Saturday 27 May 2017

Price Guide: Cork City

Patrick Street in Cork City
Patrick Street in Cork City

There has been little change to the average property prices in Cork city since last April, with a marginal upward movement in the overall average for both new and second-hand properties during this period, although both are still more than one-quarter off their peak price level.

However, a considerable degree of variation in price movements across property types in the city means that the marginal increase in the overall average is unlikely to represent the market stabilising.

There has been a considerable drop from peak values in the price of both new and second- hand one-bedroom apartments, falling by 43pc and 49pc respectively. Yet, at the other end of the spectrum, secondhand four-bedroom semidetached and detached houses have only fallen from peak levels by 16pc and 15pc, with each recording an increase over the past four months.

There was a mix of views on the city’s activity with an equal number of agents reporting a decline and no change in sales relative to last April, while very few reported an increase in activity.

Most agents reported that on average it took between four and five months to get a property sale agreed, although one agent said they were experiencing a turnaround time of approximately eight weeks, while another said it was as long as ten months.

There were plenty of examples of recent sales successes, particularly for three-bedroom properties at varying price levels. For example on the north-side, a three-bedroom, end- of-terrace townhouse in Farranree recently sold for €150,000, while in Glanmire a three-bedroom townhouse went for €220,000.

On the south-side three-bedroom semi-detached houses in Douglas were achieving €230,000 and in some cases above the initial asking prices. At the higher end of the market, one agent reported the sale of a five-bedroom semi-detached house on College Road for in excess of €800,000.

All agents agreed that there was a significant surplus of two-bedroom apartments on the market. As has been the experience in the other big urban centres across the country, these unit types are finding it particularly difficult, given that many first-time buyers are now opting for three and four-bedroom houses that up until the collapse in prices were out of reach in terms of price.

One agent commented that many recent purchasers are former homeowners that managed to sell their property some time ago and are now taking advantage of price cuts in the market and have confidence that the current market offers value. However, not all agents were convinced that this will lead to an improvement in sales activity over the next six months, although the majority were hopeful of a modest improvement in sales activity in 12 months’ time.

New One-Bedroom Apartment

August 2010: €141,300

April 2010: €150,000

Peak Price: €250,000

Change Aug v Apr: -6pc

Change Aug 2010 v Peak: -43pc

Second-hand One-Bedroom Apartment

August 2010: €127,500

April 2010: €150,000

Peak Price: €250,000

Change Aug v Apr: -15pc

Change Aug 2010 v Peak: -49pc

New Two-Bedroom Apartment

August 2010: €203,800

April 2010: €195,000

Peak Price: €295,000

Change Aug v Apr: 5pc

Change Aug 2010 v Peak: -31pc

Second-hand Two-Bedroom Apartment

August 2010: €180,000

April 2010: €193,000

Peak Price: €298,000

Change Aug v Apr: -7pc

Change Aug 2010 v Peak: -40pc

New Two-Bedroom Townhouse

August 2010: €201,300

April 2010: €210,000

Peak Price: €300,000

Change Aug v Apr: -4pc

Change Aug 2010 v Peak: -33pc

Second-hand Two-Bedroom Townhouse

August 2010: €181,300

April 2010: €170,000

Peak Price: €258,000

Change Aug v Apr: 7pc

Change Aug 2010 v Peak: -30pc

New Three-Bedroom Townhouse

August 2010: €218,800

April 2010: €215,000

Peak Price: €313,000

Change Aug v Apr: 2pc

Change Aug 2010 v Peak: -30pc

Second-hand Three-Bedroom Townhouse

August 2010: €193,800

April 2010: €200,000

Peak Price: €273,000

Change Aug v Apr: -3pc

Change Aug 2010 v Peak: -29pc

New Three-Bedroom Semi-d

August 2010: €252,500

April 2010: €270,000

Peak Price: €370,000

Change Aug v Apr: -6pc

Change Aug 2010 v Peak: -32pc

Second-hand Three-Bedroom Semi-d

August 2010: €235,000

April 2010: €225,000

Peak Price: €343,000

Change Aug v Apr: 4pc

Change Aug 2010 v Peak: -31pc

New Four-Bedroom Semi-d

August 2010: €303,800

April 2010: €325,000

Peak Price: €420,000

Change Aug v Apr: -7pc

Change Aug 2010 v Peak: -28pc

Second-hand Four-Bedroom Semi-d

August 2010: €318,000

April 2010: €273,000

Peak Price: €380,000

Change Aug v Apr: 16pc

Change Aug 2010 v Peak: -16pc

New Four-Bedroom Detached

August 2010: €361,300

April 2010: €350,000

Peak Price: €490,000

Change Aug v Apr: 3pc

Change Aug 2010 v Peak: -26pc

Second-hand Four-Bedroom Detached

August 2010: €343,800

April 2010: €335,000

Peak Price: €405,000

Change Aug v Apr: 3pc

Change Aug 2010 v Peak: -15pc

New Five-Bedroom Detached

August 2010: €433,300

April 2010: n.a.

Peak Price: n.a.

Change Aug v Apr: n.a.

Change Aug 2010 v Peak: n.a.

Second-hand Five-Bedroom Detached

August 2010: €400,000

April 2010: €388,000

Peak Price: €543,000

Change Aug v Apr: 3pc

Change Aug 2010 v Peak: -26pc

Irish Independent

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