Sunday 15 September 2019

Cork County North: Investors return to market in force as developers hedge their bets

Average Price: €175,000
Areas: Mallow, Castletownroche, Kanturk, Doneraile, Buttevant
Up: + 15%
One Year Forecast: + 12%
Assessing Agent: Sherry FitzGerald O'Donovan

A typical three-bed semi in Mallow has increased by 25pc, and other types of properties have also increased.

Albeit by varying degrees.

Cairn Woods in Mallow, North County Cork, sold in September 2014 for €305,000
Cairn Woods in Mallow, North County Cork, sold in September 2014 for €305,000

"Investors were very active in the latter half of 2014," says John Singleton of Sherry FitzGerald O'Donovan in Mallow.

Singleton reports that 2014 was a good year in the North Co Cork market where the availability of credit for the first time in several years had a major impact.

Cork County North
House TypesJan-14Jan-15Jan-16
3-bed Semi in town€120,000€150,000€168,000
3 bed semi out of town€100,000€120,000€134,500
4-bed semi in town€145,000€175,000€196,000
4-bed semi out of town€120,000€145,000€162,500
4-bed detached€280,000€330,000€369,500
5-bed detached€300,000€350,000€392,000
3-bed bungalow in town€160,000€185,000€207,000
3-bed bungalow outside town€150,000€165,000€185,000
4-bed bungalow in town€180,000€200,000€224,000
4-bed bungalow outside town€190,000€200,000€224,000
Det 2,000+ sq ft€400,000€450,000€504,000
2-bed apartment€55,000€55,000€62,000
2 up/2 down€80,000€95,000€106,500
3-bed terrace€90,000€100,000€112,000
1-bed cottage€55,000€70,000€78,500
2-bed cottage€65,000€75,000€84,000
Ex-corporation 2-bed€70,000€77,000€86,000
Ex-corporation 3-bed€75,000€85,000€95,000

"The shortage of three and four-bed semis for trader-uppers has pushed up prices for family homes."

There is particular demand for Mallow town centre and other urban areas.

CLONMORE: An O'Flynn development in Mallow, where there are 10 unfinished houses and a waiting list of buyers ready to purchase as soon as they come to the market.
CLONMORE: An O'Flynn development in Mallow, where there are 10 unfinished houses and a waiting list of buyers ready to purchase as soon as they come to the market.

However increases in property prices in the outlying villages are not as marked.

"It's a ripple effect that started in Cork city and reached towns like Mallow about six months later," he says.

Singleton is bullish about the prospects for further increases in 2015, predicting increases of between 10pc and 15pc.

But he warns that uncertainty regarding the proposed requirement for a 20pc deposit could dampen enthusiasm and prices.

Increases will be under 10pc if the proposal is implemented.

"That will be the main determining factor during 2015," he says.

"There is still no building, but I would hope that one or two of the larger developers will get going again this year.

"They are waiting until they can be sure of a return on their investment, and prices are not quite there yet."

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