Depth of choice key to unique appeal of region's housing market

“East Cork has always offered something many urban locations cannot — space," says Midleton-based estate agent James Colbert

The beautiful 1870s Knocklaun House, Midleton, located on the Cork Road, which fronts a scheme of 11 new builds. 

Celebrate diversity – the housing market east of Cork city is as diverse as any buyer might hope for, from market towns like Midleton to beach-blessed resorts like Youghal, smaller gems like Ballycotton, historic ports like Cobh, and commuter-friendly communities along the rail line such as Glounthaune and Carrigtwohill.

“East Cork has always offered something many urban locations cannot — space. Whether it’s larger gardens, coastal or countryside views or room for growing families, buyers continue to place enormous value on those factors, as well as the continued demand for detached homes with space and land,” says Midleton-based agent James Colbert of Colbert & Co. 

He’s one of a number of estate agents in the region canvassed for opinion and a pulse-check on the state of the market in East Cork, at a time of some understandable reduction in buyer confidence due, in the main, to international political and economic headwinds. 

He reports: “East Cork continues to be one of the most desirable places to live in Cork, but if there’s one thing we’re noticing in the current market, it’s that a one-size-fits-all approach simply no longer applies. we are seeing clear fluctuations depending on property type, finish, pricing strategy and location, there’s a growing need for realism when it comes to pricing property in East Cork.” 

 Adds Colbert: “The days of assuming every property will automatically rise endlessly regardless of condition, finish or location are beginning to soften. Realism, preparation and proper guidance are becoming increasingly important." 

A view of residential properties at Castlemartyr, Co Cork. Picture: Larry Cummins

Buyers are aware of news headlines and reports showing the rate of house price inflation is easing, but some vendors need to adjust to the change of pace.

“Overall, the East Cork market remains healthy and prices are still ahead of where they were this time last year. However, what we are seeing now is a more intelligent and selective market. Buyers are still willing to pay strong figures, but only when they believe the property justifies it,” James Colbert states. 

Miah McGrath, of McCarthy & McGrath, describes the core Midleton market as “high-demand with constrained supply, particularly for modern family homes and turnkey properties,” with up to now sustained price growth “driven by population expansion, strong employment levels and limited housing stock coming to market.

Mr McGrath calculates Midleton’s median residential property prices to be in the region of €355,000–€420,000 for semi-detacheds (the most popular type sought) “depending on the source, property type, and condition, with detacheds at €500,000+ “in established estates and premium locations.”  

The Clock Tower on Main Street, Youghal Co Cork. Picture: Larry Cummins

He puts apartments in the €230,000 to €300,000 range while A-rated new builds “generally achieve a premium of €30,000–€50,000 above comparable second-hand homes. 

"Owner-occupier demand drives sales rather than investors, with market data showing 350–400 residential transactions annually in the wider Midleton area, and with over 100 so far this year this, Mr McGrath says, indicates continued market momentum, with the profile dominated by first-time buyers (FTB’S) “seeking affordability compared with Cork city, young families relocating from the city for larger homes and schools, commuters working in Cork city, Little Island, Carrigtwohill and East Cork industries as well as trade-up buyers moving into detached homes, as well as returning emigrants.

Another experienced auctioneer, Kyle Kennedy who opened his own office a year ago, says as well as the expected and “the much publicised US influx,” as well as UK and East Cork natives returning from Dublin, he has noticed “Maltese buyers are now very common. I understand from meeting them, the infrastructure in Malta has not kept up with the population growth and everyday life has become more challenging. They are enjoying the peacefulness of quiet East Cork living, while still being a close proximity to a choice of beaches – although with notably less sun!! Families are relocating from Malta to continue raising children and Ireland is proving a popular choice.” 

Newly built houses in Youghal, Co Cork. 

Mr Kennedy said that, typically, his sales over the past year sold on average for 15% over asking (he and others report the odd one making 40% over their AMVs).

The past two years has been notable for an increase in the number of top homes across East Cork breaching the €1m mark, with Hegarty Properties selling both second hand (Troy House) and new in Ballycotton, at the uber-exclusive Ocean Drive.

A handful on Midleton’s town’s doorstep have jumped up the price ladder too, with one notable one being the refurb and extension of the 1870s Knocklaun House on the Cork Road, which fronts a scheme of 11 new builds: the c 2,400 sq ft Knocklaun House was brought up to A2 standard by builder Donal O’Brien, and went past its €875k AMV to sell just shy of €925,000 to young Cork buyers, says agent Miah McGrath, and the new builds – three three-bed semis, four four-bed semis four four-bed detacheds have been selling at prices from €500,000 - €675,000.