Average house prices in Cork continue to rise

THE price of the average second-hand three-bed semi in both Cork city and county has increased in the last three months.

According to the latest national survey by Real Estate Alliance (REA), the price of the average second-hand three-bed semi in Cork County rose by 2.4% to €212,500 in the last three months and in the city, increased by 1.4% to €350,000 in the last three months.

40% of purchasers this quarter were first-time buyers, with 15% of buyers coming from outside the county, the Q3 REA Average House Price Index showed.

The index also found that A-rated homes are commanding a 12% premium over their C-rated equivalents.

In the city, the average time taken to sell in the area this quarter remained unchanged at four weeks. While in the county, the average time taken to sell increased by two weeks this quarter for a total of six weeks.

Michael O’Donoghue of REA O’Donoghue & Clarke, said: “There continues to be strong demand from first-time buyers in the new homes market since the start of the year, which is reflected in an general increase in sales and new developments coming on stream.

“The inflationary pressures, and the continuing situation in Ukraine, have now fed into the property market, but overall demand continues to be strong with a mixture of both cash purchasers and mortgage approved clients.

“It would also appear that there are more second-hand properties now coming to the market which also takes account of landlords exiting the market.

“While the level of bidding has slowed somewhat, there remains significant demand in relation to all property types in both the city and the wider county in general.”

Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious.

The selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630–representing an annual increase of 10%.

This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the demand in the marketplace.