Thursday 22 February 2018

Auctioneers report rise in viewings and sales

WITH house prices on the floor, auctioneers on the county are finally beginning to see an increase in viewings and property sales.

Frank Pierce of Frank Pierce Auctioneers, Gorey, said the north Wexford market first started picking up last summer, adding that a new trend has seen go-ahead Dublin commuters and retirees selling up in the city and buying in Gorey instead.

Meanwhile Des Moloney of Moloney Auctioneers, New Ross said: 'The market has certainly taken off again with viewings increasing and this is starting to result in sales.'

Mr Pierce said the demand for houses has increased dramatically in recent months in north Wexford.

He said: 'Gorey would have a certain amount of Dublin influence; it's still a commuter town and in the past few months up to 40 per cent of purchases have been from Dublin clients. A lot of these people would have sold in Dublin having retired or having wanted a change of pace and moved down here. English people are also buying.'

He said the number of holiday homes being sold has increased, especially in Ballygarrett, Ballymoney, Courtown and Kilmuckridge.

Mr Pierce said holiday homes are selling for approximately €110,000, while larger homes are also proving attractive to Dublin buyers.

'One buyer sold their house in Dublin for €550,000 and bought in the Gorey area for €320,000.'

Mr Pierce said more houses need to be built in Gorey as there is a shortfall and people are struggling to find houses to rent.

'Due to the fact some people who are landlords at the moment didn't intend to ever be landlords I can see them selling to first time buyers leaving a shortfall in houses to rent.'

Mr Moloney said: 'Investors are buying again where they see the bargains and first time buyers are certainly out house hunting, while the banks are open for business and are keen to give mortgages.'

John Radford of Sherry Fitzgerald Radford, New Ross says prices are starting to creep up with four bed bungalows now selling for well in excess of €200,000 in the greater New Ross area.

Mr Radford said he has seen a surge in viewings and sales in the New Ross area in recent months, with prices starting to creep up slightly.

Adrian Haythornthwaite of Sherry Fitzgerald Haythornthwaite, Wexford, said prices have 'hit the floor', adding that the report is accurate in most respects, but he hasn't seen the rise in prices or rise in sales of higher priced homes.

'Activity is picking up a lot and there is an awful lot less property to choose from. There is a sense of positivity now that hasn't been there for a long time. Auctioneers are back doing 12 hour days and it's nice to be back!'

Michael O'Leary of Sherry Fitzgerald O'Leary, Enniscorthy said there is a surfeit of three bed and two bed semi detached properties in the area, but stressed that prices have at least stabilised.

'There is an oversupply in the market which isn't true of Gorey. While the prices have stabilised they probably won't rise.'

Mr O'Leary said people will never be able to buy a new build for anywhere near what houses on the market are currently selling for, adding that cash buyers are in bidding wars for several large properties, some selling for over €250,000, in the Enniscorthy area, but there remains little interest in apartments.

Wexford People

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