Jane Mayne
Sherry FitzGerald O’Leary Kinsella have numerous properties coming up for sale via LSL Auctions this month.
These include The Old Barracks in Clonevan, Ballygarrett, a former RIC and Garda barracks which still retains some of the features from its original use; a magnificent 4-bedroom characterful period home located on a beautiful 0.64 acre site in Bolaney, Gorey, Co. Wexford; as well as a four-bedroom, semi-detached dwelling in a great location in Coislinne, Gorey, Co. Wexford.
Principal of Sherry FitzGerald O’Leary Kinsella, Jim Kinsella, shares that LSL has added another element to the firm’s strong offering. “It has given us an appropriate opportunity to bring our auctions to a reliable online platform, and has afforded us the scope to offer the facility to bidders from further afield to join into the auction scenario.”
“It also guarantees that we are not leaving any potential buyers out of the bidding process who maybe can’t make it to a physical auction,” he adds.
The company has long been involved with all aspects of property, and has garnered a reputation for excellent levels of customer service. As well-established experts in the field, they deal with a broad range of property. Jim affirms that he’s currently engaged with a 50/50 mix between residential and agricultural land, plus some commercial property.
In terms of sales this year, the MD says there has been a pickup of late. “Supply of property earlier in the year was more restricted, so it left less choice for buyers. So I suppose that has relieved a little bit, which is good, and gives buyers a little bit more choice. Increased supply has increased activity as well – a slight increase in supply has resulted in an increase in the level of transactions and activity,” he comments.
Investment in property has declined substantially though. “Definitely over the last two years I’ve seen a dramatic exodus of investors from the market, and I have seen that for example through the Sherry Fitzgerald network. In the year to date, 13% of purchasers of second homes with Sherry Fitzgerald were investors, whereas 36% of sales were investors selling their property.”
The primary factor he attributes the departure of investors to is tax. “The exodus on the investment side is definitely that the tax situation for investors is unfavourable – that’s the main issue.”
“So, of all the second-hand properties sold by the Sherry Fitzgerald group in the year to date, of the total second-hand residential homes, 36% of the transactions were investors selling their homes out of the rental market and only 13% of the purchasers of those properties were going back into the rental market – so, 13% were investors,” he explains.
Contact Sherry FitzGerald OLeary Kinsella or Jim Kinsella on: +353 53 943 0088.
Register to bid on upcoming properties here.