There is so much going on in the world today between the invasion of Ukraine and rising fuel and inflation. It’s certainly turbulent times.
One thing that has remained constant over the last two years is the shrinkage of the supply of rental property and properties for sale.
In this report, I will give you a brief snapshot of what’s happening in the housing market in Waterford right now.
The supply of rental stock is shrinking on a continuous basis. According to the Irish Times article published a few days ago notices to quit from landlords to tenants rose to 958 in the final quarter of 2021. This is a rise from 352 in the first quarter of the year. Over half of all such notices were given because the landlord decided to sell the property. I suspect that number is higher. You can read more about this in this recent Irish Times article.
Today on Daft.ie 3 properties are advertised for rent in Waterford City, two of those are with Liberty Blue. In Dungarvan, there are 8 properties advertised for rent, but when I checked I found that all 8 are short term holiday lets. Therefore there are zero properties advertised for rent in Dungarvan.
In terms of sales. Everyone is asking will prices continue to rise? Albeit we cannot predict the future, for the time being, the supply levels are at an all-time low. Demand is high and we all know what happens when demand outstrips supply. We recently advertised a lovely 3 bedroom apartment for sale in Tramore. It enjoys lovely sea views. We advertised the apartment at €190,000. We had 29 viewings and 64 offers which led to a sale price of 44% over asking. The interest was huge, mainly because of its seaside location and sea views.
Today there are 18 second-hand homes advertised for sale in Dungarvan. We currently have a house advertised in Dungarvan for sale and we expect it to sell somewhere between 12 and 15% over asking. Our asking price is based on comparable market transactions. The problem for buyers is that there is a lot of competition for properties and little to no stock. The cost of building today also means that this property which will sell somewhere over €170,000 could not be built today for this price. So, it is still very good value.
In Waterford City, there are 77 second-hand houses for sale ranging in price from €110,000 up to €500,000. Over half of these properties range between €200,000 and €300,000. This is by far the most in-demand price range. I certainly feel for young families looking to move from a rental home to their new home. It is a challenging time for buyers and an excellent time for sellers. For owners with a unique home, they have a rare opportunity to sell their home for far more than its “logical” value.
Of the 39 homes priced between €200k and €300k just under one third are located on the Dunmore Road. This is one of the most sought after areas and buyers can expect heavy competition to win the bid.
My advice to anyone thinking of selling, even if you don’t have somewhere to move, you are not obliged to accept the offer. However, if you go to market and find your next home in the meanwhile you will be ready to place an offer and compete with others bidding on the property. Buyers who aren’t purchase ready in the current market end up missing out.
If you would like to know what your property is worth, please get in touch for a free market appraisal.
Cormac Finlay on Thursday, March 10, 2022 in auctioneers, blog, county waterford, property advice, Property News and Advice, property update, Rent Pressure Zone, rental prices, sell your home, Waterford, waterford property prices, Waterford Property Watch