Sunday 24 June 2018

Cork County East: Undersupply driving rises in east Co Cork

9 South Abbey, Youghal, sold for €166,000 last July
9 South Abbey, Youghal, sold for €166,000 last July

A chronic undersupply of housing in east Co Cork is being exacerbated by an influx of buyers priced out of Cork city into Midleton and Cobh, which is driving up house prices in those towns.

The stock famine is having a serious impact on the rental market, with two-bed apartments in Midleton now commanding record rents of €2,000 a month, and three-bed semis renting for between €1,350 and €1,400.

"It would be much cheaper to buy such properties and pay a mortgage on them," says Shane Russell of Russell Estate Agents.

A three-bed semi-detached home in an east Cork town cost an average €215,000 last year, up 8pc on 2016, and will likely cost 7pc more by the end of this year, Russell estimates.

The three-bed semi was the most popular style in the Cork East market in 2017, compared to a four-bed semi a year earlier, because demand was strongest amongst first-time buyers.

"The lack of supply is leading to competitive bidding," says Russell. "For instance, one house in Midleton that was guiding at €280,000 in August sold for €345,000 14 days later."

Midleton is the most popular town for house purchases in the region, followed by Carrigtwohill, Youghal, Cobh and Whitegate.

While some developments have been finished out in Cobh, some of the property was acquired for social housing by Cork County Council. Homes are being added in Midleton, but demand far exceeds supply.

 

2-bed apartment

Jan 2017€110,000

Jan 2018€127,000

Jan 2019€140,000

2 up/2 down

Jan 2017€135,000

Jan 2018€160,000

Jan 2019€180,000

3-bed terrace

Jan 2017€140,000

Jan 2018€175,000

Jan 2019€190,000

2-bed cottage

Jan 2017€140,000

Jan 2018€155,000

Jan 2019€165,000

3-bed semi in town

Jan 2017€200,000

Jan 2018€215,000

Jan 2019€230,000

3-bed semi

out of town

Jan 2017€170,000

Jan 2018€195,000

Jan 2019€210,000

4-bed semi in town

Jan 2017€240,000

Jan 2018€270,000

Jan 2019€290,000

4-bed semi

out of town

Jan 2017€178,000

Jan 2018€200,000

Jan 2019€215,000

4-bed detached

in town

Jan 2017€340,000

Jan 2018€375,000

Jan 2019€390,000

4-bed detached

out of town

Jan 2017€280,000

Jan 2018€310,000

Jan 2019€325,000

5-bed detached

Jan 2017€375,000

Jan 2018€410,000

Jan 2019€430,000

3-bed bungalow

in town

Jan 2017€305,000

Jan 2018€330,000

Jan 2019€345,000

3-bed bungalow

outside town

Jan 2017€230,000

Jan 2018€250,000

Jan 2019€265,000

4-bed bungalow

in town

Jan 2017€328,000

Jan 2018€355,000

Jan 2019€380,000

4-bed bungalow

out of town

Jan 2017€245,000

Jan 2018€265,000

Jan 2019€290,000

Detached

2000+ sq ft

Jan 2017€435,000

Jan 2018€440,000

Jan 2019€460,000

Ex-council 3-bed

Jan 2017€135,000

Jan 2018€150,000

Jan 2019€165,000

Hotspot: Midleton

The town home to the Jameson whiskey distillery is in demand among buyers priced out of Cork city's suburbs.

Irish Independent


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