Saturday 16 February 2019

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Cork Independent

Home & Property

1,000 property searches every minute online

Wednesday, 16th January, 2019 4:44pm

The average house price in Cork city was €276,000 in the final three months of the year, 68 per cent above its lowest point, a recent report has found. 

Meanwhile the average house price in Cork county was €220,000, 54 per cent above its lowest point, for the same time period.

That’s according to property website Daft.ie who said that housing prices nationally rose by 5.5 per cent during 2018.

The average price nationwide in the final quarter of the year was €254,000, down 1.1 per cent on the figure for the third quarter. The annual increase of 5.5 per cent (€241,000 was the average asking price for Q4 2017) or just over €1,000 a month, was significantly smaller than increases of between eight per cent and nine per cent seen in 2015, 2016 and 2017 and marks the lowest year-end inflation rate since prices bottomed out in 2013.

Martin Clancy from Daft.ie said: “Interest and demand in the property market continues to grow. We are now seeing over 1,000 property searches taking place every minute on Daft.ie.”

Ronan Lyons, author of the Daft.ie report, said: “During the 2000s bubble and crash, the laws of supply and demand were secondary in the housing market to credit market shocks. Not least because of the Central Bank’s mortgage rules, the market this decade has returned to the more fundamental drivers of supply and demand. Since 2013, demand has been strong but supply weak.

“The increase in homes being built – especially estate houses – in the last 18 months, though, has helped cool down inflation, in particular in the greater Dublin area, where construction activity is focused. The hope for the housing system is that the building of new homes continues to increase, and to spread to other urban areas.”

Average price in Q4 2018

Cork city - €275,703

Dublin city - €370,472

Galway city - €290,528

Limerick city - €194,214

Waterford city - €174,879

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