Survey shows average house price in Cork County rose by almost 12% in 2017

THE results of a new survey have shown that the average price of a typical home in Cork County rose by almost 12% over the course of 2017.

Released on a quarterly basis, the REA average house price surveys ficus 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 showed house prices in Cork County continued on an upward curve after a sluggish start to the year.

During the first quarter of the year they increase 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. This trend continued in the third quarter of the year to September, with a 5.3% increase bringing the average house price up to the €150,000 mark.

During the final quarter of 2017 to December the rate of increase slowed down to just 0.8%, with the average asking price of a house in County Cork as of December 31 standing at €152,250.

Combining the figures from across the four quarters of 2017, the figures showed an overall increase in asking prices across the county during the year of 11.6%.

The survey showed that while house prices in Cork City remained static over the final quarter of 2017, the average price of a three-bed-semi in the city increased by 5.1% over the course of the year to €310,000.

Nationally, the REA report found that the average price of a three-bed-semi rose by 11.3% during 2017 and stood at €225,806 as the year drew to a close. This was compared to an overall increase of 7.7% during 2016.

REA agents across Cork County reported that a continued lack of supply of suitable homes for first-time buyers and some pricing uncertainly surrounding the Brexit issue remains a serious concern.

While the survey found that agents across the country were predicting property values would rise by 7.5% during 2018, REA O’Keeffe in Charleville predicted that the lack of supply could push this as high as 10%.

REA spokesman Healy Hynes said the lack of supply was still the main driver of the market, with listings of second hand properties at a low-level across the country.