Second hand properties sees the highest price increase

The second-hand market is leading the charge higher, with prices growing by 13% year on year in the third quarter, relative to just 3.3% for new homes, according to the Central Statistics Office (CSO).

Property prices across the country have more than doubled since 2013, with the average price of a property sold within Cork city now just under €300,000, according to the Central Statistics Office.

• The CSO said that residential property prices rose 12.4% nationally in the 12 months to September 2021, with over 4,300 dwellings purchased in the month of September. Only a third (32.2%) of buyers in September were first-time buyers, with more than half being former owner-occupiers.
• It also said that the second-hand market is leading the charge higher, with prices growing by 13% year on year in the third quarter, relative to just 3.3% for new homes.
• The average price of a home bought nationally in the 12 months to September was €317,447. By Eircode, the P17 area which covers Kinsale had the highest average house price in Cork of €404,149.
• In T12, covering south Cork city, the average property sold for €341,416 while in the north of the city (T23), properties sold for an average of €277,684.
• Average prices in P14-Crookstown were €377,431, P31-Ballincollig were €350,520 and T45- Glanmire were €324,698.

Our experience at DNG Galvin reflect the results of the CSO. We continue to see huge demand for spacious rural homes with good broadband. Second hand properties continue to exceed guide prices which reflects the demand out there.

What type of buyers are purchasing homes?

In the year to September, 45,417 dwelling purchases by households at market prices were filed with Revenue. Of these, 14,611 (32.2%) were purchased by first time buyer owner-occupiers, while former owner-occupiers purchased 24,411 (53.7%). The balance of 6,395 (14.1%) were acquired by non-occupiers. See Figure 3.2.

Revenue data shows that there were 1,399 first-time buyer purchases in September 2021, an increase of 34.8% on the 1,038 recorded in September 2020. These purchases were made up of 330 new dwellings and 1,069 existing dwellings.

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