How much to buy a home in six areas of Cork? 

Nationally, the cost of purchasing a new home has increased by over 10% in the last year

The median price of a home purchased in Ireland stands at €320,000, with prices rising the highest in Cork and Kerry (up 5.4%) in the last 12 months. Picture: Denis Minihane

The cost of purchasing a new home in Ireland has increased by over 10% in the last year, while prices for second-hand homes have fallen slightly by 1%, new figures show.

The Central Statistics Office’s latest Property Price Index shows that prices are up nationally by 1.4% in the 12 months to September 2023, with prices falling in Dublin (down 1.9%) but increasing everywhere else (up 4%).

The median price of a home purchased in Ireland stands at €320,000, with prices rising the highest in Cork and Kerry (up 5.4%) in the last 12 months.

First-time buyers made up 34.5% of the homes bought in the last year, with 53.6% purchased by second-time buyers and a further 11.9% by non-owner occupiers such as investment funds and Government entities.

The lowest median price paid for a dwelling was €160,000 in Longford, while the highest paid was €635,000 in Dún Laoghaire-Rathdown.

The statistics for Cork show how much the average home is selling for across different Eircodes over the last year.

They include:

• P24 Cobh, average selling price €312,255 (up €21,114);
• P25 Midleton, €323,938 (up €22,455);
• P51 Mallow, €232,388 (up €21,437);
• P81 Skibbereen, €350,392 (up €13,386);
• T12 Cork Southside, €395,731 (up €30,580);
• T23 Cork Northside, €299,756 (up €17,673).

Association of Irish Mortgage Advisors chairman Trevor Grant said the statistics show that first-time buyers make up a “significant proportion of the demand” for housing in Ireland.

“First-time buyers currently account for approximately 80% of home mortgage drawdowns on new properties and 69% of second-hand properties in Q3 2022,” said Mr Grant.

“The heightened level of activity in the mortgage market has the potential to push the rate of house price growth up again.

“It is crucial, therefore, for the Government to continue to meet its housing supply targets.

“Otherwise, there is a risk that house prices may start to spiral upwards.

“But in almost all cases is still cheaper to buy than to rent over the long term.”