Sunday 15 September 2019

Kerry: Housing stock is down 67pc

Average Price: €100,000
Areas: Tralee, Dingle, Listowel, Kenmare
Up: + 11%
One Year Forecast: + 10%
Assessing Agent: REA Norths Chartered Surveyors

Tralee-based Eddie Barrett reports a huge disparity in property prices across the Kerry market, with differentials of as much as 50pc in similar properties depending on their location.

As ever, property in Dingle fetches a substantial premium over most other locations.

Bayview, Sound Road, Kenmare, Co Kerry sold for €400,000 in December 2014
Bayview, Sound Road, Kenmare, Co Kerry sold for €400,000 in December 2014

In Tralee itself, there is a critical shortage of available rental property.

"At this time of year there is a switch-over of doctors and health professionals working in the town's two hospitals, but the properties that we would usually expect to have on our books to cater for the influx of people on new contracts are already rented and gone," says Barrett.

Kerry
House Types201420152016
3-bed semi in town, €105,000 €120,000 €132,000
3 bed semi out of town, €55,000 €70,000 €77,000
4-bed detached, €115,000 €135,000 €148,500
5-bed detached, €150,000 €170,000 €187,000
3-bed bungalow outside town, €100,000 €120,000 €132,000
4-bed bungalow in town, €115,000 €145,000 €159,500
4-bed bungalow outside town, €140,000 €170,000 €187,000
"Detached 2,000+ sq ft", €275,000 €290,000 €319,000
Holiday home, €100,000 €125,000 €137,500
1-bed apartment, €35,000 €40,000 €44,000
2-bed apartment, €55,000 €60,000 €66,000
2 up/2 down, €60,000 €65,000 €71,500
3-bed terrace, €65,000 €80,000 €88,000
2-bed cottage, €60,000 €70,000 €77,000
Ex-corporation 2-bed, €60,000 €65,000 €71,500
Ex-corporation 3-bed, €60,000 €75,000 €82,500

The price of an average three-bed semi in Kerry has increased by over 14pc during the past 12 months.

Barrett says that prices are still depressed, and that these houses would have sold for almost €200,000 before the recession.

TRALEE: Tralee town is set to get a hundred new jobs when Benners and The Abbeygate hotels re-open this year under new owners. Properties within easy reach of these employers are going to be in demand.
TRALEE: Tralee town is set to get a hundred new jobs when Benners and The Abbeygate hotels re-open this year under new owners. Properties within easy reach of these employers are going to be in demand.

Barrett attributes this ongoing depression of the market in Kerry to the fact that 70pc of sales are driven by banks and receivers, who want to sell within a three-month period.

"The market would recover quicker if this were not such a big factor," says Barrett.

"The public perceives that they will get a bargain and the banks take what they can get. Often these properties are sold in a rundown condition, with the kitchens and even radiators ripped out.

The Allsop factor - where properties are advertised with ridiculously low reserves - is another depressing factor."

Despite prices remaining below their pre-recession levels, Barrett has seen reasonable increases across the Kerry market, particularly in towns. The improvements are less marked in rural areas.

"There was a huge run on property in the last 10 weeks of the year due to the expiration of the CGT relief, and we are currently only holding about one-third of the stock that we would normally have at this time of the year.

I think the start of the year will be quiet, but there is a general repair of the market under way and a perception that the bottom has been surpassed. Continued recovery is dependent on the lenders, and may be hampered if the proposed 20pc deposit rule comes into effect."

Independent.ie Guide to House Prices in Ireland

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