High demand from buyers priced out of Cork City and suburbs saw average house values in the east of the county rise by one of the higher rates countrywide, by 12pc in 2022, to €290,000 on average.
That figure reflects the asking price for a three-bed semi in the region, but prices are closer to €320,000 in Midleton.
A 15-20 minute commute from Cork, it remains the target for most first-time buyers and those selling up apartments or moving out of rental in the city.
Local agent Shane Barrett says there was an “exceptional push in the market in early 2022 with prices significantly above asking achieved on a regular basis,”, but this trend slowed in the second half of the year as the cost-of-living crisis and uncertainty about interest rates tempered demand.
The severe shortage of new housing is likely to push prices up again in 2023, but the region’s well-serviced towns and rural villages are still offering value for money compared to the city.
Three-bed ex-council houses in the towns are averaging €190,000, two-bed cottages are on €195,000 and three-bed semis out of town are selling for €255,000.
Apart from Midleton, other in-demand locations include the coastal villages to the east of Cork Harbour. Youghal is also proving popular with buyers priced out of Midleton, and good-quality semi-ds there are selling from €220,000.
Plans for a new town at Water Rock, west of Midleton have seen the council appoint contractors to begin infrastructure works on a 160-hectare site.
|3-BED SEMI IN TOWN||€260,000||€290,000||€310,000|
|3-bed Semi Out Of Town||€235,000||€255,000||€275,000|
|4-BED SEMI IN TOWN||€315,000||€345,000||€365,000|
|4-bed Semi Out Of Town||€255,000||€280,000||€300,000|
|4-bed Detached In Town||€425,000||€460,000||€485,000|
|4-bed Detached Out Of Town||€375,000||€420,000||€450,000|
|3-bed Bungalow In Town||€370,000||€400,000||€420,000|
|3-bed Bungalow Outside Town||€320,000||€350,000||€371,000|
|4-bed Bungalow In Town||€425,000||€450,000||€477,000|
|4-bed Bungalow Out Of Town||€335,000||€370,000||€395,000|
|Detached 2000+ Sq Ft||€475,000||€520,000||€550,000|
There are plans for 2,500 residential units, three schools, a neighbourhood centre, a railway station and parks.
A robust 7pc increase is forecast for this market in 2023.
There is keen bidding for any property that comes on the market in this coastal village located six miles from Midleton