The price of a three-bedroomed semi-detached house in Cork city remained unchanged over the past three months, according to a national survey carried out by Real Estate Alliance.
The price of the average three-bed semi in Cork city remained static at €320,000 in the past year according to the REA Average House Price Survey, while prices in County Cork rose by 1.1% to €176,000 in the same period.
“We have found no evidence so far to suggest that the market will be severely affected by Covid-19, and demand continues to be relatively strong,” said Michael O’Donoghue of REA O’Donoghue and Clarke, Cork city, where time to sell remained at 12 weeks this quarter.
“We will have to wait until the end of Q3 to get a clearer picture as to how the market is progressing allowing for the summer period.”
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.
“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.
“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.
“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.
“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”