Cork City West Suburbs: Average house price hits €378k but value still to be had despite steady but relentless inflation

Parochial House, Canons Cross, Inniscarra, sold for €1.5m

January 22 2022 02:30 AM

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Prices in the western suburbs are up 7pc on this time last year, only slightly ahead of expectations but still quite heated by any standards. These locations contain many of the more affordable homes in the city and the biggest demand is for mature three-bed semis built between the 1940s and 1960s.

This house type is averaging €369,000 and values are predicted to rise to €387,000 by the end of this year. The average price for four-bed semis has broken through the €400,000 barrier, having breached the €300,000 mark in 2018. This illustrates the steady and relentless pace of inflation for family homes.

Auctioneer Michael O’Donovan says that most buyers have been looking for their three-bed semi detached homes among existing older stock because older homes have a bit more floor area and larger gardens — presenting opportunities to extend, or to add home offices.

However a shortage of builders and the increased costs of materials and labour has seen a value gap open between those homes in need of work and those which have already been improved to higher BER standards, says O’Donovan.

Average Price €378,000
Areas Bishopstown, Wilton, Ballincollig, Ovens, Waterfall, Model Farm Road
Up + 7%
One Year Forecast + 5%
Assessing Agent Savills

There’s been a reasonable supply of new homes, but the big surprise recently was the sell-out of a pocket scheme by O’Callaghan of 10 high-end detached new homes at Waterfall on the outskirts. Homes at the Earl’s Well scheme changed hands for prices in the €700,000s with some reaching to €850,000. Large floor areas and site sizes (up to a half acre) with a BER A rating were the big appeal in an area where most larger homes are dated with low energy ratings. But even the developer was surprised at just how quickly they sold. Four of the first five went instantly off the plans.

On Model Farm Road, 48 new three-bed semis at the Redlare scheme sold for prices in the €420,000 to €430,000 range. Another 15 homes at this scheme are due for release this year.

House Type	2021	2022	2023
3-bed Semi	€345,000	€369,000	€387,000
4-bed Semi	€378,000	€404,000	€424,000
4-bed Detached	€614,000	€657,000	€690,000
3-bed Bungalow	€315,000	€337,000	€354,000
Two-bed Apartment	€173,000	€185,000	€194,000
3-bed Terrace	€189,000	€202,000	€212,000
3-bed Duplex	€158,000	€169,000	€177,000
Detached On Own Grounds	€1,334,000	€1,427,000	€1,498,000

And a new phase of the 210-home scheme of larger three and four-bed homes at the Heathfield development in Ballincollig is also set for release this year.

The runaway popularity of new-homes schemes underlines the influence that increasing heating costs and growing environmental awareness is having on buyer attitudes.

A key driver of demand in the western suburbs continues to be their impressive rack of international firms — the likes of VMWare, Dell, Core HR and Stryker — most of which have been doing well and adding steadily to their workforces.

At the lower end of the this market, the investors’ favourite is the two-bedroom apartment which remains affordable enough at €185,000 on average, but is expected to go to €194,000 this year.

Property Hotspot: Model Farm Road

Based on ever steady demand from top-end buyers seeking one of the many varied home types along the city’s prestigious western artery.

Three-bed terraces have broken the €200,000 mark, but again this is quite affordable by the national and city standards.

Young renters in these areas prefer house shares. By the standards of the city centre, these are also still available at reasonable rates.

A four-bed house in Bishopstown, for example, will likely set you back circa €1,800 per month, which tallies at about €450 per person with their own room, if four are sharing. This makes it possible, if not easy, to save towards a deposit.

At the other end of the market, detached luxury properties on their own grounds rose in value to €1.43m on average. These are expected to near the €1.5m mark by the end of the year.

Looking at the bigger picture, Michael O’Donovan believes a reasonable supply of new homes coming on stream will keep average increases to a tolerable 5pc this year.

Cork City West Suburbs: Average house price hits €378k but value still to be had despite steady but relentless inflation

How much is your House worth in 2022?

Property Hotspot: Model Farm Road

How much is your House worth in 2022?

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