Househunters in Cork are feeling the squeeze.

With precious few properties coming on the market each week, bidding on available properties is skyrocketing.

According to Auctioneera, a fixed-rate estate agency established in Cork over four years ago, residential properties in Cork are achieving record prices over the last six months – good news for sellers but tough going for battered buyers.

The company reports that properties in Cork city and county are hitting record prices at the sale agreed stage, soaring on average 8% over the guide price.

One primely located Cork city Auctioneera property, 16 Sidney Place on Wellington Road, welcomed 44 visitors through its doors throughout the duration of its sale before the bidding finished at 29% over the asking price.

The “fixer-upper” property (dating back to the early 1900s) required a good deal of modernisation, but the prospect of large-scale renovation did not put prospective purchasers off the three-bed, end-of-terrace house.

The highest offer was €380,000, a far cry from the guide price of €295,000.

“We knew when listing the property at Sidney Place that its prime location would bring many people out to see the house but the interest was phenomenal as can be seen by the price achieved.” said Fiona Waldron, Senior Property Negotiator with Auctioneera.

“It has an imposing presence on the Wellington Road and re-emphasises people’s desire for a property with some uniqueness in a wonderfully convenient city location.”

Attendance at property viewings has also hit record levels, with viewing numbers in Cork averaging almost 14 parties per property from the period of going on the market to going sale agreed.

“I’m witnessing busier and busier viewings at all my Cork properties as people have spent a couple of years of lockdowns saving towards a new home.” added Waldron.

“The competition is absolutely fierce. That’s good for our clients, the sellers but of course it’s a tough pill to take for buyers, especially first-time buyers who may have lost out on other properties. The disappointment is palpable at times.”