LIFE RE­TURNS TO PROP­ERTY MAR­KET

Enniscorthy Guardian - - LAND & PROPERTY GUIDE - JOHN CORISH

THE res­i­den­tial prop­erty mar­ket is back in ac­tion af­ter many very quiet years. In par­tic­u­lar the mid­dle to lower range prop­er­ties are in big de­mand in the Wex­ford area, town and ru­ral. It should have been patently ob­vi­ous that this would hap­pen as there was no sup­ply be­ing pro­vided over the past num­ber of years and the de­mand was pent up and now far out­strips sup­ply.

All houses in this bracket are now at­tract­ing sev­eral in­ter­ested par­ties and, in most cases, this re­sults in strong com­pet­i­tive bid­ding with prices in ex­cess of the AMV of­ten be­ing re­alised. Through our of­fice alone there were seven such sales recorded in the first week of Septem­ber with prices re­alised rang­ing from €91,000 for a 2-bed apart­ment to €190,000 for a house in need of ren­o­va­tion. In each case there were sev­eral bid­ders; it is note­wor­thy that al­most all po­ten­tial pur­chasers ei­ther have cash on hand or are pre-ap­proved for mort­gages. Our list of such en­quiries at present, all ready to go, is very strong in­deed.

There should be no dan­ger there­fore of a re­peat of the dis­as­trous price drop of some years ago as in al­most all cases the house pur­chasers have strong pos­i­tive equity in their homes.

The up­per end of the mar­ket is a lit­tle slower to re­cover but there are now signs of im­prove­ment in this cat­e­gory also and we have avail­able on our list­ings many high-qual­ity homes at rea­son­able prices wait­ing to be “snapped up”.

There is also move­ment in the hol­i­day home sec­tor for the first time in many years and again we have a sub­stan­tial num­ber of such prop­er­ties avail­able through­out the county, which are still rea­son­ably priced and of­fer good value for your money.

With re­gard to the com­mer­cial mar­ket there is an im­prove­ment in same also, with par­tic­u­lar ref­er­ence to the leas­ing of re­tail, of­fice and in­dus­trial prop­er­ties; rentals are grad­u­ally com­ing back to pre-re­ces­sion lev­els ev­i­denced by sev­eral such let­tings achieved through our of­fice over the past few months. This was fore­see­able as new busi­nesses com­menced and ob­vi­ously re­quired bases from which to op­er­ate whilst there was no new build­ing ac­tive to pro­vide for same. The sales of com­mer­cial prop­er­ties for owner oc­cu­pa­tion are how­ever still a lit­tle thin on the ground.

Over­all the signs are good for a rea­son­able re­cov­ery in prop­erty as an in­vest­ment over the com­ing year and we are ready to ac­tively par­take in same through our na­tion­wide net­work at REA. For a free as­sess­ment of the value of your prop­erty, res­i­den­tial or com­mer­cial, call us on 053 9122577. REA McCor­mack Corish, Cres­cent Mall, Wex­ford.

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