Sunday 15 September 2019

Cork City West Suburbs: Steady rather than 'fizzy' growth in prime suburbs

Average Price: €170,000
Areas: Bishopstown, Wilton, Ballincollig
Up: + 13%
One Year Forecast: + 5%
Assessing Agent: Savills

This is one of Cork city's key locations for average family-sized homes. The most typical type - the three-bed semi was in highest demand during 2014 when tight supply pushed prices up by 13pc.

The market has matured and many of those who grew up in the west suburbs are now seeking to buy back into these locations.

3 Bedroomed End Town House situated within minutes of wilton shopping centre in Cork city west suburbs. Sold for €149,000
3 Bedroomed End Town House situated within minutes of wilton shopping centre in Cork city west suburbs. Sold for €149,000

These are competing with existing owners looking to trade up and families from outside these locations looking to buy in.

The 'outsiders' coming here to buy are often based with local employers such as EMC and VM Ware and other big operations based around Ovens.

Cork City West Suburbs
House Types201420152016
3-bed semi, €150,000 €170,000 €179,000
4-bed semi, €220,000 €240,000 €254,000
4-bed detached, €550,000 €560,000 €588,000
3-bed bungalow, €220,000 €230,000 €240,000
2-bed apartment, €100,000 €110,000 €115,000
3-bed terrace, €110,000 €125,000 €131,000
3-bed duplex, €80,000 €95,000 €100,000
Detached on own grounds, €1,000 €1,100 €1,100

The rental market remains strong which is why investors have been accounting for one in 10 of all sales in this market since late 2013.

The buy-to-let brigade are largely looking for properties suitable for house shares aimed at professional working tenants.

MODEL FARM ROAD: Has most prospects in 2015 because of its dual attraction to owner-occupiers and for investors seeking to exploit the relative proximity to the university
MODEL FARM ROAD: Has most prospects in 2015 because of its dual attraction to owner-occupiers and for investors seeking to exploit the relative proximity to the university

There is construction land available in the vicinity of Ovens and once building becomes profitable, it is expected that new homes will come on stream and alleviate existing supply issues in this market, says Savills which believes there are prospects for steady, if less fizzy, price growth in the year ahead.

After 4pc growth on balance to the end of 2013 (the first year of recovery for this market), last year's prediction for the west city suburbs was just 3pc. However it was quickly surpassed in a few months.

With so many family-oriented owner-occupiers in the market here, much of how this market performs in 2015 will depend on what controls, if any, the Central Bank plan to introduce on mortgage lending.

Savills predicts a more stable 5pc hike for properties in the west suburbs through 2015.

This would take the price of the average three-bed semi to almost €180,000 and that of the average four-bed semi to over €250,000.

Independent.ie Guide to House Prices in Ireland

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Irish Independent

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