Cork city house prices rise 1.4% in three months, survey finds

10% of buyers came from outside of the country in the last quarter 
Cork city house prices rise 1.4% in three months, survey finds

REA states that this is a marked slowdown on the 2.9% quarterly increase in the preceding three-month period, signalling a "cooling off of the frenetic demand in the marketplace". 

The price of the average three-bed semi-detached house in Cork city has risen to €350,000, the latest survey has revealed. 

The rise, reported by Real Estate Alliance, represents a 1.4% hike in house prices in the city over the last three months. Cork county saw a sharper increase over the last quarter, as the price of the average three-bed semi rose by 2.4% to €212,500.

Nationally, the rate of house price inflation has halved over the last three months, which REA attribute to "rising costs" causing homebuyers to be more cautious. The selling price of the average three-bedroomed semi has risen by 1.4% as well, coming to €290,630, which represents an annual increase of 10%. 

REA states that this is a marked slowdown on the 2.9% quarterly increase in the preceding three-month period, signalling a "cooling off of the frenetic demand in the marketplace".

The survey also found that 10% of buyers over the last quarter came from outside of the county, while 40% of purchasers were first-time buyers.

The Q3 REA Average House Price Index found that houses in Cork county remained on the market for two weeks longer in the last quarter, whereas houses in Cork city continued to stay on the market for an average of four weeks.

REA O'Donoghue & Clarke's Michael O'Donoghue said the impact of inflationary pressures and the continuing invasion of Ukraine has "fed into the property market," but that demand continues to be strong with both "cash purchasers and mortgage-approved clients". 

"It would also appear that there are more second-hand properties now coming to the market which also takes account of landlords exiting the market," he added. 

Mr O'Donoghue also said that while the level of bidding has slowed "there remains significant demand in relation to all property types in both the city and the wider county in general”.

The average selling price of a three-bedroomed semi-detached house in Dublin is about to breach the €500,000 mark, with a 0.8% quarterly rise to €497,500. The index further found that A-rated homes are attracting a 12% premium over C-rated equivalents. 

Across the country, 58% of all purchasers were first-time buyers according to the survey's findings. 

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