25 March 2019
By Mary Bermingham
The price of the average three-bed semi in Cork City rose by 0.8% to €317,500 in the past year, according to a national survey carried out by Real Estate Alliance.
Cork City prices were static in the first three months of this year, the REA Average House Price Survey found.
The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.
“We have seen a sluggish start to the year. The demand for three bed semi-detached properties in mature and popular residential areas is being met with a limited supply,” said Michael O’Donoghue of O’Donoghue & Clarke, Cork.
“We are also seeing knock on effects from Central Bank lending regulations, which both keeps a lid on prices and has seen properties taking ten weeks to reach sale agreed.”
Michael O’Connor of REA O’Connor Murphy, Cork said that while the first quarter has generally been slow, they are expecting an increase in growth throughout the year.
The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.
The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.
The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500, which highlights the importance of good value Home insurance.
“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago –and reflects the difficulties that people are experiencing in obtaining a mortgage,” said REA spokesperson Barry McDonald.
“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”
Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.
What’s happening in other Irish cities?
Prices were static in the other major cities outside Dublin with agents in Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.
The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.