Property prices continued to rise in
Tramore throughout 2016 across all levels of the market. Although transaction
levels in Tramore were down 8.2% in the year the value of residential sales rose
by 13.5%. This reflected the increase in house prices but also greater activity
at the higher end of the market with Property Partners Barry Herterich
negotiating the three highest value sales in the Tramore area last year. In
general prices in Tramore rose approximately 12% during 2016.
Demand for houses in Tramore is being
driven by a number of different types of buyers. As in previous years first
time buyers are typically looking for three & four bed semis whilst young
families looking to trade up are looking for detached houses in the €250,000 to
€350,000 bracket. In addition there is now a strong and growing demand from
older buyers looking to trade down usually to a property close to the centre of
the town or with a sea view. Investors are also prevalent at the lower end of
the market for properties up to €120,000 which offer higher yields.
The indications are that prices will
continue to rise in 2017 driven by the continuing lack of supply, the
relaxation by the Central Bank of its mortgage lending rules as well as the governments
‘Help to Buy’ incentive for first time buyers. After four consecutive years of
strong price growth, albeit from a low level, the big question now is, how long
will this boom last?
Barry
Herterich BA MIPAV REV
