Made in Munster Property Guide: South Cork sets tongues wagging as demand boosts prices

Made in Munster Property Guide: South Cork sets tongues wagging as demand boosts prices
Kinsale Manor comprises of 136 three and four-bedroom detached and semi-detached houses

The many new-build developments in south Cork are ideal for those looking for easy access to the city, writes Brian Moore.

With excellent infrastructure, scenic locations, swift access to the city and an international airport, properties in south Cork continue to outperform the market, with prices well above the national average.

While the average house price reported in the county comes in at €245,000 (up 2.8% on 2018), in south Cork median sales for houses from Kinsale to Passage West, Belgooly to Carrigaline and in between are closer to €350,000.

“Kinsale and the surrounding area is the most expensive Eircode outside Dublin,” James Murphy of James Murphy & Co auctioneers in Kinsale. “The town is just 30 minutes from Cork City and less than 20 minutes from Cork International Airport and this location has for many years been much sought-after when it comes to buying property in this area.”

The median sale price for Kinsale properties in the year to August 2019 was €340,000 and prices are on a par with 2018. Buyers this year have been made up of almost two-thirds (62%) former owner-occupiers, 23% first-time buyers and 15% non-occupiers.

Interest in new builds is strong, with developer Gannon Homes building 136 three- and four-bedroom detached and semi-detached houses at Kinsale Manor, with agents Sherry Fitzgerald reporting brisk sales.

“The final phase of Kinsale Manor is now released and there are just 11 homes left,” Rachel O’Leary at Sherry Fitzgerald says. “We also have another development of 200 units at Abbey Fort in Kinsale.”

However, while demand for new houses in Kinsale is on the up, the rental market in the town and the surrounding area is at a complete standstill.

About 60 houses from the 200-unit development at Drakes Point in Crosshaven, have already been sold.
About 60 houses from the 200-unit development at Drakes Point in Crosshaven, have already been sold.

“Within the town and the surrounding areas, such as Belgooly, Nohoval, Riverstick and Dunderrow,the rental market is very difficult as more and more landlords exit the market,” says James Murphy.

Closer to the city, Carrigaline, Crosshaven, Passage West and Monkstown are all performing well, with prices holding steady on 2018.

“Carrigaline has always been a very popular location for families and people working in both the city, which is less than 20 minutes away, and in Ringaskiddy,” says auctioneer Michael Pigott.

“While viewing activity has slowed down, we are seeing prices in the region of between €220,000 and €350,000 for a three-bed semi-detached in the Carrigaline/Crosshaven area.” Prices are also holding steady across the more rural areas of south Cork, with prices averaging in the region of €200,000 in and around the villages of Belgooly, Riverstick, and Fountainstown.

More and more landlords are leaving the market. And with this, there are more properties coming up for sale, but the rental sector is very tough especially in and around the larger towns

There are also several new housing developments in Carrigaline, where the median price of a property this year has been €290,000, including with property developers Homeland Projects at Brookhill.

“The first phase at Brookhill has released recently and there is a lot of interest in this 70-unit development in Carrigaline,” says Ms O’Leary at Sherry Fitzgerald. “At Drakes Point in Crosshaven, phase three has now been released. And 60 homes from the 200-unit development by O’Flynn Construction have already been sold,” she says.

In Carrigaline, first-time buyers make up 38% of all transactions in 2019 to August, with 72 new builds sold there in the first eight months of the year.

Made in Munster Property Guide: South Cork sets tongues wagging as demand boosts prices

Overall, the state of the market for homes in south Cork is holding steady. While prices are for the most part on par with 2018, the demand for housing in the urban areas is still high with those looking for good access to the city and to Ringaskiddy concentrating their interest on Carrigaline and Crosshaven.

With new developments also coming on line, the supply of new houses is also set to rise in 2020, with prices advertised of €315,000 for three- to four-bed semi-detached units and €435,000 for four-bed detached.

“South Cork is an extremely popular location give the proximity to the city and Ringaskiddy and there is more supply in these areas especially around Carrigaline and Crosshaven.

“In fact, there’s great value to be had in the Crosshaven area, where homes are selling in the region of 5% to to 10% less when compared to similar properties in Carrigaline and other locations closer to the city,” said Ms O’Leary.

Maryland House, Weavers Point, Crosshaven, Co Cork

Picture: Denis Minihane
Picture: Denis Minihane

At the time of writing there were 32 homes available for sale in Crosshaven on MyHome.ie. These included a two-bed, semi-detached property in Graball Bay priced at €145,000.

Also available was the 650sq m, eightbed Maryland House at Weavers Point, which comes with a games wing and a swimming pool. That house was built in 1907 and is situated on 1.3 acres.

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