Housing stock in Waterford and across the country is neither where it used to be or where it needs to be, according to a Waterford City estate agent.
Keith Palmer of Palmer Auctioneers says that estate agents were among those 'surprised' at how quickly the property market has 'rebounded' since the beginning of the Covid-19 pandemic.
The market has been very 'strong' for the past 18 months, with guide prices for homes often exceeded.
"We were all a bit surprised at how quickly the market rebounded after the lockdown ended. I mean literally from the word go - properties began to move quickly, with multiple offers and bids and guide prices were often exceeded. I don't think anyone saw it coming, we were all a bit apprehensive as to how the market would recover or react to how things slowed as a result of Covid. The market has bounced right back. It's very strong - and it's been very strong with about 18 months now."
A profound lack of housing supply is the case right across the board, not just in Waterford. With the current scenario of demand constantly exceeding supply, prices are only being pushed in one direction - up.
"What we're really seeing is a profound lack of supply across the board. Not just in Waterford, this is replicated right across the country, combined with lots of buyers. Demand is far stripping supply. In that kind of scenario, prices are only going to go in one direction."
Stock levels of housing in Waterford are nowhere near where they used to be, or where they need to be, and Keith says there are far less houses than would've been the case even a year ago.
"We're seeing ourselves the stock levels are nowhere they need to be - or used to be. I checked the other day and there was only 124 properties available in Waterford City at present and 350 in the county. Those figures are way down on what they used to be. Daft were saying that in the first five months of this year - that the amount of properties listed for sale, was 22% lower."
