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The chronic undersupply of properties will continue into 2023

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By Ted Healy of DNG TED HEALY

Firstly, happy New Year to all our readers, it has been a great privilege for me to contribute here on property related matters every fortnight and I hope that it has proved insightful.

As we begin a new year it is always beneficial to look back before we look forward. The past 12 months in the property market have certainly been eventful. We experienced unprecedented activity post pandemic lockdowns with demand far exceeding supply in all areas. This saw strong prices being achieved in record time frames in the first half of 2022.

The latter half of the year saw dramatic changes in the world economy with the ongoing conflict in Ukraine and rising energy costs, inflation and interest rates. Despite these dramatic events we have not experienced a significant hit to housing demand.

The myhome.ie Q4 Property report, published this week, shows that while asking price inflation may have dropped in Q4, just 3% of homes listed for sale in this period saw asking price reductions which demonstrates a resilience in the market. That said, this resilience will be tested in 2023. Current buyers in the market are now stretched to the largest extend in over a decade, with the average residential purchase now running at 7.7 times’ average wage.

The report shows that asking price inflation has continued to slow, the annual figure is now running at 6% nationally. It is important to note here that while price inflation has slowed, we are not talking about price falls but a slowdown in the level of price increases. The data shows that while there has been some cooling in demand and increased asking price reductions, trading has continued to be resilient with premiums still being paid over and above asking prices.

A very interesting feature of the report is that the average time to 'Sale Agreed' in Q4 was 2.7 months nationwide, which is indicative of a very tight housing market.

MORTGAGE APPROVALS

Average mortgage approvals were up 4.3% on the year. We expect 2023 will see a further slowdown in asking price inflation, although the imminent change in the Central Banks lending rules to allow for borrowings of four times income will provide the market with a boost.

The continuation of supports such as the First Home and Help To Buy Schemes will also help first time buyers in a market that still requires much more stock. While those stock levels are improving gradually on a national basis, they are still not running at levels required to satisfy demand.

On a local level, the Killarney property market has certainly proved resilient. The past 12 months has seen record prices achieved for varying property types, from three bedroom semi-detached houses to four/five bed detached family homes.

The chronic undersupply of properties to the market will continue in 2023 with demand far exceeding supply. The lack of availability of new homes is a cause of concern. Proposed changes to planning legislation may speed up the planning process but build cost inflation and rising interest rates may weigh on activity.

We expect to see continued demand for properties in the Killarney area from a host of purchasers from first time buyers, retirees, right sizing buyers, holiday home buyers and family home purchasers.

At DNG Ted Healy, we are currently looking for properties in the Killarney area to satisfy these house buyers. The end of 2022 saw us successfully close a large number of sales and we now seek stock for our 2023 purchasers.

If you are considering selling your property in 2023, please get in touch. We would be delighted to meet and speak to you to guide you through the process and advise you on how to best maximise the price of your property.

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Missing Killarney chef located dead in UK

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Missing Killarney chef located dead in UK


A 34-year search for missing former Killarney chef Patrick (Patsy) O’Sullivan ended following confirmation that he was located deceased in the UK.


Patsy was 35 years old when last seen by relatives in Lombardstown, County Cork, during the Easter Bank Holiday weekend in April 1992. At the time of his disappearance, he was working as a chef in Waterville, having previously worked across several Killarney hotels. He was scheduled to attend a family Christening shortly after returning from Kerry, but never arrived.
Despite decades of public appeals, including features on RTÉ’s Crimecall, his location remained unknown.
Investigations revealed that Patsy moved to the UK and changed his name to Patrick Aldridge in 1995, adopting the surname of his partner who passed away in 2022. He passed away from natural causes on July 5, 2024, living just over an hour away from his brother who also passed away in the UK last year.
Speaking on Cork’s 96FM, his brother Jerry O’Sullivan confirmed the family finally received closure following renewed efforts led by Garda PJ Roche and investigating officers. He noted that while unanswered questions remain about why Patsy started over fresh, the family is grateful for the work that brought final answers.
An Garda Síochána confirmed the missing person case is closed and thanked the public for their assistance over the years.


IN MEMORY: Patrick (Patsy) O’Sullivan, a native of North Cork who worked as a chef in Killarney and Waterville, went missing in April 1992 and was located deceased in the UK. Photo: Garda Press Office.

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Speed cameras go live at Farranfore level crossing

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Speed cameras go live at Farranfore level crossing

An Garda Síochána, Iarnród Éireann, Transport Infrastructure Ireland, and Kerry County Council put new safety enforcement cameras into operation at the Farranfore level crossing this week.

The GoSafe system, which went live at 12pm on Tuesday, October 6, automatically detects vehicles running red lights or breaking the speed limit as they approach and cross the railway track.

Farranfore is only the second level crossing on the national rail network to feature the technology, following a trial at Merrion Gates in Dublin where driver compliance reached 99.7 per cent. Up to six crossing locations nationwide are slated to receive the units.

The system targets two distinct traffic violations. Proceeding past a stop line when red lights are flashing carries an automated Fixed Charge Notice of €80 and two penalty points, rising to five penalty points upon court conviction. Speeding violations trigger a €160 fine and three penalty points, which can increase to five points and fines up to €1,000 if prosecuted in court.

Iarnród Éireann highlighted excessive approach speed as a key safety factor at the Farranfore junction. Nationwide, 31 incidents involving vehicles or bicycles colliding with automated level crossing gates have occurred in 2026 to date, up from 23 in 2025.

Highlighting the risk to local road users, Road Safety Officer with Kerry County Council Declan Keogh said: : “The new safety cameras at Farranfore railway crossing serve as a dual-safety mechanism, for road users and for rail users and operators. I would urge all motorists to think twice before taking that chance to get across the railway line when the warning lights have activated and the barriers are lowering. All too often those chances have proved unsuccessful, with serious consequences.”

Iarnród Éireann Chief Executive Mary Considine noted that interfaces between road and rail traffic represent one of the primary safety risks on the network, adding that automated cameras encourage drivers to reduce speed and obey active signals.

Assistant Commissioner Ferry of the Garda National Roads Policing Bureau welcomed the joint venture, stating that technology-led enforcement will significantly assist in maintaining safety across shared transport networks.

50km/h zone enforced at Farranfore

Motorists traveling through Farranfore are reminded that the speed limit on the approach to and across the railway crossing is strictly 50km/h.

While automated safety systems enforce both signal compliance and vehicle speed, the 50km/h limit remains the maximum legal speed on the N22 section approaching the crossing gates.

The newly activated GoSafe cameras record vehicle speeds automatically in both directions. Any motorist detected exceeding the 50km/h threshold will automatically receive a €160 Fixed Charge Notice alongside three penalty points applied to their driving licence.

Local authorities and Gardaí advise drivers approaching Farranfore from both the Tralee and Killarney directions to adjust their driving speed early, monitor active signals, and prepare to stop safely when warning lights activate.

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