The price of the average second-hand three-bed semi in Cork City rose by 1.4% to €350,000 in the last three months, according to the latest national survey by Real Estate Alliance.
40% of purchasers this quarter were first-time buyers, with 10% of buyers coming from outside of the county, the Q3 REA Average House Price Index shows.
Additionally, agents report that BER A-rated homes are commanding a 10% premium over their C rated equivalents
The average time taken to sell in the area this quarter remained unchanged at four weeks.
The price of the average second-hand three-bed semi in County Cork rose by 2.4% to €212,500 this quarter, with time taken to sell increasing by a fortnight to six weeks in total.
“There continues to be strong demand from first-time buyers in the new homes market since the start of the year, which is reflected in an general increase in sales and new developments coming on stream,” said Michael O’Donoghue, REA O’Donoghue & Clarke.
“The current inflationary pressures, and the continuing situation in Ukraine, have now fed into the property market, but overall demand continues to be strong with a mixture of both cash purchasers and mortgage approved clients.
“It would also appear that there are more second-hand properties now coming to the market which also takes account of landlords exiting the market.
“While the level of bidding has slowed somewhat, there remains significant demand in relation to all property types in both the city and the wider county in general.”
Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630–representing an annual increase of 10%.
This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the frenetic demand in the marketplace.
And the index found that A rated homes are commanding a 12% premium over their C rated equivalents – a figure that rises to 16% in the capital as running costs become more important to home buyers.
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.
Time taken to reach sale agreed rose to five weeks from four as REA agents nationwide reported a less frenzied approach to viewing and buying.
While the actual average selling price of three bedroomed homes in Dublin city is about to breach the €500,000 mark, the 0.8% quarterly rise to €497,500 is half that experienced in the previous three months.
58% of all purchasers in the past quarter were first-time buyers according to REA, a figure which rose to 76% in Dublin as people with mortgage approval look to get on the housing ladder.