Ideal time to enter property market
Published 07/05/2013 | 05:34
ANNE CARTON runs one the county's oldest family run auctioneering firms, P N O'Gorman Ltd.
With nearly 90 years of experience her firm has witnessed at first hand the cyclical nature of the property market.
'The fundamental values of client service, integrity and professionalism continue to shape our firm's growth,' says Anne.
Since taking over the New Ross based business in 1979 Anne was witnessed the ups and downs of the property market.
Her firm handled the sales of the almost every new housing development in New Ross over the past twenty years including Pat Neville's Ard Alainn, Brandon Park, Chambersland, Grange Road and Brooklawn along with Belleville, The Moorings and Willow Park to name some.
The construction boom of the last decade saw the Wexford property market change, with the north of the county turning into a commuter belt for Dublin and numerous holiday home developments along the coast from Courtown to Duncannon.
'The level of development was unprecedented and literally changed the geography of the county forever, leaving a lasting legacy both positive and negative,' Anne notes.
'We are seeing prices coming back to 2002/3 levels for residential property in some parts of the county,' she continues.
Always an optimist, Anne points out that this is an ideal time for first time buyers to enter the market as there is real value to be had.
Anne holds strong feelings on what constitutes value today. Owner occupiers she contends should view their house as a home and here value becomes subjective. 'For the property investor a more long term view should be taken,' she said.
A recent report by the property web site daft.ie indicated a strong demand for rental property, which is predicated to remain strong into the medium term and this will be strengthened further when certainty returns to the economy.
The recent introduction of Local Property Tax (LPT) has generated a significant number of enquiries from home owners being a self assessment tax, Anne notes.
Another important component of Anne's business is agricultural land sales. In 2012 her firm sold a 194 acre farm at Curraghmore, Saltmills which holds the record price for a farm sold by auction in that year.
The growth of the agri-economy nationally, together with confidence in the future of farming, has seen land prices reach €8/10,000 per acre in the south of the country and surpassing €10/12,000 per acre in Ferns and Gorey, says Anne.
With a number of successful lands behind her this year she believes this will continue into the second quarter.
In the New Ross area attendance and activity at the Waterford Ross Livestock Mart are testament to this growth and confidence in the agri sector. Anne also feels the recent development by Glanbia at Belview Port will benefit New Ross and South County Kilkenny.
Anne is a Fellow the Society of Chartered Surveyors of Ireland and a Fellow of the Royal Institute of Chartered Surveyors. She has until recently held the position of Chair of The Rural Practice Committee of the SCSI.
Having been in the business thirty plus years she believes confidence is very slowly returning to all sectors of the market.