Property report: Prices now top €400k for the first time since 2006
By Liudmyla Bortok
Property prices in Cork have gone up, while the number of homes for sale has dropped sharply, a new report has found.
The latest MyHome Property Price Report, in partnership with Bank of Ireland, shows asking prices rose significantly across Cork in the second quarter of the year, as supply continues to tighten.
At the end of June, there were 824 properties listed for sale in the county, a drop of 37% over the quarter. Meanwhile, the median asking price for a property in Cork is now €325,000. This means prices have risen by €30,000 compared with this time last year.
Family homes in particular are seeing large increases. Asking prices for a 3-bed semi-detached house in the county rose by €16,000 over the quarter to €335,000. This means that prices in the segment have risen by €35,000 compared to this time last year.
A four-bedroom semi-detached house in Cork now has an asking price of €412,500, up €17,500 since March. This is the first time this type of home has been priced over €400,000 since 2006.
On average, a property in Cork county goes sale agreed in just under three and a half months. In the city, it's closer to two and a half months.
Nationally, Bank of Ireland Chief Economist Conall MacCoille said strong demand continues, despite global uncertainty. Mortgage approvals rose by 6.7% in May compared with last year, and one in six homes is now selling for at least 20% above the asking price. First-time buyers are also borrowing more — with the average loan now 3.4 times their income — helping to push prices up by €15,000 to €20,000.
Mr MacCoille noted that supply is still far below what is needed, and future growth will depend on solving issues such as high build costs and limited apartment construction.
He added that newly introduced rent controls would likely help eliminate the two-tier rental market, as Residential Tenancies Board figures from the end of 2024 show new tenants were paying on average €240 more per month than those in existing tenancies.
Joanne Geary, Managing Director of MyHome, said the market remains active but stressed the need for a greater supply of homes, particularly in urban areas.