Second-hand house prices rise 3%, says REA survey

THE price of the average second-hand three-bed semi-detached house in Co Cork increased by 3% to €224,750 in the past year, according to a national survey by Real Estate Alliance.

Prices remained unchanged across the county this quarter, the Q2 REA Average House Price Index shows.

In Cork city, average prices increased to €380,000 this quarter, up 1.3% from €375,000.

In both the city and across the county, the average time taken to sell remained unchanged at an average of five weeks this quarter.

The survey shows that 60% of purchasers in the city and 15% across the county were first-time buyers, and 5% of purchasers in the city and 25% across the county were from outside Cork.

A total of 20% of sales in the county and 15% in the city this quarter were attributed to landlords leaving the market.

‘There continues to be strong demand from first-time buyers in both the second-hand and new homes market this quarter, which is also reflected in a general increase of new developments coming on stream,’ said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.

‘In relation to the second-hand market there is still a general a lack of supply at present, but hopefully with the first reduction in interest rates this may increase.’

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, to try give an accurate picture of the second-hand property market in towns and cities countrywide.

The actual selling price of a three-bed, semi-detached house across the country rose by 2.3% in the past three months to €315,352.

'There are huge issues sourcing people to do extensive repairs where multiple people are required, with construction companies telling multiple interested buyers at one recent property that it could be a year before they could do the job.

'As a result of this, people looking to trade up are opting for smaller extension work in their existing properties where it is easier to source labour.'