Increasing Volumes Of Completed Sales
The Irish Times announced the Property Price Register figures from last week that concluded the growth in property transactions are increasing nationwide.
Readers should be careful to note that this is an increase in the number of sales, not prices themselves. It is however still encouraging.
And this is not just more sales coming to the market. The Property Price Register is completed sales. So more houses are selling than before, rather than just sitting on the market forever.
Angela Keegan of myhome.ie points out that the growth is returning to commuter belts, not just urban centres. She also suggests that a renewed new homes market is required before we return to a ‘normal functioning market’.
Interestingly, Dublin saw a 34% jump in money spent on property (again, not a 34% rise in prices) whilst only a 17% increase in the number of sales completed. So there are more sales at higher prices…
Forget Dublin, what about the rest of the country?
Outside of Dublin it is the usual commuter-belt suspects recovering first:
- Kildare u- p 24%;
- Meath – up 24%;
- Wicklow – up 23%.
Galway came top across the country at 32% but surprisingly Cork only increased 16%.
Niall Browne at O’Donnellan & Joyce in Galway points out why – the city was coming off such a low base with very low levels in 2012 and a renewed buying interest in 2013.
The same was true in Dublin in 2012-13 and look at it now. Good signs however that the rest of the country is catching up fast. It gives homeowners reassurance that if they were thinking about selling their property, there will be active buyers out there.