COUNTY CORK HOUSE PRICES ARE ACCELERATING
THE average asking price for a house in Cork County has continued to rise over the past three months according to the latest report from the Real Estates Alliance (REA).
Released on a quarterly basis, the REA average house price survey focusses on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the state of the property market across the country.
Since the start of 2017, consecutive REA reports have shown house prices in Cork County have continued on an upward curve after a somewhat sluggish start to the year. During the first quarter of the year they increased by just 0.7%, with the average asking price at the end of March standing at €126,000.
The second quarter of the year saw a marked increase with the REA reporting a 4.8% increase pushing the price up to €142,500.
The latest report, covering the period from July to September revealed a 5.3% increase, with the average asking price for a three-bed semi in County Cork now standing at €150,000.
While the percentage increase over the past three months was one of the highest in the country, Cork still compares favourably to many other counties, most notably those within commuting distance of the capital. For example the average asking price in Kilkenny now stands at €197,500, Meath €234,375 and Wicklow €263,750.
As one might expect the REA survey reported that cities recorded the highest average asking prices for homes Cork the second most expensive at €310,000 behind Dublin which came in at a whopping €431,500.
Nationally, the REA report said the average asking price for a standard three-bed semi stood at €221,843 for quarter three – an increase of 3.1% on the figure for the previous quarter of €215,269.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – just under double the increase registered in the full year to September 2016.
REA spokesperson Healy Hynes said that lack of supply was the main driver behind the continuing price rises, with their agents across the country recording a drop in the volume of listings.
“In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market,” said Mr Hynes.
“To complete the equation, first-time buyers are not seeing the three-bed semis coming through in sufficient numbers.”