Houseprices continuetoclimb acrossCork
NEW figures have shown that the average asking price for a house in Cork County has continued to rise over the second quarter of this year.
The Daft.ie House Price Report, widely regarded as a key barometer of the Irish housing market, analysed trends within the Irish residential sales market providing a comprehensive review of activity within the sector between April and June.
At the end of June the average asking price for a house in Cork county stood at €185,571 – a 3.3% increase on the first quarter of the year. The latest figure represented a 12% increase on that for the same period in 2015.
Interestingly, the report showed this was an almost 30% increase from its lowest level during what the report euphemistically described as housing market “trough”.
In Cork City the average asking price at the end of June stood at €234,363, a year-onyear increased of 11.2% and a jump of a staggering 42.9% from those experienced during the aforementioned trough.
While all Munster counties experienced year-on-year increase in average asking prices, Cork still comes in as being the most expensive place to buy with Waterford lagging slightly behind at €183,899.
County Kerry came next on the list at €168,882, followed by Limerick (€152,531) and Tipperary (€149,353).
The Daft.ie report showed the number of houses in Munster for sale has continued to rise from its lowest point in 2007, with 8,700 properties on the market as June drew to a close.
It also showed that half of the houses up for grabs sell within four months of going on the market and on average sell for a figure of 0.6% above the original asking price.
South County Dublin still remained the most expensive area of the country to buy, with the average asking price standing at €517,719.
Counties Longford (€104,292), Sligo (€117,688) and Leitrim (€118,590) remain the cheapest areas to buy in the country.
The reports author, Ronan Lyons, assistant economics professor at Trinity College, said the ongoing housing shortage has pushed up prices in many areas across the country.
“Every month, roughly 2,000 new households are formed, each requiring somewhere to live. But each month currently sees the construction of at best 1,000 new homes,” said Prof Lyons.
“The result is fewer and fewer houses on the market, with the trend towards tighter and tighter supply continuing. So, on a per-capita basis, the market remains starved with just 62 homes for sale per 10,000 people outside of the capital.”
Meanwhile, the quarterly MyHome.ie property report in association with Davy said a combination of supply shortage and wage inflation were among the key factors behind the steady increase in house prices.