WATERFORD PROPERTY REVIEW 2015

Conor Purcell (Purcell Properties)

Now that 2015 has drawn to a close there are some interesting observations to be made about the past 12 months in property terms.
Most notably Waterford City and County saw a total of 1,177 residential sales throughout the calendar year.
Interestingly this figure represents an increase of only 54 transactions when compared to 2014 which saw 1,123 sales.
However when comparing 2015 with 2013 there has been a very considerable increase to the tune of 437 extra sales.
Different sources have cited varying degrees of appreciation in property values at national and local level.
However it is the writer’s view that Waterford values have increased anywhere from a low of two to three per cent to a high of 10% throughout 2015 depending on location, property type and condition.
Interestingly the Bishopsfield development on the Williamstown Road in the city has seen quite impressive appreciation over the last 12 to 14 months.
In December 2014, the sale of an owner occupied four bedroom detached family home closed at €225,000. Some seven months later another four bedroomed detached (ex-rental property) completed at €235,000 and in December 2015 an owner occupied four bed detached sale agreed at €250,000.
This represents an increase of 11% in a little over twelve months.
However this can be compared against little if any appreciation in one and two bedroomed apartments located in the city centre.
The writer is aware of two sales in a development just off Ballybricken. In December 2014 the sale of a two bedroomed apartment in reasonable decorative condition completed at €36,000.
Almost 12 months later in November 2015 a two bedroomed apartment of similar condition in the same development completed at €37,000.
When focusing on the last quarter of 2015 in which there was 345 residential sales, prices ranged from a low of €20,000 up to a high of €700,000.
The balance of sales can be broken down within the following price ranges:
Price Range No of Sales % of Overall Market
€0 – €100,000 161 47
€100,001 – €200,000 127 37
€200,001 – €300,000 34 10
Over €300,000 23 6 138208925
Last year saw only a relatively limited degree of new homes construction. The Cnoic Caislean development in Ballygunner saw 10 houses sold within 24 hours in the month of April.
Frisby Construction re-commenced selling in the Foxwood Development on the Kilbarry Road, which comprises a mixture of three and four bed semi-detached and detached houses ranging in price from €149,000 to €250,000.
There was in the region of 13 sales throughout last year with construction ongoing and further units available.
Regarding expectations for 2016, the market stabilised throughout 2014 and 2015 and based on the relatively poor supply of both second hand and new homes to the market it is reasonable to assume a reasonable level of demand and continued appreciation in values throughout 2016 and beyond.

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