Tramore Property Market, Prices begin to grow again

After over 6 years of declining prices , the Tramore property market is finally growing again.

Barry Herterich, Tramore auctioneer, told the Munster Express last week the prices were growing in low digit numbers in the past few months in comparison to a year before.

One of the best performing segments is that of holiday property, where prices have risen 5-10 per cent and are selling at between 50 and 60,000 euro for two bedroom apartments.

A shortage of stock for sale is an issue.  Buyers tend to be  from the couinties along Dublin Waterford  motorway, such as Kilkenny, Carlow and Kildare as well as Dublin.

There had been many properties sold in Pebble Beach in recent years and a supply shortage has forced prices up.

Some emigrants are also buying property and are cash buyers.  These properties are then rented out with the parents managing the property, until son or daughter returns when the job market improves back home.   This is their first step on the property ladder and are doing it now that the market is beginning to turn in a positive fashion.

First time buyers are also  active in Tramore with 4 and 5 bedroom semi-detached homes the most popular, these are selling at 150-175,000 euro in the Ring Road area.  Sample estates that are doing well are Ballycarnane Woods, Clarinwood, Meadowbrook and Moonvoy Valley.

Three bed semis are at 135-145,000 euro .

These properties tend to people in steady jobs, like the public sector and get full mortgage approval, Barry notes however that in some cases, a full drawdown may not be done, as buyers are still very careful when taking on debt.

The market at house prices over 250,000 euro is seen as slow, with a few trading up from smaller properties but there are not too many.

The other active sector is what Barry describes as doer uppers in the lower price levels

Tramore does not have too many in the under 100,000 euro segment in like Waterford city, where there is large quantity of terrace property in the city centre.

But small town houses in the 80-120,000 euro range are in demand and some buyers are spending money doing them up.  These are properties in the older parts of Tramore.

On the commercial side there have been a number of significant deals agreed in the last year but due to the fact that these are predominantly bank sales the sales have yet to close.

There are two pubs currently on the market namely the St. Leger at a price of 160,000 euro and the Powers pub on Queen St., Tramore, popularly known as Marthas.  This was a very popular haunt during Race week, but sadly Martha died over a  year ago.

An offer  has  been made on the Grand Hotel but there is no official announcement yet  from Purcell Properties regarding this sale.