Waterford: Development will bring much-needed jobs
There is a feeling in Waterford that the county is finally emerging from the recession in earnest. Waterford city and its property market were particularly hard hit by the crash and it has been one of the latest markets to pick up again.
Warren Palmer of Palmer Auctioneers says: "Things are going really well in Waterford. We had a good year in 2016. The high street is really picking up after being dead for years."
Commercial and municipal development has recently kicked off including on a major improvement project in the city that will upgrade access and improve the appearance of large public areas. This will include a new canopy style roof on the Apple Market to make it adaptable for public events and festivals. All of this work will not only improve the city but will also bring much-needed jobs.
However development hasn't yet reached the provision of badly needed housing.
There is a lack of stock which has resulted in rents rocketing up in the past year. Banks, which were previously a big supplier of stock for sale through stressed sales are still drip-feeding a few houses on to the market, but not near in the same quantities.
Of all property types, detached three and four-bed homes are the most in demand throughout the county. The Dunmore Road is the spot that everyone wants but not many properties come up for sale. As a result, values of four-bed detached houses are rising fast - by 18pc in the year to date.
Overall prices have come up strongly - by a good 17pc across the county in 2016, but they are coming from a low base and still not high enough for construction to begin so that demand can be met.
By far the biggest increases in 2016 were seen in three-bed semis in town, which went from €140,000 in January 2016 to €165,000 today. Palmer believes that the lack of supply will continue to push prices up this year and predicts an average increase of 6pc, with apartments and ex-corporation increasing most.