The property market is facing a more certain 2015 following a period of uneven growth nationwide over the past 18 months, according to national estate agency group Real Estate Alliance.
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
“We are definitely seeing the market taking its breath in the more-heated sectors, such as Dublin, where we have seen a softening of demand over the past six weeks,” said incoming REA Chairman Seamus Carthy of REA Seamus Carthy, Castlerea & Roscommon.
“In Dublin you are still going to have a lack of supply and no great increase in the new homes coming to market.
“However, the panic buying has gone out of a market that had seen an average house appreciate by almost 31% over the past 18 months.
“Our REA Average House Price surveys throughout 2014 identified the emergence of a three-tier market.
“Demand and prices in tier two, which is the commuter belt and major cities such as Cork and Galway, are beginning to take on a more predictable look after rapid growth in 2014.
“There will still be a demand nationally in 2015 for 20-25,000 new homes which will not be satisfied due to a lack of availability.
“Market forces will dictate and that you will see increases in most sectors, albeit at a more measured level than experienced over the previous 15 months.
“The third tier, which are the remaining towns and surrounding areas, have shown an increase in recent months, albeit at a sustainable level, and for the first time each county has shown an increase.
“Notably, in tiers two and three, we are seeing a steady continuation of the recent reductions in time taken to sell, and an increase in mortgage-backed buyers.”
CEO Philip Farrell has hailed the past year as an exciting one for the group and the property market.
“We have seen REA increase their membership to 52 branches nationwide and the group’s profile rise thanks to our members giving an informed an qualified view of the market through our average house price surveys.
“We hope to be announcing a number of new offices in the new future and have expanded out head office staff by three.”
REA Board 2015: Chairman: Seamus Carthy (REA Seamus Carthy, Castlerea & Roscommon Town), Vice Chair: Michael O’Connor (REA O’Connor Murphy, Limerick), Barry McDonald (REA McDonald, Lucan), Harry Sothern (REA Sothern, Carlow), Michael Gunne (REA Gunne Property, Dundalk), Eamonn Spratt (REA Spratt, Dungarvan), Joe Brady (REA Brady, Carrick-on-Shannon), Eoin Dillon (REA Dillon, Nenagh), Liam Browne (REA Paddy Browne, Ennis).