Writes Ciaran Dineen
The average house price in Carrigaline now stands at just over €316,000 according to the latest Central Statistics Office (CSO) Report on the Residential Property Price Index.
In June, 3,473 dwelling purchases by households at market prices were filed with Revenue. This represents a 53.1% increase compared to the 2,268 purchases in June 2020 and a 8.3% increase compared with the 3,207 purchases in May 2021.
The total value of transactions filed in June was €1.1 billion. New and Existing Dwellings; Existing dwellings accounted for 2,949 (84.9%) of the dwelling purchases filed in June, an increase of 60.4% compared to June 2020. The balance of 524 (15.1%) were new dwellings, an increase of 22.1% compared to June 2020.
Neither median nor mean prices are appropriate for measuring the evolution of property prices as the mix of houses sold in different periods can change over time. The Residential Property Price Index is the definitive measure of property price trends.
According to the Residential Property Price Register, there have been 91 dwelling purchases in the Carrigaline area so far in 2021. Since June of this year, the average sale for a dwelling has been considerably over the figure provided by the CSO, with a mean purchase of slightly over €333,000.
While there are no specific figures which related to the fluctuation of property prices in Carrigaline, the Daft.ie House Price Report for Q2 of this year indicated that across Munster, listed prices increased by an average of 8.5% between March and June, the highest quarterly inflation seen since 2015. Furthermore, the rise in Q2 means that prices in Munster are now 18% higher than they were 12 months prior. In Cork City, the average cost of housing rose by over 14% .
There are more localised statistics when it comes to the cost of rent in Cork, with the average rent for a single room in a Cork City Suburb, such as Carrigaline costing €450, a 4.7% increase year on year, while the cost of a double bedroom rose to €535, an increase of 2.5%.
The supply of houses to rent is a major reason why prices continue to rise, and according to the Daft.ie report, on the 1st August this year there were just 281 homes available to rent in Munster, the lowest ever stock recorded since their reports began in 2006. The figure is also well below the pre-covid average during 2019, when 750 properties were available in Munster.