The Tramore
property market continued to show a steady improvement throughout 2013
following the initial signs of a recovery in the second half of 2012. According
to the Property Price Register (PPR) there was a 22% increase in the number of
properties sold in 2013 compared to 2012. However if you discount the holiday
home market, which accounted for nearly half the sales in Tramore in 2012, then
the number of residential sales rose by 55%.
Despite the
increase in activity there is no evidence of any increase in house prices as of
yet. Although there have been instances of multiple bidders on some properties
and shortages of properties in some areas of the market buyers are being
cautious in what they offer and are content to leave a house go if it goes
beyond what they consider to be a good price.
The
properties which are in most demand are 4 & 5 bed semi’s and 4 bed detached
houses which are in good condition. First time buyers are looking for these
larger houses now for the long term whereas ten years ago they would have
looked at a townhouse or 3 bed semi as a starter home with the view of moving
on in 4 to 5 years. A typical four bed semi in estates like Clarinwood,
Meadowbrook, Westbrook and Monvoy Valley should achieve in the region of
€145,000 to €155,000 whilst a 5 bed semi should sell for approximately
€165,000. A good 4 bedroom detached in estates such as Ard Na Groi and Newtown
Glen will be worth in the region of €235,000 to €255,000.
The top end
of the market has proved challenging in recent years. How far prices have
fallen and how much people can and are prepared to pay is illustrated by the
fact that only nine houses have sold for between €250,000 and €350,000 in the
last two years and only six house have sold above €350,000 in that period.
However, as a number of recent sales have indicated there are buyers for the
top end houses if they are priced correctly.
As a place
to live Tramore has made some significant developments and improvements in
recent years and this has been reflected in a number of impressive accolades
being bestowed upon the town. Last month
Tramore was named cleanest town in Munster and third nationally by the Irish
Business Against Litter League which only added to the positive profile of the
town after being named second best place to live in Ireland in a Sunday Times
Survey in November and the thirteenth best place to live in Ireland by Retail
excellence Ireland at the start of 2013.
The increasing
confidence in Tramore is evidenced by the number of deals that have been done
on a number of landmark commercial buildings in the town in the last six months
and the outlook for the residential market is encouraging. There is a danger
that a lack of supply may stall the momentum but this could lead to an increase
in house prices in some segments of the market which as a consequence should
lead to more owners putting their houses up for sale. Left to its own devices
and with reasonable credit available (and not with excess credit as in the
Celtic Tiger years) the market should grow at an acceptable rate for both
buyers and sellers.
