2017 in Review – Residential, Land & Commercial

Here at QUINN PROPERTY we have had a remarkably busy 2017 and 2018 looks set to continue at the same pace. We recently sat down with David Quinn to discuss his take on the past 12 months and his outlook for the coming year.

Residential

It was a very positive year for house prices, particularly at the lower end of the market where prices increased between 10-15%. For example: a typical three bed townhouse in Gorey was valued between €160,000 to €1270,000 at the beginning of the year. Now the same houses are worth €190,000 to €210,000.

Smaller properties valued under €200,000 have been snapped up promptly once listed. Higher priced rural properties have reported a slight improvement, but not to the extent of lower priced homes where there is more demand.

Prices for good quality, 4 bedroom family homes, within 5 kilometers of Gorey are well improved with asking prices usually between €270,000 to €400,000 depending on the property.

Outlook for 2018: House prices will continue to increase, especially in the early part of the year. New developments would cap price rises, however it will probably be late 2018 or early 2019 before any volume of such developments come on stream in the area.

Land

The land market was reasonably steady with no major changes from 2016. Poorer quality land may have been marginally cheaper with prices ranging from €6,000 – €8,000 per acre. Good quality, free-draining land sold anywhere from €9,000 – €12,000 per acre with a few exceptional prices of up to €16,000 for some smaller lots.

Outlook for 2018: I expect the volume of land sales to remain low and prices to remain at similar levels to previous years.

Land Letting

Very strong demand driven mainly by the expansion of the dairy sector, however for all other sectors of agriculture from beef to tillage demand was steady. Prices for lower quality land without entitlements were in the region of  €150 per acre while higher quality land ranged between €200 – €250 per acre. Lower quality lands with entitlements ranged from €150 -€200 per acre plus the entitlements while top quality land made up to €300 per acre plus the entitlements in exceptional cases.

Outlook for 2018: I expect there to be a strong demand and scarce supply in the coming season.

Commercial

Towards the end of the year we had a few commercial sales, most notably 82A McDermott Street Gorey which made in excess of €100,000 over the reserve at auction. This highlights the improved strength of the commercial market and bodes well for the coming year.

Outlook for 2018: Positive results from the end of 2017 signal a resurgence of the commercial property market.

 

Thinking of selling in the New Year?

Think QUINN PROPERTY

Contact us today for a FREE appraisal