Cork County House Price Report Jan 2020

28th January 2020

Cork County House Price Report Jan 2020

The price of the average three-bed semi in County Cork is expected to rise by 3% in the next 12 months, according to a survey carried out by Real Estate Alliance.

Prices in the county rose by 5.9% to €176,000 in 2019 – with no change in price between September and December.

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.

“Demand for semi-detached properties is strong at the moment,” said Sarah O’Keeffe of REA O’Keeffe in Charleville, where time taken to sell remained steady at six weeks in Q4 2019.

“There is currently very limited supply in the market, and we anticipate that demand will out-strip supply in Q1 2020.”
According to Mick O'Donoghue, REA O’Donoghue and Clarke, Bantry, where time take to sell increased over the past three months from 16 weeks to 18, “there is a shortage of properties. Brexit has had a massive effect in this area, with an overall sense of uncertainty. 

“There is an issue in towns around Ireland whereby the commercial retail space has been affected.

“We foresee more pressure on rental properties, and some commercial units are being turned into residential properties.”

The price of the average three-bed semi in Cork City is expected to rise by 2% in the next 12 months.

Prices in the city rose by 0.8% to €320,000 in 2019 – with no change in Q4 between September and December.

“The market appears to be remaining consistent, with a lack of supply similar to the rest of the country,” said Michael O’Connor of REA O’Connor Murphy.

“The city centre is due to see growth with the supply of apartments which may result in more confidence from purchasers.”

Average house prices nationally fell annually for the first time since the economic recovery, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018.

The average family home nationally now costs €234,704, the survey found – a drop of -0.1% on the Q3 figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago.

The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207.