Thursday 10 October 2019

Q3 House Prices County Cork

The price of the average three-bed semi in County Cork rose by 6.6% this year according to a national survey carried out by Real Estate Alliance.

Over the past three months prices in County Cork rose by 1.1% to €176,000, the REA Average House Price Survey found.

The 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.

“We are seeing a strong demand for three-bedroom semis in good condition. Supply to the market is currently poor,” said Sarah O’Keefe of REA O’Keeffe in Charleville.

The price of an average three-bed semi in Charleville rose by 2.67% this quarter to €154,000, and the average time to reach sale agreed remained steady at six weeks.

“Overall the market is, at best, static. We are seeing that the market, especially for coastal properties priced above €200,000, is being adversely impacted by Brexit,” said John O’Neill of REA Celtic Properties in Bantry.

“There is also a continuing lack of supply of properties such as three-bed semis for first time buyers.”

Bantry prices were static this quarter and three-bed-semis are currently on the market at an average of €198,000, with the average time taken to sell rising from ten weeks to 12.
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.

Available for interview:   
John O’Neill, REA Celtic Properties, Bantry, 087 235 7288
Sarah O’Keeffe, REA O’Keeffe, Charleville, 087 9851116

Media information: Holly Carr, 085 777 8568