Fernwood properties start at competitive €290,000

THE tried and tested three-bed semi is the barometer of the real property market - and going on demand the evidence is of a still healthy market.

So says estate agent Don Murphy, who is launching a scheme of 240 new homes in Glanmire in Cork. "This house type has seen 15% capital appreciation in the last year. Buyers who bought at the start of last year for €230/240,000 now have an equivalent home selling for €285,000," he notes. "It would be difficult to see things going on as strongly, but there will be 5% growth minimum this year too."

His comments come as he forecasts a strong take-up for the 240-house scheme Fernwood, which launches this weekend with Murphy Construction, which has a firm foothold in Glanmire's strong housing market.

Fernwood will have 30 apartments, typically two-beds of 750 sq ft each, and four house types, plus creche, on a hillside site overlooking Glanmire's valleys and woods. For buyers the important bit will be the prices, and entry level for Fernwood is €290,000 for a three-bed semi of 1,100 sq ft, four bed semis will be €340,000, with four-bed 1,450 sq ft detached houses at €400,000.

Foundations start being poured this week, with the first finished product due for occupation later this year. House types will be similar to the completed nearby Ard Carrig development, which was also done by Murphy Construction. The 15-year old business, headed by Kieran Murphy, does both building contracting work and its own residential developments - recent projects include Barry's pub re-build in Douglas and the Celtic Ross hotel extensions in Rosscarbery.

It is to build 90 houses in Castletreasure in Douglas for Cork County Council, and with a full-time crew of 50-plus sub-contractors builds up to 130 new houses for sale a year in Cork. Kieran Murphy estimates he has built over 500 houses in Glanmire, one of Cork's rapidly-growing residential communities.

Glanmire's population is 18,000, and growing, with a housing stock of 6,000 homes and existing zoned land running out in the next couple of years, says long-established estate agent Don Murphy.

Murphy Construction and O'Flynn Construction have been among the more active builders in Glanmire. O'Flynn's Marwood scheme is finished, and the company is waiting for a planning decision from Cork County Council for a planned 629 houses on 80 acres behind Dunkathel House, and it bought a further land-bank nearby at Ballinglanna.

"Glanmire now is what could be considered part of an inner circle for Cork house buyers; this includes Blarney, Ballincollig, Douglas and Carrigaline. The Jack Lynch tunnel puts Douglas just a few minutes' drive away, and there's talk of re-opening Dunkathel rail station and putting in a park and ride as well," says Don Murphy.