Saturday 21 September 2019

Cork County East: Shortage of apartments fuels huge hike in prices

Average Price: €250,000
Areas: Youghal, Ardmore, Midleton, Ballycotton, Castlemartyr, Conna, Killeagh
Up: + 10%
One Year Forecast: + 8%
Assessing Agent: Michael Russell & Co, Midleton

Local agent Shane Russell says that activity in the investor market meant that he sold more apartments than houses towards the end of 2014.

The average price of a two-bed apartment rose by 29pc over the course of the last year.

37 Cherrywood Ridge, Bailick Road, Midleton, Co. Cork sold for €237,000.
37 Cherrywood Ridge, Bailick Road, Midleton, Co. Cork sold for €237,000.

"Previously we would have sold more three-bed semis and four-bed detached houses," says Russell

"Now we have no apartments left on our books. They are all gone."

Cork County East
House Types201420152016
2-bed apartment, €70,000 €90,000 €97,000
2 up/2 down, €80,000 €100,000 €108,000
3-bed terrace, €100,000 €120,000 €130,000
2-bed cottage, €60,000 €95,000 €103,000
3-bed semi in town, €155,000 €170,000 €184,000
3-bed semi out of town, €110,000 €130,000 €140,500
4-bed semi in town, €185,000 €200,000 €216,000
4-bed semi out of town, €135,000 €155,000 €167,500
4-bed detached in town, €275,000 €300,000 €324,000
4-bed detached out of town, €215,000 €240,000 €259,000
5-bed detached in town, €290,000 €317,500 €343,000
3-bed bungalow in town, €250,000 €265,000 €286,000
3-bed bungalow outside town, €175,000 €195,000 €211,000
4-bed bungalow in town, €265,000 €280,000 €312,500
4-bed bungalow out of town, €190,000 €210,000 €227,000
"Detached 2,000+ sq ft", €350,000 €400,000 €432,000

Russell does not anticipate the same level of price increases for East Cork in 2015.

Although he reports that there is still good demand from first-time buyers.

MIDLETON: Five minutes from the centre of Midleton, the Gleann Fia development in Mogeely sold out in 2014 and there is now a waiting list for properties there.
MIDLETON: Five minutes from the centre of Midleton, the Gleann Fia development in Mogeely sold out in 2014 and there is now a waiting list for properties there.

"Supply is running out now, and buyers have very few properties to choose from.

"There are very few unfinished properties, and any that are being completed are being sold as soon as they are finished.

"As long as demand exceeds supply, there will continue to be price increases, although at a more modest rate than last year."

Russell also cautions that prices for properties close to Midleton attract a premium over less expensive towns such as Youghal.

"The difference is unmerciful," he says.

"The same apartment might cost three times as much in Midleton as it would in Youghal."

Independent.ie Guide to House Prices in Ireland

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Irish Independent

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