Monday 11 December 2017

Families returning to attractive south suburbs

Douglas Golf Club, Cork
Douglas Golf Club, Cork
Mark Keenan

Mark Keenan

CORK SOUTH CITY SUBURBS

Douglas, Blackrock, Rochestown.

Up 9%

One Year Forecast: Up 5%

Average Price: €380,000

Assessing Agent: Savills

The Market:

These are the suburbs that define middle class professional Cork. As Catherine McAuliffe of Savills asserts: "Douglas and Blackrock are where most people want to live."

It's not surprising then that these areas, along with Rochestown, turned in the city's biggest average price rise of 9% with supply in shortage relative to demand.

This demand was driven by young progressive commuter families anxious to move back to the city and from affluent locals who grew up in these leafy 'burbs and are now keen to secure a foothold back again in order to start families within reach of the best schools.

As canny cash buyer numbers dissipate but leave a steady demand from families, 2014 will likely see a less frantic but respectable 5% increase in values here for the year ahead.

Some new family homes are likely to relieve the pressure on supply going forward with two big sites at Nemo Rangers

These parts of Cork have held up relatively well in the crash and now compare for price with many upper middle class suburbs in the capital. For example, four bed semis are now just €20,000 below the €370,000 they were valued at by end of 2008.

The south suburbs are also where some of the city's most expensive homes are found along the Blackrock Road and in parts of Rochestown where average large properties command €800,000 to €1.5m and the very best are now worth €3m.

Pressure on supply will be relieved somewhat as two big sites, including the Nemo Rangers holding are expected to be developed going forward for houses.

The Prices:

1-bed apartment:

Jan 2013: €119,000

Jan 2014: €130,000

Jan 2015: €137,000

2-bed apartment:

Jan 2013: €147,000

Jan 2014: €160,000

Jan 2015: €168,000

2-bed townhouse:

Jan 2013: €170,000

Jan 2014: €185,000

Jan 2015: €194,000

3-bed townhouse:

Jan 2013: €179,000

Jan 2014: €195,000

Jan 2015: €194,000

3-bed semi:

Jan 2013: €202,000

Jan 2014: €220,000

Jan 2015: €231,000

4-bed semi:

Jan 2013: €321,000

Jan 2014: €350,000

Jan 2015: €368,000

3-bed bungalow:

Jan 2013: €202,000

Jan 2014: €220,000

Jan 2015: €231,000

4-bed detached:

Jan 2013: €440,000

Jan 2014: €480,000

Jan 2015: €504,000

Large detached with grounds:

Jan 2013: €1.4m

Jan 2014: €1.5m

Jan 2015: €1.6m

Irish Independent

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