By Ted Healy of DNG TED HEALY 

The most recently published property outlooks are all telling us that national property prices are set to continue their upward trajectory in 2022.

But before we look forward let us consider what has happened in 2021.

After a subdued start due to the ongoing pandemic, the housing market took off with a bang in 2021, leading to double-digit price growth. A mix of soaring demand, restricted supply, historically low interest rates – and an increased focus on lifestyle thanks to the move to remote working – turned up the temperature on property prices right across the country. To a degree it has proved the perfect storm.

Unsurprisingly, the lack of supply of new and second-hand properties remains the dominant issue and this will continue to be the main market driver going forward. Construction levels are not where they should be, due largely to a hangover from pandemic lockdowns closing the sector. The other obvious concern here is the rising cost of construction, labour, materials and utilities.

Given the demand/supply imbalance, further price increases are inevitable this year.
Locally, the supply of new homes to the market is not expected to match demand levels which in turn is putting pressure on the second hand market. This market has proved particularly strong in recent months, and has strengthened even further since the turn of the year with multiple competitive bidding on most properties and guide prices being generally exceeded.

The detached family home end of the market is particularly strong with increased competition for a limited number of available well located family homes. The pandemic has also focused people’s minds and speeded up their buying decisions to “right size” their living arrangements.

The ‘work from home’ phenomenon, a direct result of the pandemic, has led to returning homebuyers fuelling this market. Those lucky enough to have sold in one of the major cities are directly benefiting from recent price inflation and are therefore in a particularly strong buying position.

So, what lies ahead and is it a good time to sell your property?

The answer is further likely price increases (albeit at perhaps a reduced rate) and now is most definitely a good time to sell.

If selling now you will benefit greatly from a lack of supply of available homes (therefore less competition) and likely achieve a bonus price for the right property (marketed correctly of course!)

We are currently experiencing homes selling in record time with strong prices across all sectors. The number of available homes for sale in the local market are at record low levels at present which is a major factor in projected further price inflation.

For anyone considering placing their property on the market, contact DNG Ted Healy for the best honest advice on how to achieve the best possible price for your home.