Connect with us

News

Surge in property sales since restrictions lifted

Published

on

The residential property market has experienced a surge in activity since restrictions on the industry were lifted in May.
Homebuyers who have seen house prices surge during the pandemic now face a further, potentially ‘significant’, rise due to the housing shortage, the Central Bank has warned.

Pent up demand and a shortage of supply have resulted in homes selling for 10% or more over their guide prices in the past year.
In the year to April, the cost of houses and apartments rose 4.5% nationally, according to the Central Statistics Office (CSO) residential property price index.

The Central Bank expect the trend of rising house prices to continue due to the disruption to new house building during the pandemic and the build up of savings of some households.

‘’With existing supply constraints, a high degree of pent-up demand and a recovery in the flow of mortgage credit, the conditions for significant upward momentum to house prices in the months ahead appear to exist’’, it said.

A report conducted by the CSO has found that property buyers, including first time purchasers, previous owners and investors, are now purchasing residential property significantly later in life.

The median age for a sole purchaser rose from 34 to 42 between 2010 and 2019 while for joint purchasers, it rose from 35 to 38 over the same period. The Central Bank lending rules have had an impact on this as has the significant increase in the cost of renting in Ireland.
Another recent study (ESRI) found that home ownership by the age of 30 was 60% for those born in the 1960s compared to just 32% for those born in the early 80’s.

These national trends are evident on a local level with the significant shortage of supply being a dominant factor in rising prices. ‘Pent up demand and a shortage of supply of available properties is resulting in significantly higher prices being achieved at present’ says Ted Healy of DNG. ‘We are currently agreeing sales within 2 weeks of properties being listed with us and have a list of buyers registered with us seeking properties in Killarney at present.’

For anyone interested in a DNG appraisal of their property, contact DNG Ted Healy on 064 6639000 or email killarney@dng.ie

Continue Reading
Advertisement

News

Massive Park Road housing development given green light

A private developer has been given planning permission to build 249 new residential units at Upper Park Road. The development, which will be built on a recently cleared site near […]

Published

on

0264495_6fbb47b4-3ed1-4312-9763-41a0989bc4ee.jpg

A private developer has been given planning permission to build 249 new residential units at Upper Park Road.

The development, which will be built on a recently cleared site near An Post’s sorting office, will include a variety of properties from five-bed houses to single apartments, along with a crèche and over 500 car spaces and over 300 bike spaces.

The development has been welcomed by local councillor Martin Grady.

“Killarney has a massive housing shortage so this is very positive. It will retain young families in the area, stimulating economic growth,” he said. “After 17 years of different planning applications it’s finally coming to fruition.”

Continue Reading

News

Ballydribeen residents living in fear due to anti-social behaviour

Residents in the Ballydribeen are living in fear as a result of increased anti-social behaviour in the estate. Several serious incidents in the estate have resulted in several Garda visits […]

Published

on

0264575_71da8856-056b-4002-98a3-c60c97b28ec7.jpg

Residents in the Ballydribeen are living in fear as a result of increased anti-social behaviour in the estate.

Several serious incidents in the estate have resulted in several Garda visits in the last week.

Local councillor Martin Grady told the Killarney Advertiser that residents are “living in fear” as a result of very serious incidents in the last week alone.

One house in the estate was badly damaged when fire crackers were placed inside a letter box.

Another house had its windows smashed in over the weekend.

“It’s a major problem,” added Grady after meeting residents there earlier this week.

One of the most serious incidents occurred on Tuesday night.

A passing motorists had rocks thrown at his car while driving along the bypass whch is adjacent to the estate.
Taking to social media, local primary-school teacher Pádraig O’Sullivan posted:

“Travelling home tonight, at 11.05pm on the Killarney side of the bypass our car was hit by a rock – not a pebble – from the Ballydribben side , which hit the passenger door.

“It was centimetres away from hitting the window where my father, who is visually impaired, was sitting.

“This could have caused catastrophic permanent injury to him.

“The Killarney Garda were on the scene within three minutes.

“They can’t be patrolling the bypass all night.

“It comes down to parenting. You should know where your children are at this hour and be able to teach them what’s funny and what ruin a person’s life or cause a fatal crash.“

Continue Reading

LOCAL ADS

Last News

Advertisement

Sport

Trending