Cork's property market is growing, but Dublin is suffering 

The South-West region is experiencing the largest rise in property prices in the country with properties going for 5.2% than the same period last year

Since the onset of Covid-19, more people are stretching their budgets to invest in bigger homes

Property prices in the South West are experiencing significant growth while properties in the capital are falling, signalling the pandemic’s effect on the housing market.

New figures from the Central Statistics Office (CSO) show the South-West region is experiencing the largest rise in property prices in the country with properties going for 5.2% more this August than they did in the same month last year.

The median price for a property in Cork now stands at €255,000, while a home in Kerry will set you back €175,000.

In the Northside of Cork, you can expect to pay €239,750, while the median price in the Southside is slightly higher at €290,000.

Venturing out West, one can expect to pay a median price of €344,999 for a property in Kinsale or €317,500 Carrigaline.

In Clonakilty, you’re looking at €252,500 or €210,000 for a property in Skibbereen.

The median price for a property in Killarney is €220,000, while a house in Tralee will be in the region of €160,000.

Dublin

Dublin property prices have fallen by 1.6 per cent with houses in the city being sold for 3.4% lower than the same period last year. Within the region, Dún Laoghaire-Rathdown has the highest median price at €530,000.

Overall, the latest Residential Property Price Index shows a slowdown in both price growth and transactions across the country, when compared to the same period last year. Prices across the State have decreased by 0.6% year on year in August, while there’s been a more than 40% drop in the number of transactions.

However, when Dublin is excluded, property prices are 0.3% higher, with house prices up by 0.4% and apartments down by 0.7%.

Joey Sheahan, Head of Credit at MyMortgages.ie said yesterday's Budget announcement will only serve to strengthen the market 

Joey Sheahan, Head of Credit at MyMortgages.ie said Cork’s market has possibly shown more resilience than other areas of the country.

“The demand in the South West is sound and growing,” he said.

“We are seeing demand in all areas of the city and county, mortgage applications and subsequent approvals are strong across the board.” 

Since the onset of Covid-19, he has seen more people stretching their budgets to invest in bigger homes with an extra bedroom which can be used as an office, and/or a bigger garden.

“Rather than the home being a half-way house between work, gym, socialising and dropping kids here there and everywhere, the home has now become a place of rest, an office, a gym and a social space,” he said.

“Today’s property price figures speak to a robust property market and yesterday’s Budget announcement will only serve to strengthen it.” Mr Sheahan said the extension of the Help-To-Buy scheme was necessary and will generate “even more activity” in the market in the months and year ahead.

“Lower interest rates and increased competition in the mortgage market are also making borrowing more affordable,” he said.