Monday 25 September 2017

Boom era cash is king in western suburbs of Cork

Kilcoe Castle, West Cork
Kilcoe Castle, West Cork
Mark Keenan

Mark Keenan

CORK WEST CITY

SUBURBS

Bishopstown, Wilton, Ballincollig

Up 4%

One Year Forecast 3%

Average: €180,000

Assessing Agent: Savills.

The Market:

The investors returned to the west suburbs in the last 12 months and now account for one-in-ten property sales. They are largely paying cash and in search of student and hospital driven accommodation.

Least popular were apartments in the newer Ballincollig area, whose prices have remained static despite hikes elsewhere.

Around a quarter of the properties sold in the western suburbs through the last year were bought with cash only.

Of the remainder of the deals, between 20% and 60% of the total amount paid comprised cash. Lots of cash buyers were crafty types who sold their homes in 2006 and 2007, rented and sat on their boom era stash with a plan to buy back at the bottom.

Any delays in getting back in would certainly have eaten heavily into their gains.

As a result of waning cash buyers but steady demand from families, prices are likely to rise again through 2014, but at a somewhat less frantic rate.

The Prices:

2-bed apartment:

Jan 2013: €96,000

Jan 2014: €100,000

Jan 2015: €103,000

3-bed student apartment

Jan 2013 €86,000

Jan 2014: €90,000

Jan 2015: €93,000

2-bed townhouse:

Jan 2013: €96,000

Jan 2014: €100,000

Jan 2015: €103,000

3-bed townhouse:

Jan 2013: €106,000

Jan 2014: €110,000

Jan 2015: €113,000

3-bed duplex:

Jan 2013: €77,000

Jan 2014: €80,000

Jan 2015: €82,000

3-bed semi:

Jan 2013: €144,000

Jan 2014: €150,000

Jan 2015: €155,000

4-bed semi:

Jan 2013: €212,000

Jan 2014: €220,000

Jan 2015: €227,000

3-bed bungalow:

Jan 2013: €212,000

Jan 2014: €220,000

Jan 2015: €227,000

4-bed bungalow:

Jan 2013: €250,000

Jan 2014: €260,000

Jan 2015: €268,000

4-bed detached:

Jan 2013: €529,000

Jan 2014: €550,000

Jan 2015: €567,000

Detached on own grounds:

Jan 2013: €960,000

Jan 2014: €1m

Jan 2015: €1.03m

Irish Independent

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