Monday 26 August 2019

Average 'sold' house prices in Cork drop 8%

Average sale prices for homes in Cork have dropped 8% compared to the same period in 2018
Average sale prices for homes in Cork have dropped 8% compared to the same period in 2018

Bill Browne

The results of a new survey for the first half of this year have revealed that the average 'sold price' for houses across Cork has dropped by eight per cent overall when compared to the same period in 2018. 

The research, published property search engine Perfect Property, showed the sold price as June drew to a close was €264,552 compared to €286,501 exactly 12-months earlier. 

A more detailed quarterly analysis of the figures showed that average Cork prices at the end of March this year stood at €273,099, compared to €245,448 12 months earlier, representing a year-on-year increase of 11per cent. 

Comparisons for the second quarters of both years saw a significant reversal, with the figure dropping by 21per cent from €322,081 to €255,367. 

When broken down into individual areas in Cork, the figures made for interesting reading, showing large percentage discrepancies across the county. 

For example, some areas showed a dramatic fall in average sold price over the first half of 2019 when compared to 12-months earlier, including Skibbereen (-19 per cent), Ballincollig (-13 per cent) and Carrigaline (-6 per cent). 

Conversely, other areas saw prices increase, with Youghal recording the largest jump of a whopping 24 per cent.

The report made for positive reading for the North and Mid-Cork areas, with prices in Macroom up by 22 per cent, Kanturk by 19 per cent, Blarney 15 per cent , Fermoy by 4 per cent and Mallow by 1 per cent. 

Other areas where the average sold prices increased were Kinsale (12 per cent), Douglas (11 per cent) and Cobh (2 per cent). 

Commenting on the figures, Perfect Property MD Laura Pollard said that reviewing achieved sold prices, as opposed to list prices, was "key to understanding the true state of the (housing) market".

"Our research shows a very dynamic housing market in Cork, with considerable regional variation in sold prices. It shows that while Cork is down eight per cent as a whole, the lack of growth has not been experienced in all areas, with Youghal, Macroom, Kanturk and Blarney showing an increase in sold prices, so the research has produced varied and interesting results."