House prices double in eight years as average Cork city home costs almost €300k

Only a third of buyers in September were first-time buyers, with more than half being former owner-occupiers. File photo: Sam Boal/RollingNews.ie

Property prices across the country have more than doubled since 2013, with the average price of a property sold within Cork city now just under €300,000, according to the Central Statistics Office.

The CSO said that residential property prices rose 12.4% nationally in the 12 months to September 2021, with over 4,300 dwellings purchased in the month of September.

Only a third (32.2%) of buyers in September were first-time buyers, with more than half being former owner-occupiers.

The average price of a home bought nationally in the 12 months to September was €317,447. 

Residential property prices rose by 12.4% in the year to Septemberhttps://t.co/GN5ywfwMrD #CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #PlanningPermissions #IrishBusiness #BusinessStatistics #BusinessNews pic.twitter.com/4Pq7EiahUw

— 🎄Central Statistics Office Ireland (@CSOIreland) November 15, 2021

The most expensive prices were found in Dublin, with an average price of €489,573. The next highest was Wicklow, with an average selling price of €423,397.

In Cork city, this figure was €299,160 while the average selling price in the areas covered by Cork County Council was €282,257.

The cheapest houses sold were in more northerly, and border, counties. The least expensive county was Longford, with an average price of €136,378.

Since they hit their trough nationally in early 2013, property prices have risen by 106.5% nationally. Dublin property prices are now 113.5% ahead of their low, while the rest of Ireland has prices that are now 108.2% higher than their trough.

Cork house prices

By Eircode, the P17 area which covers Kinsale had the highest average house price in Cork of €404,149.

In T12, covering south Cork city, the average property sold for €341,416 while in the north of the city (T23), properties sold for an average of €277,684.

Average prices in P14-Crookstown were €377,431, P31-Ballincollig were €350,520 and T45- Glanmire were €324,698.

CSO statistician Viacheslav Voronovich said: “Existing dwellings accounted for 3,700 (86.0%) of the dwelling purchases filed with the Revenue Commissioners in September 2021, the balance of 604 (14.0%) were new dwellings.

“Households paid a median price of €272,000 for a residential property in the 12 months to September 2021. The lowest median price paid for a dwelling was €125,000 in Leitrim, while the highest was €570,000 in Dún Laoghaire-Rathdown.”