Wexford property jumps from 20th place in 2012 to 10th place in 2015 of Ireland’s most expensive counties, but that’s not a bad thing
The introduction of the National Property Price Register (www.propertypriceregister.ie), giving details of all residential sales since January 2010, has been a great a great step forward for both buyers and sellers. It was introduced at a time with the entire property industry needed a boost and when consumer confidence in the market was at an all time low. Not only did this allow buyers and sellers to go through the individual property addresses and see the actual prices achieved, more importantly, it allowed us Auctioneers to talk about transactions in a way that we could not before, due to onerous data protection legislation.
When it comes to selling property, knowledge is power and local knowledge is the most powerful of all. We now know that there have been fewer than 3,500 transactions across County Wexford over the past (almost) six years. What might surprise locals to know is that back in 2012, property prices in Wexford were among the cheapest in Ireland, ranked 20th out of 26th counties according to an Institute of Professional Auctioneers & Valuers (IPAV) survey carried out at that time.
When we take a look at how far prices dropped from their peak values, it does make for some stark reading. For instance, detached houses fell 53% in Wexford compared to the national average decline of 46%. Four-bedroom semi-detached houses hit a low of 52% from peak, while three-bedroom semis have fallen 57%. Similar to experiences across Ireland – including in the capital and regional cities – apartments took the biggest hits with one-bedroom apartments in the Model County falling 68% and two-bedroom units dropped a massive 66%.
You might imagine that these figures would have driven demand and even attracted opportunistic investors (who tend not to be area-specific) to the country but the opposite happened. By 2013, the volume of transactions was 65% lower than in the years before and after!
Fast forward a few years and we can see that residential property in Wexford is now considered to the 10th most expensive in Ireland. What this essentially means for buyers and sellers is that recovery is well underway in Wexford and that our local market is out-performing other regional areas. A recent property report from Daft.ie shows that the average asking price of a house in Wexford is now €145,734, up 12.9% since last year.
This is, of course, good news for local sellers who have been waiting for the right time to bring their homes and investment properties to the market, but it is actually good news for potential buyers too as there is more certainty buying in a well-recovering market.
As with all average figures, the numbers above do not tell the full story. There are towns in County Wexford that have fared better than others. For home-owners and investors who are considering whether or not now is the right time to sell, talk to us for independent advice, based on local knowledge.
For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie
Email me directly on email@example.com or telephone: +353 53 94 21718