House Prices in Galway city

mrs.f

hi all,

have been searching for any posts on house prices in the city but nothing so far so i said id start one...

Im currently looking to buy a 4 bedroom house in knocknacarra/rahoon area.

Obviously the advertised prices are still not the actual selling prices...
would anyone know at what prices have similar houses sold at in these areas recently... as there is nowhere you can view the final agreed prices of houses in galway/ireland.

One of the main estates we are interested in is Cul Gharrai, Rahoon... so any info on these houses also would be greatly appreciated

Amhran Nua

There are a couple here and here. I wouldn't pay a cent over €200k for a four bed in either area, in fact I wouldn't even pay that much as I'm fairly certain they have a ways to fall yet.

inisboffin

The prices are so random. 3.5 bed in Rahoon went in the last month for 250 and change! No swimming pool either! Something similar on same road went for 280 3 years ago.

There is no public register of house prices in Ireland. The permanent tsb survey is based on actual sales prices they see in mortgages.

Sconsey

inisboffin wrote: »

The prices are so random. 3.5 bed in Rahoon went in the last month for 250 and change! No swimming pool either! Something similar on same road went for 280 3 years ago.

How can you be so sure of those prices?, unfortunately there is no register of house sale prices in this country. So unless you were directly involved in the two transactions I'd take whatever rumors you hear with a pinch of salt. A 3.5 bed in Rahoon for a quarter of a million seems crazy to me....maybe there are still a few crazies around but I'd be surprised.

inisboffin

Sconsey wrote: »

How can you be so sure of those prices?, unfortunately there is no register of house sale prices in this country. So unless you were directly involved in the two transactions I'd take whatever rumors you hear with a pinch of salt. A 3.5 bed in Rahoon for a quarter of a million seems crazy to me....maybe there are still a few crazies around but I'd be surprised.

Not really a rumour. The one for 250 I know the sister of the woman who bought it. The one for 280 wasn't a secret as the guy selling was moving to UK and was friendly enough with the neighbours.

People seem to be still paying for turnkey quality. There's another house nearby that's not in great nick (nothing huge though) and has been on the Market for ages. The one that sold went quickly.

Unrealistic

Price all over the place. From €330,000, down to €150,000, and then back up to €195,000, all in the space of three days.

http://www.daft.ie/searchsale.daft?id=409439
http://collapso.dyndns.org/JavaHost/servlet/MySQLsalehistory?id=409439

Mrs OBumble

Sconsey wrote: »

A 3.5 bed in Rahoon for a quarter of a million seems crazy to me

Maybe it depends if you can pretend it's really in Knocknacarra, Bushypark or Westside.

magentas

I'd say anywhere in the region of €200/250k would get you a nice 4bed but that estate is a pretty new development with "asking prices" of €295k

find out how many have actually been sold so far

http://www.irishpropertywatch.com/ is a good site for tracking house prices in Ireland, not great for that particular estate but could be handy if you're looking at any other houses

inisboffin

JustMary wrote: »

Maybe it depends if you can pretend it's really in Knocknacarra, Bushypark or Westside.

LOL! Wait though, according to these threads, a Westside and a Bushypark addy would move the euro amounts in two different directions.:p

Don't bring up the 'Parish of Rahoon' stuff, it brings out the nutters in us!:D

Snapapple

My sister sold a 4 bed in Ros an Glas in Rahoon late last year for 265k.

mrs.f

thanks guys...

have been watching the prices in these areas for over a year now and think its finally time to go buy... i know prices are going to come down some more but with interest rates going up its hard to know when is the best time if there ever is a best time to buy!!:)

as for cul gharrai only a few sold there and have been for sale for 3 years +.... was hoping i might encounter an owner here!!!

but there are plenty others now well below 250k now even as far as 185k ....
so prices are much more reasonable.

Amhran Nua

mrs.f wrote: »

i know prices are going to come down some more but with interest rates going up its hard to know when is the best time if there ever is a best time to buy!!

Then again, the longer you save a deposit, the less interest you have to pay.

mrs.f wrote: »

so prices are much more reasonable.

Comparisons with prices from about 2000 onwards are always going to be skewed though.

Sellers in Galway city still in cuckoo land.

Still another 50% drop to go imo especially with interest rates sky rocketing.

House in Knocknacarra @ 200k are worth 100k tops.

Anyone buying now is very foolish.

mrs.f

yes but waiting longer means the interest rate you start on is higher. At some stage you just have to bite the bullet and get on the ladder. theres always going to be someone saying its foolish....:rolleyes: no matter when you buy..now or in 5 years time...

Amhran Nua

mrs.f wrote: »

yes but waiting longer means the interest rate you start on is higher.

Well you have to hit the sweet spot, a lot has to do with how quickly you are amassing a deposit.

If you buy now at say 5.5%, the property costs €250,000 and you have €25,000 saved, you'll be paying €1277.53 a month over thirty years. Lets say you wait 5 years and save €10,000 a year, that's €75,000 deposit and the property has dropped to €200,000, but interest has gone up to 8.5%. Now you're paying €961.14 a month, and you've saved €113,900.40 over the course of the mortgage. That's a lot of college fees, nice cars, and holidays right there. If the house drops to €175k, you'll save more than the price of the house over the course of the mortgage.

In my estimation both of the conditions, interest rates hikes and price drops are quite likely, if anything I've underestimated the level of the drops, so it really depends on how quickly you can save the deposit, obviously the faster the better.

One other thing as well, in an environment of falling property prices, you may as well forget about the idea of a property "ladder". Wherever you buy you'll be living for a long time to come.

johnnyk66

mrs.f wrote: »

yes but waiting longer means the interest rate you start on is higher. At some stage you just have to bite the bullet and get on the ladder. theres always going to be someone saying its foolish....:rolleyes: no matter when you buy..now or in 5 years time...

The property ladder has become a property snake...a long nasty one,
IMO Galway prices have a long way to drop.