Homebuyers sleep outside Cork City development to buy first 30 of 193 houses going on sale

“There are just not enough houses being built and we have to sit in queues like this to avoid getting into a bidding war, where you could see the asking price of the house you’re bidding on increasing by up to €100,000 before it goes sale agreed,” he said.

The man, who declined to give his name, was among a group of about 20 people huddled under umbrellas in the queue on a rainy Friday morning ahead of the release for sale on Saturday of the first 30 of the 193 private housing units in the Bayly development, where some 4,000 registered home-hunters have pre-registered on its website.

The homes, developed by Cairn, are being offered for sale with prices for three beds from €445,000 and from €560,000 for four-bed townhouses. Firmer prices for semi-detached, both three- and four-beds, will only be released with the launch of the first 30 homes on Saturday and Sunday.

All in the queue said they have deposits ready and are poised to buy on Saturday.

Another man, who also declined to give his name, said if rent was cheaper he would have postponed buying a new home. A woman in the queue, who also declined to give her name, said the government must do more to ensure more homes are built, and faster.

These are the first Cork sales for publicly-quoted housebuilder Cairn on a site where planning for the development was granted under a ‘fast-track’ SHD process in 2015.

The Douglas site will total 472 units, in an area with up to 1,500 new-builds expected over the next few years.

A 24-acre holding nearby, capable of taking 350 units, is currently under offer with agent Michael McKenna at a reported €7.5m attracting a spread of builder interest.

Final offers are expected by the end of this month on that relatively adjacent land that had a €6-€7m price guide when launched earlier this year after an off-market deal to a major builder fell through.

Also selling close-by is the former Rockforest, Foxwarren upmarket homes site at Moneygourney, some 6.17 acres with a planning grant about to expire for 23 remaining units.