As we enter into the second half of 2018, we sat down with David Quinn to discuss his take on the past six months and his outlook for the remainder of the year. David is a Senior Sales Negotiator and Managing Director of QUINN PROPERTY.
The first half of 2018 has been very positive for house prices, with demand continuing to outstrip supply. This is particularly the case in Gorey town and surrounding areas. Prices for three bed semis in Gorey town have generally ranged between €180,000 and €220,000. Houses in rural locations reported more modest price increases. Demand has been particularly strong for dwellings valued at under €200,00 in both urban and rural areas. Higher value rural properties still remain relatively slower to sell.
Tight supply within Gorey and surrounding areas to continue into the immediate future.
QUINN PROPERTY has handled the sale of a number high profile land sales to date this year. Notable sales include C.57 acres at Ballynabola, C.33 Acres at Brideswell and C.86 Acres at Burncourt, Co. Tipperary. Overall, the land market has been strong with the majority of quality land selling between €8,000 and €12,000 per acre. However, some exceptional prices at Balynabola and Brideswell saw land pushed past €18,000 per acre at auction. On the opposite end of the scale, lesser quality land has sold between €5,500 and €7,000 per acre.
The year has been difficult from a farming point of view between the bad spring and current drought, which may lead to more cautious approach to purchasing land. However, we still se strong demand for quality lots, not only from farmers but also from business people.
2018 was one of the strongest ever years for land letting. Prices were on average 20% higher from what was already a strong year in 2017. Demand for both tillage and grassland was equally as strong. Dairy expansion was a notable factor in the grassland market, while large scale tillage farmers continued to pursue blocks of land to maintain their acreage. Both good quality tillage in grassland without entitlements made between €230 and €300 per acre, while good quality land with entitlements ranged between €200 and €300 per acre plus entitlement value. Lesser quality land made between €150 and €200 per acre.
N/A. The majority of land letting transactions take place in the spring.
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