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Saturday 22 September 2018

Cork house prices rise by 4.3% over second quarter of the year

According to the latest report, house prices increased by 4.3 per cent to €158,000 between March and June
According to the latest report, house prices increased by 4.3 per cent to €158,000 between March and June

Bill Browne

The average asking price for a house in Cork County has continued to rise over the past three months according to the latest report from the Real Estates Alliance (REA).

Released on a quarterly basis, the REA average house price survey focusses on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the state of the property market across the country.

According to the latest report, house prices increased by 4.3 per cent to €158,000 between March and June. This represented a sharp increase on the REA figure of 0.5 per cent for the first three months of this year, which showed the average asking price for a house in the county stood at €152,000.

The latest figures have highlighted the steady increase experienced in house prices across Cork over recent months and years. This is further evidenced by the fact that at the end of June last year the average asking price for a house in the county stood at €142,000. This represents an annual increase of just over 11 per cent.

Sarah O'Keeffe of REA O'Keeffe in Charleville said that the dearth of available properties on the market is one of the reasons behind the increases.

"The market continues to improve with first-time buyers and investors competing for properties and bidding competitively due to lack of supply," she said.

"Local construction is unlikely in the near-future due to high costs, so I anticipate house price growth throughout 2018".

While Cork County recorded the third highest percentage increase in the country over the past three months, it still compares favourably to many other counties, most notably when compared to Dublin and the counties within commuting distance of the capital.

For example, the average asking price in south County Dublin now stands at €410,000, €290,000 in Wicklow, €268,750 in Kildare and €242,500 in Meath. As one might expect, the REA survey reported that cities recorded the highest average asking prices for homes, with Cork the second most expensive at €317,500 behind Dublin, which came in at a whopping €443,000.

Nationally, the REA report said the average asking price for a standard three-bed semi stood at €232,411for quarter two - an increase of 1.5 per cent on the figure for the previous quarter of €229,111.

Corkman

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