The vast majority of houses sold in Waterford last year were existing dwellings rather than new ones.
That's according to the latest data from GeoDirectory's Residential Buildings Report.
711 new Waterford addresses were added to its database in the 12 months up to June of this year, and the average property price here was €214,000.
That's well below the national average of over €306,000.
CEO of GeoDirectory, Dara Keogh says house sales continued despite the pandemic:
"What's interesting about that is that 15% of it basically was new dwellings, and therefore 85% was current stock changing hands.
"Nationally that is kind of a low figure. It's running nationally at about 18% but it has in the past run to 20%.
"That indicates that there's room for Waterford to grow the number of new buildings coming through."
In relation to new builds, the report found that 610 new units were under construction in Waterford in June of this year.
Dara says this is good news:
"Nationally, what we've seen is a significant jump in the number of buildings under construction. We've seen it grow by 38% up to nearly 19,000 this year.
"So, 610 for Waterford is fine - a few more buildings coming on stream is always good news for people looking to buy houses or apartments. That's a good sign and a very positive trend that we hope continues to get stronger over the next 12 to 24 months."
Meanwhile, the lack of vacant properties currently available in Waterford was also highlighted in the report.
Dara says the county isn't faring well when it comes to vacant residential units:
"There's always a need for a level of vacancy and what you get internationally is what should the natural vacancy rate be in residentials and it's somewhere between 4 and 7%.
"In Ireland, nationally, we're looking at 4.5%. It's on the low end. And in Waterford you're looking at 2.9%.
"What that means is the Waterford market is getting tighter or is already very tight and there isn't the natural or normal level of vacancy there that you need for a market to function well.
"What that essentially will do is put pressure on prices and push prices up."
