Wednesday 18 September 2019

Cork City South Suburbs: Release of new family homes to affect price increase

Average price: €240,000
Areas: Douglas, Blackrock, Rochestown
Up: + 8%
One Year Forecast: + 7%
Assessing Agent: Savills

These are Cork City's definitively upper middle-class suburbs.

Douglas and Blackrock in particular are the areas where middle class professionals most aspire to live and, thanks to prices which are still attainable on average incomes, the public still has a chance to buy in.

15 Mount Oval in Rochestown sold for €610,000 in 2014
15 Mount Oval in Rochestown sold for €610,000 in 2014

So, it was no surprise that through 2013 (the first full year in the Cork City market's recovery), these were the areas where competition was toughest and prices rose quickest - up 9pc by January 2014.

Today at the middle to top property band, prices are now sitting at around €500,000 for better four-bed detached homes, while at the very top of the heap, typical large period homes on their own grounds are likely to break through the €2m mark by the end of this year.

Cork City South Suburbs
House Types201420152016
3-bed semi, €220,000 €240,000 €257,000
4-bed semi, €350,000 €380,000 €407,000
4-bed detached, €480,000 €500,000 €535,000
1-bed apartment, €130,000 €140,000 €150,000
2-bed apartment, €160,000 €170,000 €182,000
2-bed terrace:, €185,000 €200,000 €214,000
3-bed terrace, €195,000 €210,000 €225,000
3-bed townhouse, €195,000 €200,000 €214,000
Detached on own grounds, €1.5m €1.9m €2m

Tamer growth of 5pc was predicted for the south suburbs last January but unexpected demand, shortage and the continued return of the banks to lending ensured prices in these enclaves hiked by another 9pc in the year to this month.

Two years of price rises touching 10pc means that activity in these suburbs is now more likely to be affected by a 20pc deposit requirement from the Central Bank.

THE BLACKROCK ROAD: The Blackrock Road - always the top of the tier for the aspiring wealthy set. As the Cork City economy bounces back, the supply of period homes here remains finite.
THE BLACKROCK ROAD: The Blackrock Road - always the top of the tier for the aspiring wealthy set. As the Cork City economy bounces back, the supply of period homes here remains finite.

The rental market has also been strong in these areas which have become a focus for renting professional families eager to rent in these areas while they save to buy in them.

Good period homes in Blackrock circa 2,000 sq ft have been regularly making close to €700,000 in recent months.

Average older four-bed semis are expected to push up over the €400,000 mark this year.

Savills expect more modest price rises across Cork's south suburbs for 2015 thanks to an increase in the supply of homes linked to the development of a number of sites before year's end. These include the old Nemo Rangers' grounds at the Douglas Road.

Independent.ie Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

Irish Independent

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