3 bed city home costs €355,000 on average

The price of the average 3 bedroom semi in Cork city and county is expected to rise by 5% in the next 12 months, according to a new survey.

3 bedroom semi-detached homes in Cork city now cost an average of €355,000, up 6% on the December 2021 average of €335,000, the REA Average House Price Index shows while it’s an average of €217,500 in Cork county, up 6% on the December 2021 average of €206,000.

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.

Michael O’Donoghue of REA O’Donoghue & Clarke, Cork, said: “We predict a market similar to 2022, however that may change based on inflationary pressure easing. There continues to be good demand from first time buyers in the new homes market since the start of the year which is reflected in a general increase in sales and new developments coming on stream.

“Interest rate uncertainty and inflationary pressures, together with the continuing situation in Ukraine, have now at this point fed into the property market. However, with the first sign of inflationary easing, overall demand continues to be good with a mixture of both cash purchasers and mortgage approved clients. Also, more second hand properties are coming to the market which takes account of landlords exiting the market.”

He added: “While the level of bidding has slowed somewhat, there remains significant demand in relation to all property types in both the city and its surrounding satellite towns.”

First time buyers made up 40% of Cork county market in Q4 2022, with 15% of buyers coming from outside the county.

Mr O’Donoghue continued: “Demand for property for both new and second hand homes in the West Cork area continues to be good with continuing UK interest since the start of the year. Taking into account all of the current issues, overall demand continues to be good with a mixture of both cash purchasers and mortgage approved clients.

“Whilst the level of bidding has slowed somewhat, there remains significant demand in relation to all property types throughout the county.”