Slight Recovery In Tralee Property Market This Year

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Paul Stephenson of Sherry Fitzgerald Stephenson Crean. Photo by Dermot Crean

By Dermot Crean

THERE is a shortage of detached family homes, while housing rents are on the increase in town, according to a Tralee auctioneer.

A recent survey from myhome.ie found that there was a 22 per cent rise in house sales in the Tralee area last year and Paul Stephenson, of Sherry Fitzgerald Stephenson Crean, says prices are rising slightly in the market in this year due to demand.

“Prices around town were on the decline prior to 2012 and then they started levelling off over the past two years. This year, demand is rising in all sections of the housing market. It’s all about supply and demand. Investors are getting a very good return on rents at the moment. People are looking to buy, but there isn’t a massive amount of choice there in the family home bracket,” he said.

“The houses that have been selling in 2012 and 2013, say in the three-bed semi bracket, may have been second homes. They were being sold off by investors for whatever reasons and it was first time buyers who were purchasing them. That reduces the rental stock, therefore rents go up. This year the investors are coming back to the market because of the rise in rents, so they are now competing with the first-time buyers,” he continued.

“Having money in the bank is unproductive at the moment with the low interest rates and other factors. Whereas if investors buy properties to rent out, they’ll get around a nine per cent yield which is great value on their investment.”

Despite the increased demand, Mr Stephenson believes the price tags put on some properties are not realistic.

“If properties are priced right they’ll sell, if they’re not priced right they won’t. A lot of people – not all of them – are asking for too much at the moment,” he continued.

With no new houses being built around the town, Mr Stephenson expects the current market trend to continue.

According to the Property Register, there have been 40 properties sold in the Tralee area from January 1 to April 30 this year (there are seven other properties listed under ‘Tralee’ but they have addresses in Camp, Ardfert, Ballyduff (2), Ballyferriter, Brosna and Killarney).

Click on the link below to see the list.

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date?SearchView&Start=1&SearchMax=0&SearchOrder=4&Query=%5Bdt_execution_date%5D%3E=01/01/2014%20AND%20%5Bdt_execution_date%5D%3C01/6/2014%20AND%20%5Baddress%5D=*Tralee*%20AND%20%5Bdc_county%5D=%22Kerry%22&County=Kerry&Year=2014&StartMonth=01&EndMonth=05&Address=Tralee

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