Friday 27 June 2014

REA June 2014 Property Survey

REA June 2014 Property Survey

Price increases for houses in the commuter counties around Dublin have outstripped those in the capital for the first six months of the year, according to a national survey carried out by Real Estate Alliance.

The price of an average three-bed semi in Irish towns and cities has risen by 11.12% to €170,074 since the end of December, the Real Estate Alliance Average House Index has found.

The survey of 50 REA members nationwide also reported a 20% increase in mortgage-financed sales and a 32% reduction in selling time for properties since the start of the year.

The REA index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

In Dublin city, the average three-bed semi is now costing €348,333, an increase of 11.76% on the December figure of €311,667.

However, in the commuter counties and smaller cities like Cork and Galway, three-bedroomed semis have increased by 15.54% to an average price of €182,353 in the first six months of the year.

“The shortage of supply of starter homes in the commuter belt and large urban areas such as Cork and Galway is every bit as challenging as the situation in Dublin,” said Real Estate Alliance CEO Philip Farrell.

“In many cases we are now seeing increases in value which exceed that of Dublin.

“There is further evidence of a three-tier market in existence, with urban areas in the rest of the country seeing half of the growth of the commuter belt with values at an average of €106,345, up 6.57% in the first six months.”

Three-bed semis have seen a rise of 19.69% across the country over the past year, while prices in Dublin city rose by 21.16%.

The average price of a three-bed semi is now €170,074 nationally including Dublin, an increase of 17,018 (11.12%) on the end-Dec 13 figure of €153,056.

The average three-bed semi in Dublin now costs €348,333 – a jump of €36,666 since the start of the year.

Three beds in Tallaght and the Dublin 24 area have jumped by 25% from €160,000 in December to €200,000 at present.

"Tallaght, in particular, is reflecting a huge shortage of property on the market, particularly family homes,” said Philip Farrell.

“Rents are also increasing making it cheaper in many cases to buy than rent.

“Prices are also being influenced by the fact that there was very little property moving in the area a year ago.”

The average property is now taking just nine weeks to sell nationwide, on average nearly 32% quicker than six months ago, while in Dublin, the time taken to sell has halved from eight weeks at the turn of the year to just four now.

While there has been a sharp annual rise in the amount of distressed properties being sold on the market (up 32.45% nationally), most of that growth was in the back end of last year, and the rate of increase this year has slowed to just 7.56%, showing a return of the private seller in greater numbers.

There is hard evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in Dec 13 to 53% in June 2014.

“In Dublin, mortgage transactions now make up 49% of all sales, and we are seeing hard evidence that the banks are lending in increasing numbers,” said Philip Farrell.

“Nowhere is the increase in bank lending more keenly felt than in the commuter belt, Cork and Galway, with 55% of all sales now being financed by mortgages.

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Sunday 22 June 2014

REA Stokes & Quirke join Ireland’s fastest-growing property network

REA Stokes & Quirke of Clonmel are the latest firm to join Ireland’s fastest-growing national property network, Real Estate Alliance.
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
John Stokes of REA Stokes & Quirke believes the move will bring real benefits to property buyers and sellers in the Clonmel area.
“We are now able to offer customers an even better service as we combine the benefits of our local knowledge and expertise with the extra exposure and experience that this nationwide property group brings,” said John .
Welcoming the company to the alliance, REA Chief Executive Philip Farrell praised REA Stokes & Quirke’s experience and trusted brand.
“We are delighted to have REA Stokes & Quirke on board, they represent the type of experienced, professional and qualified firm which Real Estate Alliance is proud to be associated with,” he said.
“Our continued emphasis on quality before quantity is a critical to the success of Real Estate Alliance, as all REA firms are members of the Society of Chartered Surveyors Ireland (SCSI).”
John Stokes believes the firm’s business will be further strengthened as a result of joining REA.
“Our membership of Real Estate Alliance will enable us to share market knowledge with the leading property firms in the country, seize new opportunities for our clients, speed up the sales process and have better access to corporate decision makers.”
Established in 1896 REA Stokes & Quirke is a long established family firm of auctioneers, chartered surveyors and estate agents based in Clonmel County Tipperary. REA Stokes & Quirke is based at Sarsfield Street, Clonmel and specialises in residential, commercial & Agricultural, lettings and property management.  John Stokes is a member of the Royal Institute of Chartered Surveyors and the Society of Chartered Surveyors of Ireland.
John maintains REA’s progressive and aggressive approach in the marketplace is a vindication of their belief that a better future is ahead of us, both in terms of the economy and the property sector.
“REA are visible, innovative, effective, and their nationwide view on the market through their continued surveying is one that provides a realistic and trustworthy message to both buyers and sellers.

“As a member REA Stokes & Quirke will now be in a position to offer an even better service, thanks to the training and marketing expertise that membership of the alliance brings.”

Wednesday 18 June 2014


REA Brophy Farrell has opened a second office in Naas, Co. Kildare thanks to an improving property market.

Principal of REA Brophy Farrell, Brian Farrell said the company is looking forward to the future. “In light of the upturn in the property market we feel we can better serve our clients with two marketing offices,” said Brian. “This is a very positive development in view of the recessionary times we have seen over the last six or seven years”.

The long established practice has been selling property in Naas for over 60 years. Tom Brophy started the auctioneering business in Newbridge in 1952 and in 1982 the practice became ‘Brophy Farrell’. “We are delighted to be opening a second marketing office to better serve our expanding business in the greater Naas area,” said Brian

The business now employs 6 people and covers all of County Kildare, and particularly the towns of Naas and Newbridge. “From our many years in business we know that a client needs to have complete trust in their property advisor,” said Brian. “At Brophy Farrell we specialise in giving a personal and honest service , with the experience we have built up over many years, we enable people to achieve their goals.”

A native of Naas, Brian Farrell has watched the town grow hugely since he started in business in 1978. “Naas now has a population of 20,000 but while there have been many changes, the requirements of clients are still the same. “Whether they are a corporate client or private client, it all boils down to trust in their property advisor.”

In 2003 Brophy Farrell joined Real Estate Alliance, a nationwide group of chartered surveyors. In 2013 Brian was joined by Elaine Gillespie Assoc. SCSI. Elaine formerly worked for Lisney and specialises in Residential sales and valuations.
Brian Farrell said the opening of another Naas office along with their branch in Newbridge will enable the firm to better serve their long established, client base and to expand that service further.“Our membership of Real Estate Alliance enables us to share market knowledge with the leading property firms in the country, to seize new opportunities for our clients, speed up the sales process and have better access to corporate decision makers.

Further information:
Brian Farrell – REA Brophy Farrell, 045 431327
Eimer O’Keeffe – 086 8249040