Cork City House Price Survey September 2023
26th September 2023
The price of the average second-hand three-bed semi in Cork city has risen to €365,000, up 1.4% from €360,000 this quarter, according to a national survey by Real Estate Alliance.
Across the county, prices rose to €220,000 over the past three months, up 1.1% from €217,500, and the average time taken to sell has remained at five weeks in both the city and county, the Q3 REA Average House Price Index shows.
Landlords continue to exit the market in Cork, but while the level of bidding has slowed, steady demand remains in relation to three bed semis in the city and its surrounding satellite towns.
The survey shows that across the county and city 15% of purchasers were first-time buyers, and 5% of purchasers in the city and 25% across the county were from outside Cork.
A total of 20% of sales in both the city and county this quarter were attributed to landlords leaving the market.
“There continues to be steady demand from first time buyers in the new homes market entering the latter part of this year, which is reflected in a general increase in new home sales together with new developments coming on stream,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.
“Overall, demand continues to be good with a mixture of both cash purchasers and mortgage approved clients, however inflationary pressures have not eased as anticipated and, together with continuing interest rate increases, are of concern in the short to medium term.
“Demand for property for both new and second hand homes in the West Cork area continues to be good with continuing overseas interest in to the latter part of the year.”
The REA Average House Price Index concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.4% over the quarter to €301,370 breaching the €300,000 mark for the first time since 2007.
House prices in Ireland’s large towns rose by 2% in the past three months and are increasing at twice the rate of Dublin and the major cities as mortgage approved buyers chase properties within their price ceiling.
Time taken to reach sale agreed nationally fell from six to five weeks as low supply continues to drive sales in an increasing interest rate environment.
Prices in Dublin city rose by 0.8% in the last three months, meaning that the average three-bed semi in the capital is now selling at €504,167 – an increase of 1.3% in the last year.
Nationally, 57% of sales are to first-timers, a figure that rises dramatically to 85% in Wicklow, Meath and North County Dublin as mortgage-approved buyers hunt suitably priced property.
Cities outside Dublin experienced a 0.73% rise to an average selling price of €317,500 – with the annual rate of increase halving to 4.5% from the previous survey.
Prices rose in Limerick (1.8% to €285,000) while Waterford city and Galway remained static.
Commuter areas rose by 1.1% to €318,889, with 39% of buyers in areas such as Louth, Meath, Kildare and Wicklow coming from outside the county, a large proportion of them from the capital, with 73% of sales to first-time buyers.