A Waterford auctioneer says the supply of new homes in Waterford should improve over the next two years.

House prices in Waterford rose by around 10% last year.

Conor Purcell from Purcell Properties says there’s still a poor supply of new builds.

He says while values have appreciated over the last number of years, that is coming on the back of a very, very, low level. He says the demand from first time buyers
is steady, but the supply in that area is poor and from a new build point of view, there is a very poor supply but that will improve over the next two years.

He says we should see more activity towards the end of the year. There is various sites that are being developed, hopefully there will houses coming on the market on the Kilbarry road beside the Musgrave Retail Park, in the third or fourth quarter of this year. There will be development in Gracedieu, Ferrybank and Williamstown ranging from one or two bed apartments to three and four bed semis and detached.

Conor Purcell says that will give more choice for first-time buyers over the next two years.