Average cost of a Cork home still rising according to latest survey figures

A NEW report based on a survey by the Real Estate Alliance (REA) has found the average price of a second-hand home in both Cork county and city has continued to rise in the last three months.

Across the county prices rose to an average of €224,750, up one per cent from €222,500 in just three months, and the average time taken to sell currently sits at five weeks across the city and county, the Q1 REA Average House Price Index shows.

The price of the average second-hand three-bed semi in Cork city has increased to €375,000, up 1.4 per cent from €370,000 this quarter, according to a national survey by Real Estate Alliance.

The survey shows that 60 per cent of purchasers in the city and 15 per cent across the county were first-time buyers.

The survey also reveals that five per cent of purchasers in the city and 25 per cent across the county were from outside Cork.

A total of 20 per cent of sales in the county and 15 per cent in the city this quarter were attributed to landlords leaving the market.

“Overall, there continues to be a good mixture of both mortgage approved and cash purchasers for all property types throughout the entire county. In relation to the second-hand market, there is generally a lack of supply at present, but hopefully interest rates have now peaked and we may see some easing of same over the coming months,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3 per cent in the first quarter to €308,235.

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the threebed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

The time taken to reach sale agreed nationally is sitting at five weeks as historically low supply continues to drive sales, amidst a belief that interest rates may have peaked.