Residential Sales up 29% in Tramore

Throughout 2013 numerous residential property reports have indicated that the worst is over. In the year to June the CSO reported that residential property prices at a national level increased by 1.2%. This is the first annual increase since January 2008.  When the property bubble burst at the end of 2007 Dublin property prices fell first and now Dublin is experiencing the rebound before the rest of the country. The CSO reports that Dublin property prices are up 4.2% in the year to June but anecdotal evidence from estate agents suggest that the price rises have been significantly higher

More importantly for those of us living outside of Dublin the price of residential properties in the rest of Ireland grew by 0.7% in June. It is also evident that more people are now buying property, with the number of transactions increasing significantly. According to the Property Price Register the number of houses sold in Tramore in the first seven month of 2013 was 29% higher than the corresponding period in 2012. We are now experiencing situations where there are multiple bidders for certain types of properties. Whilst property prices locally may not be rising there is plenty of evidence to suggest that buyers feel that the ‘bottom’ has been reached and it is certainly apparent that there is more confidence in the market.

It would appear now that the continued recovery of the property market in Tramore will be dependent on the supply of houses coming on the market as opposed to the number of people looking to purchase. With a large number of houses now worth significantly less than what was paid for them it’s understandable why many owners who would like to move either can’t or are unwilling to sell at current market values. This could leave buyers, who have been waiting patiently to enter the market, frustrated in their efforts to acquire the house they desire.