Appleton Property Market Update: October 2020

An update for those intending to buy or sell residential property in the Kilcullen area in these Covid times.

We thought you might have a spare five minutes to read our October 2020 update in this lockdown Part II, writes Austin Egan MIPAV MCEI REV of Appleton Property.

In our June update we pointed out that no one really knew at that stage how the market would react to an unprecedented shut down of the economy. We made the point that the fundamentals were positive and it was our view that predictions of a decline in the market were unfounded and based on nothing other than the desire to sell newspaper content. Click-bait as it is now called online. We based our opinion on the number of enquiries received and the level of online activity during the 1st lockdown. During the lockdown we saw all our contracts signed, all mortgages successfully drawn down and all our ongoing sales at that time close. Solicitors and banks remained open. There was no evidence to support the predicted decline forecast in the media.

The air has now cleared and we now have a clear view on how the market reacted, and we can see all the data, the actual facts, from myhome.ie, daft.ie and the property price register. Overall, the level of property now on the market is at a 14-year low. So for 14 years we have not seen such a low level of housing for sale at any time in the country. There are a few reasons for this.

• We had a very busy start to the year with immediate sales activity from the 1st day back to work in January. This is not normally the case. We had sold what we had on the market and most of our new listings by the time we were locked down mid-March.

• From March to June less property was listed than would normally be the case because the property sector were not allowed operate. As a result the market was already under supplied when we returned to full services on June 8th.

• From June onwards the vast majority of new property listings have since been sold which has further driven down the level of supply in an already under supplied market.

As you will know, we have a housing crisis which did not go away when Covid arrived. The housing crisis happened because we don’t have enough houses in Ireland to meet the demand. As a result the crisis continues year on year and will continue to do so until such time as demand falls (which is unlikely) or supply increases (which is achievable but not in the short term).

So despite all the media driven doom and gloom about the property market, four years of Brexit, and now Covid 19, the market continues to move forward. For those fortunate enough to meet the criteria of the banks for a home loan, or for cash buyers in the market, the challenge is to find a suitable dwelling, within budget.

What about Kilcullen and the surrounding area?
Kilcullen is not prohibitively expensive. We have two- and three-bedroomed homes starting from €160,000 at present.

Kilcullen is a smashing town. It has everything in it. We have a small population and facilities that many a larger town would envy. When people come to Kilcullen to look at property they typically have a coffee, have a walk about, speak to people, have a drive around and try and get a feel for the place they may move to. Often when dealing with new visitors considering moving to Kilcullen our first job is to sell the town, then sell the house. Kilcullen is an easy town to sell.

They can see that we have huge sporting amenities, the GAA, Kilcullen AFC, a sports complex, astro pitch, tennis club, pitch and putt, nearby golf clubs and gymnasiums, canoe club etc, river walkways, An Tearman open farm, the Valley and Fairy Trail, a choice of primary schools, a good secondary school, a new playground, a thriving local business community of traditional owner-driven businesses, a selection of good pubs, great restaurants, a link to the M9 and high speed fibre broadband. There is a train station, and all the larger branded shops five or six miles away. What they cannot easily see is the amount of social and community groups and activities in the town — but we tell them all about that.

We have had about 12 houses built in this town in 15 years. This is not enough to accommodate the people who grew up here and want to stay, never mind the people who want to come back or just move here. It is a very positive development to see that planning permission has been granted for 54 houses on the Naas road. We have examined the planning file and it certainly is a tastefully designed development and will provide much needed housing for some new people and for those currently in the community looking to remain here. We have seen since the development in the early 2000s that new arrivals in our community add hugely to the town and are often very generous with their time and become very active in the community.

So despite a global pandemic when we returned to business in full on June 8th we have seen a huge increase in demand for modern, ready to occupy homes in Kilcullen and the surrounding areas. Here are a few examples:

Castlemartin Lodge: We have sold at least one of each of the four house types in this development this year. 3- 4- 5- and 6-bedroomed houses. All four house types achieved a price above the highest price previously achieved for that house type in the last 10 years.

Hillcrest: We have sold one of each of the two house types in this development this year. Both of them achieved as high or a higher price than the same house type has achieved in the previous 10 years.

Laurel Wood: We have sold three different house types in Laurel Wood this year. An original three bedroomed semi-detached house and an extended three bedroomed semi-detached house and a terraced house. All of these achieved a higher price than any other in the previous 10 years.

Avondale Drive: We sold a lovely house in Avondale this year. It achieved a price well in excess of any property previously sold in Avondale, again for at least 10 years.

Hermitage Park: We sold an end terrace three bedroomed house in this development in July. This also achieved a price well in excess of any other of this type in the last 10 years.

We have also dealt with property in Moanbane Park, Bishop Rogan Park, Conroy Park and Nicholastown in the last 12 months. All of which sold above expectations. 

In addition as is always the case, country properties in the general area are also in high demand and many of these have also outperformed expectations. Kilcullen is a very highly sought after location.

Not only will this continue to be the case it will be more and more the case as the other close by towns absorb a huge level of development and pressure on their facilities. Forecasted development in Kilcullen for the coming years is modest to say the least.

In our opinion if you are selling a house or buying a house you need to speak to an agent who knows the area. We grew up on the Main Street, beside where our office is now. We live and work in the town. We have children in both the primary and secondary school and we went to those schools ourselves. We know the town inside out and are best placed to sell both the town and the houses within it.

As the saying goes — keep your town in business, keep your business in the town. 

Thank you for taking the time to read this. If we can be of any service please give us a call to discuss your needs. We are open with restricted activity. We are permitted to view and list property under certain conditions. Our property management business is essential and continues in the normal fashion. Valuation services to the banking and legal sector also continue in this Level 5. We look forward to resuming our full services as soon as we are permitted to do so.

Office: 045 482759; Mobile: 087 1311133; E: info@appleton.ie

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