LIFE RETURNS TO PROPERTY MARKET
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.