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First a question, “how many homes were sold in Ballincollig in 2022?”
If you guessed 120, you were correct.
In the following article Con Nagle of Global Properties gives a quick rundown of the property market in Ballincollig in 2022. For a more in-depth analysis of what this means for your property, just give Con a call (021-4877133).
Let’s start with a brief look back at the property market in Ballincollig in 2022 and look to see where it is heading in 2023.
The highest price paid for a house in Ballincollig in 2022 was a whopping €1,050,000 for Coolroe House in a sale that closed on Valentine’s Day. Coolroe House was one of the oldest homes in Ballincollig dating from 1865 was described as being 3,000sq. ft. and was on just short of 1 acre of gardens.
Other notable sales were “Shadow Lane” at Poulavone which was sold for €910,000, and 49 Fernwalk Greenfields, which made €920,000.
If these prices faze you, don’t fear, the average price for a four bed semi-detached home ranged from approximately €375,000 to €400,000. Three bedroomed homes typically ranged from €275,000 to €350,000, depending on age, Building Energy Rating and location.
Apartments in Ballincollig can be picked up from €210,000, with the average price more likely to be €250,000 at the end of the year.
Where were the most sales? Old Quarter (which included Leslies Arch, Waltham Abbey, Millers Court and Coopers Grange) was the most popular address, with 17 sales. The sales prices ranged from €282,000 for an apartment to €640,000 for a detached home in Old Quarter.
In Coolroe Meadows (The Lawn, The Green, The Close) there were 11 sales, and these ranged from €325,000 at The Lawn to €430,000 at The Green. An Caislean, and the Cloisters were also popular.
For those looking for bungalows, only seven changed hands in 2022, with three of these in Glincool, says Barry Nagle, director of Global Properties.
To summarise the year just past, residential property prices continued to rise at a strong pace for the first half of the year, with a levelling off of price increases in the last few months. There has been a noticeable slowdown in the Autumn with potential buyers worried about interest rate increases, energy prices and inflation.. But at the end of the day, paying a mortgage is still much cheaper than renting, so many buyers have continued with their journey towards homeownership.
Where is the market going in 2023? Demand for homes in Ballincollig is very strong, and while increases in interest rates will slow down demand to some degree, the excellent jobs market (with extremely low unemployment), and very few new homes being built in 2023 will lead to increases in prices. Property will probably take slightly longer to go sale agreed, but at the end of the day we predict about a 5% increase in property prices locally.
Residential Lettings are very popular in Ballincollig. There are many high paying jobs within a short distance, so demand is strong. Dell, VMware, Apple, UCC, MTU, are among those employers, to name but a few.
Many go it alone landlords, have fallen foul of RPZ legislation and poor tenant selection, and this has cost them dearly. Letting homes and tenant selection is a specialist job these days. Letting homes to quality tenants is a specialised service which Con Nagle of Global properties says is part of the service that Global offer to many landlords.
Hiring an agent who has their finger on the pulse of the market will make your selling or letting experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
Feel free to contact Con Nagle or Barry Nagle with any property related query in 2023. We’ve been advising people about property in Cork for more than 25 years each.
We can be contacted on 021 4877133 or 021 4273038
Nationally, the most recent MyHome.ie Quarterly Property Report reported that annual asking price inflation was at 9%, in a market starved of supply. It forecast that actual sales prices will rise by low double-digit levels for 2021 as a whole.
In short, Myhome.ie found that the market is still starved of supply, and prices are being bid-up aggressively by homebuyers, looking for a permanent home. We in Global Properties in Cork agree fully with this, and have seen first-hand the strong demand for homes.
The Q3 MyHome report, in association with Davy, found that annual asking price inflation rose by 9% nationwide, by 7.3% in Dublin and by 10.1% elsewhere around the country.
This means the mix-adjusted asking price for homes nationally is now €308,000.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that the findings of the report would provide little respite for homebuyers.
“The market is still starved of supply, with prices being bid-up aggressively by homebuyers. This behaviour is evident in transactions being settled well above asking prices. For a limited pool of 450 properties sold during the summer, Davy calculated the transaction price was 6.5% higher than the asking price, compared with a premium of 2.7% in the second quarter of 2021. Hence, Myhome/Davy decided to raise their forecast for residential property index inflation at end-2021 to 10% from 8% previously.
They go on to say that “unfortunately, there has been only a marginal improvement in housing market conditions for homebuyers. There are currently only13,500 properties listed for sale on MyHome.ie, up slightly from 12,700 in Q2 2021 and well down on circa 20,000 average number of listings pre-pandemic.” “Although new listings have recovered through 2021, the underlying picture is that vendors have only gradually returned to the market whereas demand has remained robust.”
That is a flavour of the national picture, but the important question for any of us is, what is happening in my area?
According to the Property Price register (up to 17th Nov. ) there were 132 properties sold in Ballincollig so far this year, 2021. 10 of these were new homes, the other 122 were a mix of second-hand homes, apartments, semi-detached, bungalows and detached properties. (source ppr.ie)
Demand for homes is very strong in Ballincollig with the Global Properties office fielding in excess of 10 mortgage approved enquiries every day. Many of these potential buyers are working in Dell, VMware, or Ballincollig’s numerous employers.
Rentals in Ballincollig are also in very strong demand. Ballincollig is in a Rental Pressure Zone (RPZ), which severely restricts the rent one can charge, leading to many landlords selling their property. With over 90 enquiries for each property to let, the goal is to get the best tenant possible for our property owners. There are a lot of bad tenants out there and every week we hear horror stories from landlords who let their property themselves and are seriously regretting their choice of tenant, and often losing out on 12/24 months of rent.
If you are thinking of selling or letting a property, Global Properties will provide you with a “no obligation” analysis of your properties value and provide a marketing plan to get you the best results.
Global Properties are locally based auctioneers with offices in Ballincollig and Cork City and have been advising sellers and landlords for almost five decades.
At present enquiries are greater now than they were during any time over the last 5 years. Con Nagle of Global says that “There are more buyers out now than at any other time in the last five or ten years. Surprisingly, the months of December and January can be good months to sell as there is less homes on the market, and any viewers are deadly serious.”. So give Global a call and we can get started on marketing your property.
Bottom Line: If you are waiting for spring to list your home because you think that’s when the buyers will be out in force, perhaps you should reconsider. Buyers are out right now!
Call us in Global Properties now (on 021-4877133), and we will sell/let your property fast, efficiently, hassle free, and for a good price.
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