Bidding wars became the norm in 2022.
And as 2023 gets underway, first-time buyers and families trading up are competing for new and second-hand three-bedroom semis near amenities and schools, a situation that is driving up prices.
That’s according to the 2023 Sunday Times Property Price Guide, published this morning, which reveals Model Farm Road and Ballinlough in Cork City have been named as the top three most expensive areas in which to buy a three-bed semi outside of Dublin, alongside Greystones in Wicklow.
The top five most expensive areas for three-bed semi-detached houses are:
- Greystones, North Co Wicklow (€600,000)
- Ballinlough, Cork City (€480,000)
- Model Farm Road, Cork City (€470,000)
- Blackrock, Cork City South (€450,000)
- Naas,Co Kildare (€440,000)
A number of Ireland’s leading estate agents spoke to the newspaper to outline their predictions for the coming 12 months, all agreeing that house prices nationwide are set to rise even further this year.
Estate agents are predicting an average rise of 3.8 percent over the next 12 months,
Scenic coastal regions are seeing high demand for detached properties and three-bedroom homes from remote workers relocating and affluent buyers from cities and abroad splurging on holiday homes.
Buyers are reluctant to take on older and colder homes because of the spike in renovation costs, though the vacant property refurbishment grant should see more derelict cottages come to market in 2023.
Lack of stock in West Cork
According to the report, the critical lack of stock will persist, particularly in rural areas where building new homes schemes doesn’t make financial sense for developers, particularly in rural parts of Donegal Leitrim and West Cork.
“Estate agents are reporting that family homes of good quality are being snapped up in desirable locations around the country, with lots of viewings and bidding wars,” says Róisín Healy, Deputy Features Editor of Sunday Times Ireland.
“The lack of supply on the horizon is a massive concern and after high growth in 2022, prices will continue to grow, particularly in areas close to schools and amenities.”