The average price of a second-hand, three-bed semi in County Cork rose by 6% in the past year, according to the latest national survey by Real Estate Alliance.

The average cost of three-bed homes in the county remained at €217,500 during the first three months of 2023, the Q1 REA Average House Price Index shows.

By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.

First-time buyers in County Cork made up 20% of the market during Q1 with 5% of buyers moving out of the cities.

The average time taken to complete a sale in the county has not changed since the last quarter of 2022 and remains at five weeks, the survey shows.

Three-bed semi-detached home values in the city remained at €355,000 during the first three months of 2023.

“Demand for property for both new and second-hand homes in the West Cork area continues to be good, with continuing UK interest since the start of the year,” said Michael O’Donoghue of REA O’Donoghue & Clarke, in Bantry.

“Taking into account all of the current issues, overall demand continues to be good with a mixture of both cash purchasers and mortgage-approved clients.

“Whilst the level of bidding has slowed somewhat, there remains steady demand in relation to all property types throughout the county.”

Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.

House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.

Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.

The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.

The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.

Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.