Tuesday 26 September 2017

All's well in the Well but supply to market slow

Pheasant Wood at Waterrock, near Midleton Co. Cork
Pheasant Wood at Waterrock, near Midleton Co. Cork
Mark Keenan

Mark Keenan

CORK NORTH CITY

SUBURBS

Blackpool, Mayfield, Sunday's Well, Knocknaheeny, Montenotte, Middleton.

Up 3%

One Year Forecast: Up 3%

Average: €250,000

Assessing Agent: Savills

The Market:

Slight increases were experienced in the northern suburbs where stock varies wildly between the premium abodes of upper crust Blackpool, Sunday's Well, Montenotte and the working class districts like Knocknaheeny.

In the latter former three-bed Corpo homes are selling at €55,000 while period homes in the former are making ten times that.

Top homes looking over the Lee are now worth €1.5m.

However the entire area was slow in terms of supply to market with less than one fifth of what is considered normal coming up for sale.

In Mayfield around 20 homes only sold in the last year and the same was true in Sunday's Well.

Because of the huge contrast in property types you need to add 30% to the averages below in order to calculate the equivalents in Sunday's Well and Montenotte.

With demand incredibly strong for better homes in Sunday's Well, prices here rose by 5% throughout the last 12 months – driven by demand from college professors and hospital consultants.

The banks were lending for these, but only if they were in good order. In Mayfield the market was driven by grown-up locals trying to buy back in again. More of the same for the northern suburbs through this year.

The Prices:

1-bed apartment:

Jan 2013: €39,000

Jan 2014: €40,000

Jan 2015: €41,000

2-bed apartment:

Jan 2013: €63,000

Jan 2014: €65,000

Jan 2015: €67,000

2-up/2 down:

Jan 2013: €97,000

Jan 2014: €100,000

Jan 2015: €103,000

3-bed terrace:

Jan 2013: €117,000

Jan 2014: €120,000

Jan 2015: €124,000

1-bed cottage:

Jan 2013: €68,000

Jan 2014: €70,000

Jan 2015: €72,000

2-bed cottage:

Jan 2013: €87,000

Jan 2014: €90,000

Jan 2015: €93,000

Ex-corporation 2-bed:

Jan 2013: €78,000

Jan 2014: €80,000

Jan 2015: €82,000

Ex-corporation 3-bed:

Jan 2013: €87,000

Jan 2014: €90,000

Jan 2015: €93,000

3-bed townhouse:

Jan 2013: €97,000

Jan 2014: €100,000

Jan 2015: €103,000

3-bed duplex:

Jan 2013: €73,000

Jan 2014: €75,000

Jan 2015: €77,000

3-bed semi:

Jan 2013: €146,000

Jan 2014: €150,000

Jan 2015: €155,000

4-bed semi:

Jan 2013: €214,000

Jan 2014: €220,000

Jan 2015: €227,000

3-bed bungalow:

Jan 2013: €126,000

Jan 2014: €130,000

Jan 2015: €134,000

4-bed bungalow:

Jan 2013: €136,000

Jan 2014: €140,000

Jan 2015: €144,000

4-bed detached:

Jan 2013: €320,000

Jan 2014: €330,000

Jan 2015: €340,000

5-bed detached:

Jan 2013: €136,000

Jan 2014: €140,000

Jan 2015: €144,000

3-storey period house:

Jan 2013: €437,000

Jan 2014: €450,000

Jan 2015: €464,000

Irish Independent

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