By Lisa O’Donnell

The price in property sales has seen a recent increase in the North Cork area, with one house in Fermoy being sold for over three times its expectant price.

The end of terrace three bedroom house located at 11 Chapel Hill, Fermoy, was given a selling price of €20,000 by Allsop Space Property Auctions. However, the property actually sold for the significantly higher price of €66,000.

Speaking to The Avondhu, Robert Hoban of Allsop Space Property Auctions said that this kind of price rise is not relevant to all types of property, and only relates to those of the highest demand.

“The family home is the hottest property,” he said. “The suburban house in Cork always does well because of this popular demand.”

He added that whether such demand for suburban houses will continue or not depends on the results of the banks’ current stress tests.

“No one knows where the prices are going to go. It all depends on how the banks will be lending after the results of the stress tests,” he concluded.

A similar situation was seen when two modern warehouse investment units in Mallow sold for almost 50% more than the expectant price.

The Advance Pitstop and An Post Units, Limerick Road, Mallow, were expected to sell collectively at between €1,050,000 and €1,150,000 but finally sold for €1,550,000.