Appleton Property – Local Property Market Update, Mid Year 2024
Locally in the greater Kilcullen area there was a push to market for many in April and May. These two months in particular were very strong sales months. June traditionally starts slower as secondary school holidays start, the state exams are on involving c. 100,000 households, and the airports are suddenly at capacity as the holiday season kicks off in earnest. Despite the low level of supply nationally, at Appleton Property we listed more properties in April, May and June than we had in the same period in recent years. For those in the market it may not seem that there have been many properties available. This may be the case as the length of time required to sell a property has decreased to no more than a couple of weeks in many cases. As a result a large sales listing does not build up. Properties are literally going out quicker than they are coming in.
The low level of supply means that many purchasers are pursuing the same properties. We can see this as we meet the same people attending multiple viewings. It is even the case that these parties start to acknowledge each other when crossing paths at viewings. Only one buyer can emerge in any one sale and it is inevitable that there will be disappointed under bidders. While it is a difficult market for buyers at present it is a process that all seem to eventually come through.
As we have stated many times in these updates, supply and demand are a key factor to property values. In periods where there is low supply and demand is higher than supply, the price will rise. In Covid times when were precluded from viewing property in a normal fashion for a prolonged period, c. 15 months demand continued to build up as supply had come to a halt. Once we were allowed return to normal work practices this pent-up demand caused property prices to rise aggressively, and almost immediately. This upward trend in the market has continued as the level of housing available is not sufficient to fulfil the needs of the growing population. Historically it would take a major international crisis to knock the market back. However, since the recovery commenced in 2013 we have seen a credit crisis, Brexit, a worldwide pandemic, a war in Ukraine, spiralling inflation, higher interest rates, and now what is going on in the middle East. None of these destabilising factors have negatively impacted the rise of property values in Ireland. It is likely that property prices will continue their upward trend given that we are now entering a period where lower interest rates are expected. When interest rates are lower, in simple terms, people can afford to borrow more. This additional borrowing contributes to the rise in property values. While efforts are being made to increase supply, progress is slow. As the population increases this is an uphill battle. While we don’t have a crystal ball, it would appear that property values are unlikely to change negatively for the short to medium term at least.
Daft.ie confirm that Appleton Property handle more sale in the greater Kilcullen area than any other agent. This has been the case since Daft started measuring this three years ago. Estate Agency is a local business. We are from Kilcullen and live in Kilcullen. We use the schools, the sports clubs, the businesses and the local amenities. We know the entire local area inside out and are best placed to sell the areas benefits to those thinking of moving here. If you are thinking of selling, for best results contact Austin Egan at Appleton Property for a Free of Charge, no obligation, appraisal of your property for sale. 045 482759, 087 1311133, info@appleton.ie
Thank you for reading our update, Austin Egan MIPAV, Appleton Property, Kilcullen.
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