Longford's property market is 'booming' despite ongoing concerns linked to Covid-19
The demand for property outside of the country's main urban centres in the midst of a spiralling coronavirus pandemic has seen house sales more than double supply levels in Longford.
Local auctioneer Padraic Davis said interest in affordable dwellings has skyrocketed to such an extent he, like many other colleagues in the industry, is struggling to keep up with demand.
“To be honest, the whole thing is defying logic,” he said.
“At the minute, we are selling three times faster than we are taking in properties.”
It comes after early indications from the nationwide Residential Property Price Barometer compiled by Institute of Professional Auctioneers and Valuers (IPAV), which is not due out until this September, indicated strong activity in the market.
Mr Davis, who has been at the coalface of Longford's property market for the best part of two decades, said it is a similar tale of unexpected briskness across the industry at large.
“It's that good at the minute, we are selling four to five houses for every one we are taking in.”
Mr Davis said it was a situation which had not been witnessed for some time.
“We haven't built a house in Longford for 12 years with the exception of one off houses and at the minute anything that's up to €130,000 or €140,000 if it is priced right it's just flying out the door,” he added.
Fellow Longford based auctioneer Sean Dalton put forward a similar view and described the current market as having “gone bananas”.
He added: “It's non stop. We are that busy we are selling stuff that have been on our books for two years. The only problem we have now is replacing it.”
Mr Dalton said problems linked to replenishing sought after properties with those recently sold on would only get worse.
Would you believe in the last four weeks, we would have sold seven or eight houses and only one property came into us yesterday to sell in Cullyfad,” he said.
“It's jusrt crazy at the minute.”
To add to the congested nature of what is fast becoming a 'seller's market', Mr Dalton said almost every property up for sale at the minute has at least “two if not three bidders” vying for its ownership.
“The thing is people are seeing houses selling and they are saying 'if we wait another four or five months, the price will go up by ten, €20 or €30,000.”
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