The Cork Housing Market Discussion Thread


#1

I was thinking for a while that a specific Cork thread might not be a bad idea for those of us keeping an eye on this part of the country.

Interesting start to 2014 in the areas I am looking with 4 Daft/My Home alerts so far today along with 5 last Friday and 4 last Thursday, that’s more than I got in the whole of January + February last year.

In retrospect I should have bought Autumn 2012, that was the “bottom” in Cork, or at least that was the point before the current ‘bounce’ or whatever you want to call it, it’s not that I believe a price surge is on the cards in Cork but there is no question in my mind that the absolute dearth of decent properties on the market is leading to a hardening in prices.

I viewed 4 properties that meet my needs last week (4-5 bed detached nice areas south side with easy access to the South Link) that’s more than I got to view in the whole of Jan-June last year. Plenty of interest at the viewings with 3 of the 4 properties under offer already, however all bids are under the asking price and no sign of people losing the run of themselves yet a la the stories we hear re SCD.

My gut tells me that the (imagined?) uplift in prices is drawing stock to market, the real clincher is whether or not there is enough pent up demand to meet the properties coming onstream – quiet rumblings er repossessed stock coming online “SoonTM” leads me to believe it will only be a sellers market in the short term but then I’ve been wrong before :wink:

The age profile of the other viewers at these properties is also very interesting, predominantly first time buyers circa 30 yrs would be my guess, the odd one of two with elderly and obviously cash rich parents of farming stock calling the shots and handling the discussions with the EA.

Anybody else out there with observations/musings/predictions to add?


#2

We sort of had a Cork thread here viewtopic.php?f=10&t=61279&p=756190 but a dedicated one seems better alright

Yeah, I would agree that there is paltry decent stock out there. Most of what does come on needs 20K-30K put into them after purchase

This house in Blackrock myhome.ie/residential/brochu … rk/2724609 came on last week. It should tick the boxes for most people and it will be an excellent marker of where the market is at.


#3

Bought myself in Autumn 2012 - a house to live in in the medium term or as investment property - all in (including “renovate”, furnish, solicitor, stamp), the yield is 12% - which is why I was happy to buy no matter what happened to the market - it was below the cost to build and there wasn’t any way the market could fall at the rate it was “saving” rent.

Have people I know looking at investment properties as well as places to live in at the moment. - stuff is selling and that prevents sellers giving in to despair offers. Fewer absolute bargains about too.


#4

Bought in Cork last year myself, I didn’t see any considerable movement in prices between 2012 and 2013 which is what pushed me to buy.

€275k asking for a 3-bed semi <1200 sq ft seems like a whole lot to me, even for Blackrock! If that’s a good indication of the market then prices are definitely on the upswing from when I was trawling the property pages.

Taking a quick look at the 3-beds in Douglas / Rochestown I’d say the average is coming in between 180k-220k to be fair.


#5

I was speaking to a lady yesterday who is downsizing has gone sale agreed in Ballincollig and hoping to move towards town, Bishopstown/Wilton. She feels that prices have risen in the last 4 months and is now wondering should she have held on to her own place longer. She says that she knows of more “seniors” her words who are ready to downsize but that they will wait until the prices rise more. Make of that what you will


#6

Trying to put an average price on a 3 bedroomed semi in Blackrock or Douglas makes no sense to Corkonians. They are both huge catchment areas with bad and good areas. A large chunk of “Blackrock” would be considered to be Mahon by natives and therefore untouchable. Or at least it was a no-go area in my youth. I have fond memories of being stoned by travellers whilst attempting to walk along the fore-runner of the Jacobs Island walk… Even Castle road was one of these “beautiful houses, shame what they back onto” places… In contrast, the houses towards the city end of Blackrock Road go for huge money. You would really need an average per street.
Same for Douglas, which includes Grange as far as I know. Putting Grange and Woolhara park, for instance, in the same basket is akin to comparing a townhouse in Knightsbridge to a house outside the commuter belt of Zagreb.
Old prejudices die hard…


#7

Many years ago I was trying hard (but failing) to impress a young one from the “old Money” on the Rochestown road. Flaying to find some connection I said Do you know “Paddy Murphy he lives down your way”
She asked where and I mentioned that he lived on the Rochestown road,she asked me to be more precise, and I gave the name of the estate, it was a good spot on the Left had side as you head down to Rochestown itself

I was met with one of the great lines
“My dear Disco there are those who live on the Rochestown Road and those who live on the SLOB side of the Rochestown Road they are not the same”!

I slunk off to my working class roots in Turners Cross :frowning:


#8

With the greatest of respect, your descriptions above hardly help give a clearer picture of the intricacies of the Cork/Douglas market. Woolhara Park is hardly the cultural centre of the universe and Grange is hardly going to be featured on some sort of Irish version of Benefits St.

Old prejudices die hard…but some are more prejudiced than others it appears.


#9

My comment was related to location, as in, zagreb is akin to the middle of nowhere and Knightsbridge is clearly not.
Woolhara park would be considered in the middle of Douglas, I presume, since it is one of the oldest parks there and Grange is way out in the countryside. I thought Douglas was one of the areas being discussed.

Any further conclusions you draw regarding benefits or culture or the lack of them is down to your only prejudices…


#10

Anyway before you all go Northside Southside on me

16/01/2014 €355,000.00 19 Waltham Abbey, Old Quarter, Ballincollig per the property register link to property here myhome.ie/residential/brochu … rk/2640469

What do you think ??


#11

Good times…


#12

Erra fellas were getting “Stoned” down in Mahon/Blackrock even back in the 80s :laughing:


#13

Sincere apologies then. Point may have been better made by referencing locations in either the same city, or at the very least the same country? Just my opinion though.


#14

Right two interesting properties in the same estate but different style houses both 5 beds

myhome.ie/residential/brochu … rk/2592146 asking €475k

and this

myhome.ie/residential/brochu … rk/2732766

Needs “Modernisation” looking for €400k…Discuss


#15

Crazy money to me but then it appears professional money (CIT, CUH, etc) keeps prices in Bishopstown / Waterfall rather …eh aspirational.


#16

You and I discussed 24, the crescent, about 6 months ago stu. I wouldn’t have paid 475k then, and I wouldn’t now.

My wife pointed out 6 Kenley crescent to me the other day when it appeared and wondered ‘who’d pay 400k for that’. It’s funny, I remember that as a fine house when I was a young fella, but now it looks rather dated and is surrounded by better looking houses on the row.

All in all, no. 6 at least is a one-off and the back garden isn’t overlooked. I wonder are the floodlights at Bishopstown GAA a nuisance? Is the GAA still a gatting hotspot (I certainly drank there over the years)? In better condition, I’d be tempted by no. 6, but it suffers from (now) somehow being the worst looking house on the row. I’d certainly pay the money for the house either side of it. I might take a look in the coming weeks though.


#17

Am I mad in believing that prices are still doolally across the board?

Just seems to me that prices whilst lower than the bubble years are still nuts.

Can this continue indefinitely?


#18

Hi Jammy yep 24 is still for sale at €475 the other one is a nice house but needs a lot of work I always worry when I see 4 pics for a 5 bed house. I havent heard of bushing in the GAA but must say that where we are is exceptionally quiet. It will be very interesting to see what they both achieve. There was one around the corner that sold very quickly must keep an eye out for the Property Price Reg


#19

Prices seem high to me too- by say €150k. Can’t comment on sustainability.


#20

These are asking, and yes they’re outrageous, PPR tells you the real story.

Also have to take into consideration that being close to the colleges and the hospitals really do pad the property values.