THE price of the average three-bed semi in Cork is expected to rise by 4% in the next 12 months, according to a survey by Real Estate Alliance, with strong demand continuing in West Cork, a leading local auctioneer said.
A three-bed semi-detached homes across the county rose by 2% in 2023 to €222,500 from the December 2022 average of €217,500, the Q4 REA average house price index shows.
The average time taken to sell in the county in the final quarter of 2023 sat at five weeks.
The survey shows that firsttime buyers accounted for 15% of purchases in both city and county, with 20% of sales being attributed to landlords selling.
‘Demand for property for both new and second-hand homes in the West Cork area continues to be good, with continuing overseas interest in the latter part of the year,’ said Michael O’Donoghue of REA O’Donoghue & Clarke, Bantry.
‘Overall demand continues to be good, with a mixture of both cash purchasers and mortgage approved clients. Inflationary pressures now seem to be easing somewhat and the interest rate cycle seems to be at an end, however the cost of building continues to rise which is affecting the price of new homes and having an impact on older second- hand properties.
‘Whilst the level of bidding has slowed somewhat, there remains steady demand in relation to all property types which should continue into 2024 throughout the county.’
The REA average house price index concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Estate agents are predicting that three-bed semi prices nationally will rise by 3% in 2024.