Cork county House Price Survey March 2024

The price of the average second-hand three-bed semi in Cork county has increased to €224,750, up 1% from €222,500 this quarter, according to a national survey by Real Estate Alliance.

In Cork city, prices over the past three months rose to an average of €375,000, up 1.4% from €370,000, 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 survey shows that 60% of purchasers in the city and 15% across the county were first-time buyers, and 5% of purchasers in the city and 25% across the county were from outside of Cork.

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

"There continues to be strong demand from first time buyers in both the second-hand and new homes market since the start of the year, which is also reflected in a general increase of new developments coming on stream,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.

“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.

“Overall, there continues to be a good mixture of both mortgage approved and cash purchasers for all property types throughout the entire county."

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc 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 three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales - amidst a belief that interest rates may have peaked.

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.

“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.

“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.

“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”

Mortgage-approved first-time buyers are still the main market drivers, accounting for 59pc of sales nationally.

Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8pc increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6pc.