Wexford property market continues upward trend

THE Co Wexford property market is most definitely continuing it’s upward trend according to local auctioneers. With sales continuing to rise and new housing stock emerging being built at several different locations, it seems that the only way is up.

John Keane and daughter Edel in Keane Auctioneers say that they have seen an increase in activity on last year.

‘We’re up on sales,’ John said. ‘Last year the second hand market had slowed a little, but things are picking up again now and things are quite steady. There’s plenty of stock out there, whereas previously there had been a shortage in new builds. Developers weren’t building in recent years until prices recovered.’

There was one remarkable insight Edel offered that shows perhaps things are returning to a pre-recession level.

‘We have two new sites that were completely sold out just off the plans alone,’ she said. ‘I haven’t done that since around 2006. There’s great value and quality in the new builds.’

Families looking to escape huge property prices in Dublin are now forming a big part of the market in Wexford, as well as people leaving the UK ahead of Brexit.

‘We’re getting lots from the UK alright,’ Edel said. ‘Currently we’re seeing a lot of retirements from the UK, but also young families looking to set up their home here. Initially when news of Brexit broke, things slackened off from that point of view for a while, but now we’re seeing a big increase.’

Anne Carton of P.N. O’Gorman in New Ross agrees that things have really steadied up this year, with a marginal increase on last year’s transactions.

‘What was very noticeable was the increase in sales of residential properties over €200,000,’ she said, attributing this trend to people looking for ‘ homes for life’ rather than starter homes. This has been encouraged, she said, by great lending from financial institutions and people realising the value in larger stand-alone homes.

‘ The overall market fundamentals are strong but there is a change in approach from buyers (both owner occupiers and investors),’ she stated. ‘Owner occupiers are being more discerning, focusing on location and amenities. Investors are active but mainly under the €100,000 price bracket and driven by the strong rental returns.’

In terms of land sales, Anne says that in Wexford things currently stand at an average of €12,000 per acre in Wexford, while it’s slightly higher in South Kilkenny at €15,000 per acre.

The overall impression given from local auctioneers, however, is that the property market is continuing its upward trend in Wexford and the south east.