Cork City West Suburbs: West suburbs see a new reality from trophy owners

3 Woodberry, Greenfields, Ballincollig, went in March for €690k, sold by Savills Cork

The rate of house price inflation is slowing down in the western suburbs from 8pc last year to 6pc this year and with a more sustainable 3pc predicted for 2020 by our local expert, Michael O'Donovan of Savills.

Supply of new homes is kicking in and cooling the rate of price increases. Vendors at the top end appear to have got the message. Through the last 12 months, we've seen high-end property priced much more reasonably and sales are being achieved accordingly. This follows a long-running stand-off of sorts where overly high asking prices had been leading to fewer sales at this end.

What it means is that the average value of a detached home on its own grounds stuck at the €1.2m mark for the past few years as vendors refused to budge, has inched upwards to €1.27m as good bidding followed and deals took place, in turn prompting further activity.

Even at Model Farm Road, homes are being built with an O'Callaghan scheme of 50 homes including three- and four-bed semis starting at €400,000.

  • Average Price €360,000
  • Areas Bishopstown, Wilton, Ballincollig, Ovens, Waterfall, Model Farm Road
  • Up + 6%
  • One Year Forecast + 3%
  • Assessing Agent
    Savills

The bad news for those interested in second-hand properties here is that it's not enough to affect prices significantly on this premium stretch and might even generate more interest in existing homes given Model Farm's upmarket cachet.

Over at Heatfield in Ballincollig by Murnane & O'Shea, more than 100 new homes sold through the last 12 months and there are more three- and four-bed semis and four-bed detached homes on the way. Prices for the semis are likely to be in the €330,000 to €340,000 realm.

Cork City West Suburbs

House Type 2019 2020 2021
3-bed Semi €310,000 €329,000 €339,000
4-bed Semi €340,000 €360,000 €371,000
4-bed Detached €585,000 €620,000 €639,000
3-bed Bungalow €300,000 €318,000 €328,000
Two-bed Apartment €165,000 €175,000 €180,000
3-bed Terrace €180,000 €191,000 €197,000
3-bed Duplex €150,000 €159,000 €164,000
Detached On Own Grounds €1,200,000 €1,270,000 €1,300,000

The price of average second-hand three-bed semis broke through the €300,000 barrier a year ago and is now heading for €330,000, which means the Central Bank lending rules must also be having a cooling effect.

However, the calibre of employers in the area, which includes the university, the hospital and plenty of global names in big tech, means there's still no shortage of buyers with good deposits saved. O'Donovan also believes that there's a strong demand for two-bedroom apartments that is currently not being met by supply.

Property Hotspot: Model Farm Road

Plenty of varied home types in this popular western running stretch means there’s something for everyone whether trading up or down. This combines with additional interest generated by O’Callaghan’s

Overall new development means prices are under control after years of high single-digit inflation. This has to be good news for buyers in the western suburbs.

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