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Is it a good time to sell your property?

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By Ted Healy of DNG TED HEALY

Recently published property outlooks are suggesting single digit growth in prices this year.

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The MyHome.ie quarterly report found the market had held up better than evidence had suggested in 2022. The number of vendors cutting asking prices remained at low levels, while many house prices were being settled above asking prices.

However, the report warned that the resilience of the housing marking is set to be tested this year. It found annual asking price inflation slowed to six percent nationwide, meaning the asking price for the average home in Ireland is now €330,000.

There were 15,000 available properties for sale on MyHome.ie in the fourth quarter of the year – an improvement on the same time last year but still below pre-pandemic levels.

Average time to sale agreed was 2.7 months nationwide which the report said is indicative of a very tight housing market.

The report said it expects to see 28,400 house completions in 2022, exceeding its previous forecast of 26,500 finished units.

The author of the report, Conall MacCoille, Chief Economist at stockbrokers Davy, said it appeared the market had held up better than evidence had suggested.

“The number of vendors cutting their asking prices is still at low levels. Also, transactions in Q4 were still being settled above asking prices, indicative of a tight market,” he said.

Recent months had seen worrying trends in the homebuilding sector, with housing starts slowing, and the construction PMI survey pointing to the flow of new development drying up.

“We still expect housing completions will pick up to 28,400 in 2022 and 27,000 in 2023. However, the outlook for 2024 is far more uncertain. The Government’s ambitious plans to expedite planning processes are welcome although, as ever, the proof will be in the pudding,” he added.

Locally, and unsurprisingly, the lack of supply of new and second-hand properties remains the dominant issue. There has been very little new construction due largely to the rising cost of construction, labour, materials and utilities which in turn is putting pressure on the second hand market.

This market proved particularly strong in 2022 with active bidding experienced on the majority of house sales and a large proportion of 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.

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

The answer is a tight market with scarcity of supply being a factor. If selling now you will benefit greatly from a lack of supply of available homes (therefore less competition) provided your property is marketed correctly of course!

For anyone considering placing their property on the market, contact DNG Ted Healy 064 6639000 killarney@dng.ie for genuine honest advice on how to achieve the best possible price for your home.

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Jessie Buckley to perform live on RTE this Friday 22nd September

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This Culture Night, Muireann Nic Amhlaoibh will present an hour-long live music and arts programme from Dún Lúiche in the heart of the Donegal Gaeltacht at 7pm on RTÉ One and RTÉ Player.  

Actress and singer Jessie Buckley has been added to the list of stellar musicians who will perform with the RTÉ Concert Orchestra on the night. Jessie will perform a special rendition of a Sinéad O’Connor song in tribute to the late artist. 

Jessie commented: “I am very honoured to return to Culture Night 2023 to remember Sinéad O Connor with the RTÉ Concert Orchestra. Sinéad was such a huge influence on so many women in Ireland and across the world, her courage, her mind, her politics and her intense beauty and soul. She was a warrior to humanity. I remember hearing her for the first time and feeling her uncompromising need to connect and affect. Recognising what couldn’t be said and speaking it out loud. I am so grateful for all her fire and all her love. It is such a privilege to return to Ireland for RTÉ Culture Night in Donegal to sing a song of gratitude for Sinéad and her family and friends.” 

Other artists performing with the RTÉ Concert Orchestra include The Murder Capital, R&B singer and 2FM Rising star Aby Coulibaly and Irish-based Ukrainian musician Olesya Zdorovetska.  

Friday 22nd September, 7pm on RTÉ One and RTÉ Player 

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N22 Killarney to Faranfore road further delayed

The revealing of the preferred route corridor for the construction of the new Killarney to Farranfore road has been delayed – again. Four potential routes for the N22 Farranfore-Killarney project […]

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The revealing of the preferred route corridor for the construction of the new Killarney to Farranfore road has been delayed – again.

Four potential routes for the N22 Farranfore-Killarney project were identified and were put out to public consultation in May 2021. These have now been whittled down to just one.

It was previously promised that the preferred route would be published late last year.

This dragged on in to the Spring and there is still no sigh of the preferred route being revealed.

A recent Kerry County Council meeting a council official explained that there are further funding requirements to allow the council complete various reports and investigations required before the road can move to its next phase.

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