There is no evidence of a reduction in house prices in Waterford since estate agents re-opened a fortnight ago, according to one of the city’s most experienced practitioners.
Reacting to the latest Real Estate Alliance national price survey, Des O’Shea of REA O’Shea O’Toole said that while there’s been no noticeable drop in prices, “the market has been active since we came back”.
“Time will tell if this is pent up demand,” said Mr O’Shea after the survey revealed that the price of a three-bed semi-detached house in the city remains at €215,000 with a county price for the same sized property coming in at €178,000.
He added: “Vendors are bringing houses to the market at the moment in the hope that they can get a good price for their properties.
“We are advising vendors to expect a delayed selling period because of the uncertainty in the market.”
The average time to sell rose by one week in the city this quarter to 13 weeks, and was unchanged at 12 weeks in the county.”
According to Eamonn Spratt of REA Spratt, Dungarvan: “Since our office reopened, we have experienced an exceptionally high level of requests for viewings in addition to receiving offers on a number of residential properties.”
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home – the three-bed semi – giving an accurate picture of the second-hand property market across the country.
Despite the Covid-19 lockdown, the price of a three-bed semi only fell by 0.15 per cent over the past three months to €234,667, representing an annual decline of 0.56 per cent.
According to REA spokesperson Barry McDonald: “Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated. Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.”
Mr McDonald said that those wishing to buy a property appear to be currently looking “for three things: more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.
“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”