an average of €347,756, while on the Northside the mean price of a home is €282,395.
The lowest property prices in Cork were found in Charleville and Mallow, where mean prices over the past year were €163,266 and €193,666 respectively.
Overall, the number of homes being sold across the country is down slightly compared to this time last year, but has increased in recent months.
3,918 dwellings were purchased at market prices and filed with Revenue in March 2022, down 0.8% on March 2021.
However, property sales in March were up 9.3% compared with the 3,584 purchases in February 2022.