COUNTY CORK HOUSE PRICES ARE AC­CEL­ER­AT­ING

The Corkman - - FRONT PAGE - BILL BROWNE

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.”

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