Positive Outlook for Tramore

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.  

Online Aution - Thatch Cottage in Bonmahon

Property Partners Barry Herterich, in conjunction with Muster Property Auctions, is delighted to announce the launch of our online auction service. The online auction is very easy to use and bids can be made in person, over the phone or on the website. All bids are then made visible on the online auction allowing bidders to see the highest current bid. Interested parties can see how much time is remaining and it's clearly displayed on the countdown clock for each property. The online auction normally runs for 30 to 45 days and the highest bidder secures the property providing the bid is above the reserve price.

The first property was have placed on the online auction site is a Thatch Ccttage near Bonmahon with starting bids from €49,000. Follow the link http://barryherterich.iam-sold.ie/ to view the auction site or click on the 'Auction' tab on our home page.

Tramore named cleanest town in Munster

Tramore has been named the cleanest town in Munster and was placed third nationally behind Cavan and Kilkenny who won the title. Being named the cleanest town in Munster in the Irish Business Against Litter league only adds to the positive profile of Tramore after being named the second best place to live in Ireland in a Sunday Times survey last November and thirteenth best place to live in Ireland by Retail Excellence Ireland at the start of 2013.

The improving profile of Tramore will only benefit the housing market and be a positive influence on prices in the long run. Congratulations to everyone involved.

Overseas investors hit lower end of market

Foreign buyers have long been known to be investing at the top of the market in the capital, but it has emerged that they are also moving into the lower end of the sector to take advantage of low capital values and high rental returns.

According to international property consultants Extra Sales, buyers from both countries are flooding the lower end of the market, mainly because their children are studying here.

As well as this, Irish expats are selling off their homes in the likes of Turkey and Bulgaria and are returning to Ireland as cash buyers.

SQUEEZED

Those factors have effectively closed large sectors of the Dublin house market to domestic buyers, who are battling in the "squeezed middle" for suitable properties.

"Many of the buyers we are dealing with, especially from China, would have had little or no knowledge of the Irish market until very recently," said Extra Sales managing director Colin Horan.

"Usually it is because their son or daughter has come here to study and only then have become aware of the value that is available in Dublin. As a result they are buying houses for their children and taking advantage of the rental yields that are so high at the moment," he added.

Last year's visit by China's then incoming president Xi Jinping also served to catapult Ireland into the limelight in China, and has helped spark an influx of investment here.

There is a very clear divide between buyers at the top and bottom end of the market, said Mr Horan.

At the top, wealthy Chinese and Russians are focused on the well-known areas of south Dublin, with Sandymount, Donnybrook, Stillorgan and Rathgar proving especially popular.

An asking price of €1m is considered the minimum investors are looking for. Meanwhile at the other end of the market, buyers are looking at one or two houses close to university campuses available at very low prices.

In the last fortnight Chinese investors have bought properties at the Collinswood development in Dublin 9, and Royal Canal Park in Dublin 15.

Russian interest, meanwhile, has been accelerated since Russia's richest woman Elena Baturina bought the Morrison Hotel on the quays for €20m last year.

While Ms Baturina purchased that hotel as an investment and is not actively aiming the hotel at the Russian market, that sale was seen as giving a "blessing" to Dublin as a home for Russian money.

"Dublin is something of a hidden gem internationally but that is changing.

"We all know about the glut of international money that has gone into London but Dublin is getting some overspill thanks to our location, transport links, and value," Mr Horan said.

Tramore Property Market Showing Continuing Signs of Recovery

The property market in Tramore showed significant signs of recovery in the second and third quarter of 2013 with the number of transactions increasing markedly on previous years.

Since March we have noticed a significant increase in viewings and consequently sales. Since the property market crashed in the summer of 2007 we have seen periods when there have been spikes in sales but this time the increased activity was maintained over the six month period to September. This would indicate that possibly the worst is over and that buyers feel that we’re either at or very close to the bottom in terms of price. In fact for the first time since the boom we’ve had situations where we’ve had multiple bidders on some properties.

This situation also reflects the fact there is a shortage of certain types of properties on the market, particularly good family homes in mature locations. Some sectors of the market have however continued to struggle. There is a lack of first time buyers (FTB’S) in the market, primarily due to the difficulty in getting a mortgage. Banks might be approving mortgages but not necessarily for the amount being applied for.  This has  resulted in weak demand for the traditional starter home, the three bed semi,  and when mortgages have been approved we are finding that  first time buyers are going for slightly bigger properties if possible. This reflects a change in attitude whereby FTB’s are looking for a house for the long term or for ‘life’ as opposed to house which they will flip on in a few years.

Property prices have been rising steadily in Dublin for the last year and the same is beginning to happen in Cork and Galway city. This is positive news for the rest of the country. Sentiment appears to be changing, that this is now a good time to buy.  The property market is no different to any consumer market, confidence is vital and this appears to be returning.

Barry Herterich MIPAV

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.

Tramore Second Best Place to Live in ireland

A recent Sunday Times survey has found Tramore to be the second best place to live in Ireland! The Sunday Times says of Tramore " It's easy to see on a summer's day why Tramore is such a popular tourist destination and an enjoyable place to live, with beautiful walks and beaches such as Newtown Cove just a short distance away, along with cosy pubs, welcoming restaurants and the renowned Tramore races. But there's more to being a great place to live than a bustling tourism industry and beautiful scenery. Tramore benefits from its small-town charm, combined with ready employment just 10km away in Waterford.....The town also boasts a number of sports clubs, form GAA to soccer and golf, along with eh less traditional but extremely popular surf school that is patronised by residents and visitors alike. There are plenty of opportunities for local walks and outdoor pursuits."

The criteria for the survey included information on national house prices, crime statistics and employment figure; availability of transport links; access to recreational facilities; proximity to local hospitals and healthcare; closeness to cultural amenities, national parks and beaches; sporting facilities, community involvement and access to quality education. The most influential criteria was the cost of housing.