Mike Mullery of Mullery auctioneers has reported an encouraging improvement in sales in the residential property market over the last number of months, in particular in the lower end of the market.
“After a very slow start to the year, we have noticed over the past few months a significant improvement in sales and viewing numbers. We have recently sold and agreed sales on a large number of properties in the city and county including two semi-detached homes in Gort na Bro on the Western Distributor Road, a three bedroom house in Caireal Mor on the Headford Road, a four bedroom semi in Ros Caoin in Roscam, three houses in the new Cul Gharrai development by Goaley Construction and a number of houses in the new development, Bealach na Gaoithe in Tuam.
“There appears to be more confidence out there with many buyers now having an appetite again for buying property given the low interest rates and exceptional value now on offer. We have a constant stream of enquiries from loan approved prospective purchasers who are ready to buy and who will buy now as long as the prices are realistic.”
According to Mr Mullery the interest being shown at the moment is predominately in the lower end of the market and in particular for three and four bedroom semi-detached homes in the region of €250,000 to €300,000. It is believed that this will eventually have a knock-on effect in the middle and upper ends of the market as sellers of the semi-detached homes will now be able to trade up.
“Everyone was sitting on the fence waiting to buy at the bottom of the market and while no one can say if we have reached the bottom, it is widely believed that things are improving worldwide and there is a confidence coming back into the property market.
“In England residential property prices appear to be stabilising and even recovering somewhat with recent reports sighting a slight increase in the average price of a property for May and while no one is suggesting that property prices here are on the up, they certainly seem to be stabilising after two years of dropping from the highs experienced in 2006 to more realistic and sustainable levels,” he says.
Mullery auctioneers has a number of new properties coming on the market at very realistic prices. For more information contact 091 567275 or log onto www.mulleryauctioneers.ie
