CLOSE to €3 million has been spent on property in Shannon so far this year.
That’s the message from the Residential Property Price Register, which has information on all transactions since 2010.
The register shows that 28 houses and apartments changed hands in the town since January, with 11 of them in the affordable housing development at Glaise na Rinne.
The average price for the year to date is €104,085.68. However, this is somewhat misleading because full market price wasn’t paid on the houses in Glaise na Rinne, and on another three units, one at Cronan Park and the others at Inis Sioda and Gort na Rí.
There were 14 units sold in the same period of 2012 in Shannon, all of them at full market price. The average price paid per unit then was €101,892.85, meaning that €1,426,500 was spent on property during that time.
According to the statistics, the most expensive house bought in Shannon this year was 3 An Roasan Óir, which changed hands for €320,000 in July. Another notable one was 9 Ballycasey Avenue, which was bought for €268,000.
These were exceptionally expensive, with none of the remaining transactions being over €200,000. The third most expensive was 19 Ballycasey Manor, which went for €199,500.
The least expensive unit, besides those for which full market price wasn’t paid, was in Finian Park and the price was €58,000.
The register contains a lot of information about property prices and when it was introduced, Minister Alan Shatter said he hoped it would fill a gap.
“In recent years, because of the steep downturn in the property market, it has been difficult to get accurate information on property prices. This uncertainty has led to a lack of investor confidence and has contributed to stagnation in the property market, particularly among first-time buyers. The publication of the register should help to remove some of this uncertainty, restore some confidence in the property market and provide transparency in residential property sale prices.”
At the time of its launch, the Department of Justice made the point that only a limited amount of information is made available.
In a statement, it said, “It is important to note that the register is not intended as a property price index. The details made available on the property register are limited to price, address and date of sale and do not include such details as property size or number of rooms.”
Fachtna O’Donovan of Sherry Fitzgerald O’Donovan in Shannon said there is a view that most of the price correction has already occurred.
“The feedback that I’m getting from purchasers is that they feel it’s at or near the bottom now. That’s the vibe that I’m getting.”
He said things were relatively busy in the second half of last year, as first-time buyers wanted to avail of Government incentives before they were discontinued. With no such incentive now, he feels the coming months may be quieter than the same period in 2012.
“Last year you had the mortgage interest relief for first-time buyers so in the latter half of last year, you had a situation you don’t have this year. How it’ll pan out in the second half of this year, we’ll see.
“There were a lot of sales last autumn, trying to close before Christmas to take advantage of it and you don’t have that incentive this year. But there does seem to be a little more confidence with prospective purchasers,” Mr O’Donovan stated.