The price of the average three-bed semi in Cork city rose by 0.8% to €320,000 over the past year according to a national survey carried out by Real Estate Alliance.
Prices in Cork city remained static this quarter, the REA Average House Price Survey found.
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.
“The market continues to be sluggish with both Brexit uncertainty and the upcoming budget affecting the sales market,” said Michael O’Donoghue of REA O’Donoghue & Clarke.
“Central Bank Lending Regulations are also keeping a lid on the market due to people's inability to obtain mortgage funding. New homes are also affecting the second-hand market.”
Michael O'Connor of REA O'Connor Murphy said that new development is under way and they expect a much more active market following this. Prices currently appear to be steady.
The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.
The price of a three-bedroom semi in Dublin’s postal zones fell by an average of €4,500 in the past three months as Brexit uncertainty affects buyers.
Three-bed semi-detached houses in Dublin city registered a third consecutive quarter fall (-1%) since the end of June and have decreased by -3.3% to €428,500 compared to September 2018.
Prices also fell by 1% in the commuter counties in the past three months, with the average house now selling for €246,611 – an annual fall of 0.7%.
After a year of rises to June, agents are citing an uncertainty surrounding Brexit hampering viewing numbers.
Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford and Limerick – remained unchanged in the past three months.
“The highest annual price increases (3.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €5,000 in the past year and 0.36% in the past three months to €161,724,” said REA spokesperson Barry McDonald.
Ends
Available for interview:
Michael O’Donoghue, REA O’Donoghue Clarke, 087 252 7485
Michael O’Connor, REA O’Connor Murphy, 087 259 7034
Media information: Holly Carr, 085 777 8568 holly@mediaconsult.ie
