Cork House Price Survey January 2022

The price of the average three-bed semi in Cork City is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the city now cost an average of €335,000, up 3% on the December 2020 average of €325,000, the REA Average House Price Index shows.

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.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

Prices across the county rose 15% this year to €206,000, and over the past three months prices in the city remained static and rose 1.5% in the county.

“The initial surge in demand after the lockdown was lifted in the summer of 2021 has now abated, with stock available at that time now having been disposed, and sentiment, it seems, has become somewhat more cautious going into 2022,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.

“However, overall demand continues to be strong with a mixture of both mortgage-approved and cash purchasers.

“Having said that, a continuing lack of second-hand stock coming to the market remains a significant issue in relation to all property types in both the city and the wider county in general.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.

Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.

While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.