independent

Saturday 30 August 2014

Shortage of large detached homes on the market

Published 12/06/2013 | 05:36

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Auctioneer Ger Carmody.

Dónal Nolan

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KERRY'S property market would benefit greatly from increased supply of four-bedroom detached homes.

Tralee-based auctioneer Ger Carmody said that the market is currently suffering from a dearth of four-bedroom detached houses.

"There's a lot of the traditional three-bed semi homes that would have been regarded as starter properties during the boom and unfortunately there doesn't seem to be a major take-up for that part of the market at present.

"The property price index reveals a tale of two markets, with increased prices in Dublin but greater lethargy outside the capital. I think things would be improved greatly here if more four-bedroom detached houses were to come on the market."

Mr Carmody believes that there are many younger adults who were priced out of the market at the height of the boom now willing to buy.

"But they are in the position now where they are looking to get married, have partners and two incomes coming in. This means they are able to afford the bigger, more permanent home like a four-bedroom detached, rather than the smaller starter. But the supply isn't really there just yet."

He ascribes this fact to those living in four-bed homes unwilling to take the negative equity hit of a sale under current prices.

"And there's the fact that the bigger home is serving their needs for the time being, with enough room for the children."

Nearly twice as much money changed hands in the last three months of 2012 than did in the first quarter of this year.

"I think that might be more reflective of a six-month period from July of last year really. Sales may have dragged out and people like to close on deals, traditionally, before the end of a year."

Kerryman

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