According to Ronan Rooney of Rooney auctioneers and chartered surveyors the firm has recently experienced a rise in the number of enquiries and subsequent viewings in both the residential and commercial markets. The level of enquiries to the office last week measured about 60 per cent of the levels experienced at the height of 2006. This is quite probably as a result of the combination of a number of factors. The end of January has traditionally been a time where potential purchasers/tenants begin to enquire. In addition the low interest rates are most likely beginning to have an effect with value being perceived for the first time since the last quarter of 2006.
Enquiries have subsequently filtered though into viewings and in the last week three commercial lettings have been agreed in Ballybane, Ballybrit, and on the outskirts of the city. In addition Rooney’s has this week closed two major residential sales in Taylor’s Hill and Furbo.
Mr Rooney said that while it is important not to get carried away with this, it is nonetheless a positive sign and an indicator that prospective purchasers and tenants are beginning to consider entering into transactions.
“We believe that the time is right to purchase which is becoming evident to many and testament to this has been the volume of enquiries and viewings increasing,” he added. “The volume of properties on the market is offering the purchaser more choice, combined with the very good value that is now available to house buyers especially when one considers the cost of money. With interest rates so low rents are getting closer and closer to monthly repayment levels.
“2008 ended and 2009 began a year of uncertainty and intense media speculation. We believe the signs are that 2009 will see consumer sentiment improve and stability return to the property markets, however we do not anticipate an immediate significant revival in activity or price performance, rather a gradual improvement in market sentiment and demand trends. In our annual report [available on request] we predicted that the markets would begin to recover between the second and third quarters of 2009. The volume of enquiries is the first cog in the wheel, followed by viewings and then procurement. The latter part of this equation is incumbent on finance being made available by the financial institutions for property transactions. This is expected to be forthcoming in the next couple of months with money expected to be freed up by the institutions by the end of quarter 1.
“These are very important times for our industry for a number of reasons and due to the global turbulence and changing economic climate in Ireland it is clear that many challenges lie ahead,” Mr Rooney continued. “However, we feel it is important to remain positive because the market will stabilise and find its level in the coming year.
“The past weeks have been exciting for Rooney’s and we hope to continue our success by offering the best possible service to all customers incorporating a wealth of knowledge and experience.”
Rooney auctioneers and chartered surveyors is located in Victoria Place, Eyre Square, phone (091 ) 567391, e-mail [email protected]
