Average price paid for Cork house is €317,500

HOUSEHOLDS in Cork paid a median price of €317,500 for a dwelling on the residential property market in the 12 months to June 2023.

Kinsale continued to have the highest median price in Cork at €410,000.

Ballincollig had the second highest median price at €375,000 with Glanmire coming in third at €365,000.

Cork Southside and Carrigaline were tied in joint fourth with €355,000.

Rylane was next with a median price of €341,500, which just edged out Clonakilty at €337,500.

Carrignavar was next on the list with a median price of €319,725. This was closely followed by Watergrasshill on €317,800, while Midleton had a median price of €312,000.

Skibbereen with a median price of €300,000 was the next.

The remaining Cork towns had the following median prices: Bandon (€281,000), Cobh (€276,000), Macroom (€270,000), Cork Northside (€252,000), and Youghal (€246,000).

Dunmanway and Mitchelstown each had €235,000, while Mallow had a median price of €225,000.

The figures were revealed in the latest data unveiled by the Central Statistics Office (CSO) today.

Overall the prices for properties in the South West region increased by an average of 4.3%.

The CSO national Residential Property Price Index rose by 2.2% in the 12 months to June 2023, with prices in Dublin decreasing by 0.9% but prices outside Dublin up by 4.5%.

The RPPI measures the change in the average level of prices paid for residential properties sold in the country.

New homes in the second quarter of 2023 were 11% higher than the same period last year, compared to a 0.6% increase in existing homes.

Some 4,025 house sales were registered with Revenue in June at a cost of around €1.5bn, decreasing 1.7% on the same month a year earlier.

Lotus Investment Group Managing Director Ian Lawlor said average prices continue to “tick” up.

“While we are experiencing a period of price stabilisation in the housing markets, we are still seeing average prices across the country continue to tick up. This is in spite of significant increases in mortgage rates over the course of the last year,” he said.

'MASSIVE ISSUES'

Mr Lawlor said a weakening of house prices is not envisaged.

“As a lender to developers, we underwrite new loans assuming no further price growth, but we do not envisage a weakening of house prices.

“This view is informed by the velocity of sales across all new housing schemes we are currently funding, which demonstrates continuing strong demand, particularly for housing schemes such as the shared equity and help to buy schemes,” he said.

“Nationally, we went from building almost 90,000 housing units a year to less than 30,000 annually, with an annual requirement of between 35,000 to 45,000.

“There are massive issues, from the availability of construction skills and labour to material cost inflation and the arrival of thousands of Ukrainians displaced by the war. Census 2022 figures also show that Ireland’s population is growing at a higher rate than its housing stock is. As a result, all the indications are that house prices will remain resilient,” he added.

Other highlights from the figures showed that the southeast had the biggest spike in house prices over the past year with a 5.5% rise and the lowest price for a house in the 12 months to June 2023 was €160,000 in Leitrim and Longford, while the highest median price was €630,000 in Dún Laoghaire-Rathdown.