Saturday 22 July 2017

Tipperary North: 'Trader-upper' buyers have a year wait

Grace's Cottage, Graigue, Ballygibbon, Nenagh, sold for €129,950 last October
Grace's Cottage, Graigue, Ballygibbon, Nenagh, sold for €129,950 last October

The creation of 300 new jobs in a development facility in Nenagh this year will bring about a surge in demand for houses in the town. There is no sign of new development anywhere in north Tipperary at the moment so local estate agent Eoin Dillion of REA is concerned about where the accommodation is to be found for these workers.

"We started coming out of the recession four or five years ago but it's only since May last year that we've sold a couple of properties around the €300,000 mark, so it's been a slow process."

Prices are up on average by 7pc with the three-bed semi losing its spot as the most sought-after property type to out of town bungalows. "The saleability of rural properties has really improved," says Dillon.

"Anything that comes on to the market is gone in about 6-8 weeks. The three-bed semi is no longer the popular property, it's now the trader-upper, the bigger house. Unfortunately the supply of this type of house is tight so buyers may have to wait about a year before they find a home."

Dillon worries about the impact Brexit will have on north Tipperary, not because of the UK buyer, but because of the knock the agricultural industry will take. "Brexit will hit farmers in a bad way which would have a big impact on our economy in these parts. Nobody really knows yet what lies ahead but they say it will be felt harshly by farmers who rely on exporting their produce, so it's a worry down there." Such an impact would have an effect on demand and prices of residential property which is so inextricably linked to farming in Tipperary.

Nenagh and Roscrea are still the locations that are most in demand so as expected, prices are higher. Dillon predicts a rise in prices of about 9pc for the coming year, with terraced houses expected to take a big jump from €90,000 to €125,000 based on a surge in demand while four-bed semis will likely experience a more modest rise in the order of 1pc as there are plenty of these types available relative to others.

Irish Independent


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