Thursday 23 November 2017

Properties near city and sea are County Cork buyers' choice

Baltimore, West County Cork
Baltimore, West County Cork
Farmhouse at Churchtown Mallow Co Cork
File photo: Cobh main street with Cobh Cathederal, Co Cork
Mark Keenan

Mark Keenan

Cork County North

Mallow, Castletownroche, Kanturk, Doneraile. Buttevant

Up 10%

One Year Forecast: Up 10%

Average Price: €120,000

Assessing Agent: Sherry Fitzgerald O'Donovan

The Market:

Prices have been slow to recover in much of North Co Cork but improvements have been noted in some population centres, most notably in Mallow, mainly driven by buyers from the city seeking better affordability as property tends to be 15-20% cheaper.

Those buyers seeking to trade up in Mallow itself – typically from three-bedroom semis to four-bedroom detached properties – are finding it nigh on impossible as the stock isn't there.

With little or no development in recent years, there is total reliance on the second hand market.

"I would value 10 houses a week but I would be lucky if one of them came to market – people just aren't prepared to sell at these prices and take the loss unless they absolutely have to," according to local agent John Singleton.

There is some local industry but one of the biggest selling points is the 20 minute commute by rail to Cork City on frequent, twice-hourly trains.

The Prices:

2-bed apartment:

Jan 2013: €50,000

Jan 2014: €55,000

Jan 2015: €60,500

2-bed terrace:

Jan 2013: €73,000

Jan 2014: €80,000

Jan 2015: €88,000

3-bed terrace:

Jan 2013: €82,000

Jan 2014: €90,000

Jan 2015: €99,000

1-bed cottage:

Jan 2013: €50,000

Jan 2014: €55,000

Jan 2015: €60,500

2-bed cottage:

Jan 2013: €59,000

Jan 2014: €65,000

Jan 2015: €71,500

Ex-corporation 2-bed:

Jan 2013: €64,000

Jan 2014: €70,000

Jan 2015: €77,000

Ex-corporation 3-bed:

Jan 2013: €68,000

Jan 2014: €75,000

Jan 2015: €82,500

3-bed semi in town:

Jan 2013: €109,000

Jan 2014: €120,000

Jan 2015: €132,000

3-bed semi out of town:

Jan 2013: €91,000

Jan 2014: €100,000

Jan 2015: €110,000

4-bed semi in town:

Jan 2013: €132,000

Jan 2014: €145,000

Jan 2015: €159,500

4-bed semi out of town:

Jan 2013: €109,000

Jan 2014: €120,000

Jan 2015: €132,000

4-bed detached:

Jan 2013: €255,000

Jan 2014: €280,000

Jan 2015: €308,000

5-bed detached:

Jan 2013: €273,000

Jan 2014: €300,000

Jan 2015: €330,000

3-bed bungalow in town:

Jan 2013: €146,000

Jan 2014: €160,000

Jan 2015: €176,000

3-bed bungalow outside town:

Jan 2013: €136,500

Jan 2014: €150,000

Jan 2015: €165,000

4-bed bungalow in town:

Jan 2013: €164,000

Jan 2014: €180,000

Jan 2015: €198,000

4-bed bungalow outside town:

Jan 2013: €173,000

Jan 2014: €190,000

Jan 2015: €209,000

Detached 2000+ sq ft:

Jan 2013: €364,000

Jan 2014: €400,000

Jan 2015: €440,000

 

CORK EAST

Youghal, Ardmore, Midleton, Ballycotton, Castlemartyr, Conna, Killeagh

No Change

One Year Forecast: Up 5%

Average Price: €175,000

Assessing Agent: McCarthy &McGrath

The Market:

Midleton is the market town of East Cork, outperforming other larger towns because of proximity to the city.

Local agent Miah McCarthy is seeing activity rather than price increases, with more 'sale agreed' signs going up and deposits taken. Cash sales are a little over-hyped and normally at the bottom end of the market, he reckons.

Three and four-bed semis in Midleton are outperforming other properties. Bank credit is simply the issue for 2014 – everything else is heading in the right direction according to McGrath with small movement seen over the year.

He adds that the market for new builds is increasing, but builders are being hindered by NAMA and condition of available land. Smaller sites will be the norm – 4 to 5 acres. The days of 600 units are gone. There is good demand for larger homes on land depending on condition.

The Prices:

2-bed terrace:

Jan 2013: €80,000

Jan 2014: €80,000

Jan 2015: €84,000

3-bed terrace:

Jan 2013: €100,000

Jan 2014: €100,000

Jan 2015: €105,000

2-bed cottage:

Jan 2013: €60,000

Jan 2014: €60,000

Jan 2015: €63,000

3-bed semi in town:

Jan 2013: €155,000

Jan 2014: €155,000

Jan 2015: €163,000

3-bed semi out of town:

Jan 2013: €110,000

Jan 2014: €110,000

Jan 2015: €116,000

4-bed semi in town:

Jan 2013: €185,000

Jan 2014: €185,000

Jan 2015: €194,000

4-bed semi out of town:

Jan 2013: €135,000

Jan 2014: €135,000

Jan 2015: €142,000

4-bed detached:

Jan 2013: €250,000

Jan 2014: €250,000

Jan 2015: €263,000

5-bed detached:

Jan 2013: €290,000

Jan 2014: €290,000

Jan 2015: €305,000

3-bed bungalow in town:

Jan 2013: €250,000

Jan 2014: €250,000

Jan 2015: €263,000

3-bed bungalow outside town:

Jan 2013: €250,000

Jan 2014: €250,000

Jan 2015: €263,000

4-bed bungalow in town:

Jan 2013: €265,000

Jan 2014: €265,000

Jan 2015: €278,000

4-bed bungalow outside town:

Jan 2013: €265,000

Jan 2014: €265,000

Jan 2015: €278,000

Detached 2000+ sq ft:

Jan 2013: €500,000

Jan 2014: €500,000

Jan 2015: €525,000

 

CORK COUNTY WEST

Skibbereen, Kinsale, Glengarriff,

Up 3%

One Year Forecast: Up 8%

Average Price: €170,000

Assessing Agent: Charles McCarthy

The Market:

The demand for coastal properties appears insatiable: from Kinsale to Glengarrif and everywhere inbetween: the Brits are back.

Local agent Charles McCarthy described 2013 as a bumper year – one of the best he's had in a very long time in business.

More than 70% of buyers are coming from England, particularly from the London area. All are paying cash and taking advantage of the strength of sterling against the euro. Many are retirees or buying holiday homes with a view to moving when they eventually retire.

McCarthy believes the visit of Queen Elizabeth in 2011 raised awareness of Ireland and of Cork in particular, particularly in England.

Of the 100 or more transactions he conducted last year, only two involved mortgage finance.

McCarthy sold houses ranging from €60,000 to €5m in 2013. For the most part however prices in towns have remained stagnant with nearly all the demand being for properties with sea views.

Zoning remained tight in this region even in the boom years and that has meant a continued premium for good-quality properties near to amenities and the coast.

It was practically impossible to obtain planning permission for one-off housing and this situation still pertains.

The influx of new residents is keeping local builders busy with remodelling and renovation work.

An increase in values of around 5 - 10% is likely through the next year, but again heavily dependent on location.

The Prices:

2-bed apartment:

Jan 2013: €78,000

Jan 2014: €80,000

Jan 2015: €86,400

3-bed terrace:

Jan 2013: €137,000

Jan 2014: €140,000

Jan 2015: €151,000

2-bed cottage:

Jan 2013: €245,000

Jan 2014: €250,000

Jan 2015: €270,000

3-bed semi in town:

Jan 2013: €137,000

Jan 2014: €140,000

Jan 2015: €151,000

4-bed semi in town:

Jan 2013: €166,000

Jan 2014: €170,000

Jan 2015: €183,500

4-bed detached:

Jan 2013: €269,000

Jan 2014: €275,000

Jan 2015: €297,000

4-bed detached coastal:

Jan 2013: €392,000

Jan 2014: €400,000

Jan 2015: €432,000

3-bed bungalow in town:

Jan 2013: €215,000

Jan 2014: €220,000

Jan 2015: €273,500

3-bed bungalow outside town:

Jan 2013: €294,000

Jan 2014: €300,000

Jan 2015: €324,000

4-bed bungalow outside town:

Jan 2013: €343,000

Jan 2014: €350,000

Jan 2015: €378,000

Detached 2000+ sq ft:

Jan 2013: €392,000

Jan 2014: €400,000

Jan 2015: €432,000

Irish Independent

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