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04-11-2018, 20:24   #31
boege
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As a Dub living 30 years in Limerick i have tracked property prices in the two cities for much of my time in Limerick. In general, Dublin prices were 50% dearer than Limerick house prices, except in the nauties boom and currently.

In my view Limerick house prices, in fact prices in most cites (except Galway), are good value currently. An Irish mate of mine who lives in Luxembourg agrees with this view and recently purchased 4 properties in Ireland, all outside Dublin. So without Brexit impact I would say buy - in fact I think prices will continue to go up in Limerick as the job market down here is very positive and looks like it will remain so for some time.

Your question was around the impact of Brexit. I suspect any Brexit outcome will take time to flow through to house prices. One concern being expressed by industry CEO's here in Limerick is that a lot of their product is shipped to the EU market via land-bridge across the UK. If UK hard brexits this could be very problematic for a lot of Irish manufacturing operations. The entire Food industry here is also very exposed as UK is our main market.

If you are really concerned then a simple solution is to rent and await the Brexit outcome, as we are only 5-6 months away.
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04-11-2018, 21:14   #32
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Appreciate the personal comparison you have provided.

My rental lease is going to expire in June 2019, that's why we were looking to get something before February. It takes 3 months from the time you buy home and you settle into.
I am very sure the current 1000e rent will go up to 1200e in June 2019,unless there is a recession. And we don't want to pay 1200e a month on rent only. That's why we are looking for properties now. Have ~25% deposit ready.

We missed a property recently as another potential buyer offered the asking price. And I usually try to negotiate by 10-15% from the asking price.

Is it normal to negotiate price on new builts too?

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Originally Posted by boege View Post
OP

As a Dub living 30 years in Limerick i have tracked property prices in the two cities for much of my time in Limerick. In general, Dublin prices were 50% dearer than Limerick house prices, except in the nauties boom and currently.

In my view Limerick house prices, in fact prices in most cites (except Galway), are good value currently. An Irish mate of mine who lives in Luxembourg agrees with this view and recently purchased 4 properties in Ireland, all outside Dublin. So without Brexit impact I would say buy - in fact I think prices will continue to go up in Limerick as the job market down here is very positive and looks like it will remain so for some time.

Your question was around the impact of Brexit. I suspect any Brexit outcome will take time to flow through to house prices. One concern being expressed by industry CEO's here in Limerick is that a lot of their product is shipped to the EU market via land-bridge across the UK. If UK hard brexits this could be very problematic for a lot of Irish manufacturing operations. The entire Food industry here is also very exposed as UK is our main market.

If you are really concerned then a simple solution is to rent and await the Brexit outcome, as we are only 5-6 months away.
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04-11-2018, 21:19   #33
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All new built at Annacotty are already sold at 270k last year. And this year prices have gone up again.
People are paying this much and even more, as there are limited houses and huge demands. Just look at the rental prices in Limerick. In the last 2 years there is a surge of 30% increment on rental cost in Limerick.

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I said I don't know wheres good or bad in Limerick...I don't think anywhere anywhere in Limerick can demand 280k for a 3 bed semi.
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04-11-2018, 22:57   #34
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I understand that I've a few friends making a killing in Limerick property the last few years. I'm not into property speculation/investing so haven't went near it bar a few low ball bids on the odd property.
I do think we're right back in the greater fool theroy mentality, in your head the race is on to buy before property prices run away on you. Your not worried about the real value just fomo is pushing you to act.
Your going to have bulls and bears in any market, I'm bearish on Limerick/Nationwide property prices as it's too easy make money right now. I could be wrong but I can see a day when some lad looks over his fence after buying a 3 bed semi for 180k and thinks thank God I didn't buy when those houses were going for 280k in the bubble.
We don't have a properly functioning property market. That's what makes me afraid for people buying right now.
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04-11-2018, 23:32   #35
GingerLily
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Do you need a mortgage? Banks don't like lending when house prices are decreasing, for several reasons, I cannot see you getting a mortgage in the next twelve months if there's a dip in the house price as large as your friends are suggesting.
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05-11-2018, 00:01   #36
masterboy123
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Yes, I have a mortgage approved and it's valid for another 10 months.

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Do you need a mortgage? Banks don't like lending when house prices are decreasing, for several reasons, I cannot see you getting a mortgage in the next twelve months if there's a dip in the house price as large as your friends are suggesting.
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05-11-2018, 00:03   #37
shenanagans
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I wouldn't listen to friends. They don't have a crystal ball.

What's the supply & demand like in Limerick for houses?? If there's high demand and short supply then prices are unlikely to drop like a stone. Particularly if jobs are plentiful in the city.

If you can afford to buy then buy now.

The only advice I would offer is focus an location as a first priority. In a recession good areas are going to hold in value better than less desirable areas. Plus if you buy in a good area you are more likely to be happy there long term.
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05-11-2018, 00:24   #38
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Originally Posted by shenanagans View Post

The only advice I would offer is focus an location as a first priority.
This is particularly true in Limerick.

Limerick is unusual compared to the other Irish cities in that it's not bound by the sea, it can develop out into North Tipp and Clare easily, hence there has never really been a shortage of places to develop houses. You can buy a good house in a good area in Limerick city, or a decent outlying town like Ennis or Nenagh for a fairly reasonable price. The question is what's important to you in where you buy? I would find Raheen, Annacotty or Castletroy too far from the city centre but that's my preference. If I was to live that far out, I would rather live farther out altogether.

The recession hit Limerick particularly badly (circa 45,000 people of its total population of 200,000 were unemployed in 2009) but it's improved considerably since then. It is particularly vulnerable to external shocks though so Trump or Brexit could easily kill the recovery it's experiencing. There's just no way of knowing.
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05-11-2018, 01:41   #39
Villa05
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Quote:
Originally Posted by masterboy123
We did consider looking at older houses with C3 energy rating. But cost of a good insulation, renewal of bathroom and kitchen are going to cost in the range of 25k-30k. Plus no structural warranty on older houses. These are the reasons we opted to consider a new built only. Maybe I am wrong.
I'd go for an older house before new build for the reasons already outlined on this thread
See crumbling blocks in Donegal, pyrite in leinster unsafe schools. Skills shortage etc


Quote:
Originally Posted by masterboy123
The house link you have posted is at an area where there are alot of antisocial activity (thugs throwing eggs, etc) and prone to flooding, that explains it's lower price.
Get some local knowledge it may well be on the maps but as far as I am aware only 2 houses on that estate in mill road are prone to flooding

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Originally Posted by snoopsheep
being fair, find me twenty experts in the country that were telling people not to buy in early 2007
Very often the funder of the message is more important than the message. Most economists worked for outlets that depended on the bubble continuing


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Originally Posted by The_Conductor
You do realise this is in the middle of O'Malley Park? Regeneration, or no regeneration- there is a damn good reason its 190k- and its vastly overpriced at that..........
It's in Garryowen/Singland that area is ok decent working class. Still a little overpriced, but it will sell in today's market
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05-11-2018, 02:02   #40
WillieMason
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Originally Posted by boege View Post
OP

As a Dub living 30 years in Limerick i have tracked property prices in the two cities for much of my time in Limerick. In general, Dublin prices were 50% dearer than Limerick house prices, except in the nauties boom and currently.

In my view Limerick house prices, in fact prices in most cites (except Galway), are good value currently. An Irish mate of mine who lives in Luxembourg agrees with this view and recently purchased 4 properties in Ireland, all outside Dublin. So without Brexit impact I would say buy - in fact I think prices will continue to go up in Limerick as the job market down here is very positive and looks like it will remain so for some time.

Your question was around the impact of Brexit. I suspect any Brexit outcome will take time to flow through to house prices. One concern being expressed by industry CEO's here in Limerick is that a lot of their product is shipped to the EU market via land-bridge across the UK. If UK hard brexits this could be very problematic for a lot of Irish manufacturing operations. The entire Food industry here is also very exposed as UK is our main market.

If you are really concerned then a simple solution is to rent and await the Brexit outcome, as we are only 5-6 months away.
Is Galway expensive??
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05-11-2018, 07:17   #41
Villa05
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Quote:
Originally Posted by WillieMason
Is Galway expensive??

It's the most expensive city in Ireland when measured by house price to local income.
At the bottom of the crash, There was very little between prices in Limerick city and Galway city
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05-11-2018, 07:51   #42
The_Conductor
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Is Galway expensive??
Staggeringly so- in the case of Galway city.
Galway regional and county- are a lot more reasonable- however, as with anywhere- price is determined by location.
If you're working in Galway city- you're in for a shock at just how appalling the traffic can be- its up there with the worst traffic Dublin can offer.

Also- the prices in Galway city- don't even seem to have any relationship with local incomes- there is a complete and utter divorce. Areas of Galway city are on parr with D4 pricewise.
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05-11-2018, 14:21   #43
terrydel
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Originally Posted by nox001 View Post
Older houses will likely need lots of work too though if you want to have a modern place to live and older houses tend to be very badly designed with small rooms, badly layed out kitchens, no en-suites, no walk in wardrobes, lack of things like power sockets, Ethernet cabling therouhout etc etc and remedying this (for a person who wants a modern open plan type living space can be very expensive or impossible even.

Personally I find it hard to find any house that has a layout I like old or new (hence why I plan to have my own built) but at least new houses are somewhat better with their interior room design, use of space and general specs and facilities.
Not everyone wants a modern, open plan living 'space' middle class utopia tho.

Last edited by terrydel; 05-11-2018 at 16:32.
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05-11-2018, 15:04   #44
davo2001
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Edit: ignore

Last edited by davo2001; 05-11-2018 at 15:29.
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05-11-2018, 15:20   #45
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I agree with other posters here in general, that if it's the 'right time' for ye to buy, then ye should probably buy I.e. don't worry about trying to time the market, as no one really can.

However, I would temper this advice with the news that average house prices have been falling this year, and this after ~ 7+ years of annual increases. (reference Sunday Times 2018 survey of national house prices by postal district) So we may be entering a dip in the market prices . If it were me, armed with that info, and seeing a few new players considering entering the mortgage market also e.g. an post, I would hold off over the next year and try to strike a really good deal with an increasingly desperate developer /vendor, funded by a cheaper mortgage by a new aggressive provider.

For instance, I know in my neighbourhood in Cork there are several houses for sale for over a year now, despite Cork house prices still being reported as rising (by ~4%) in that half year report on prices I referenced above .

There's no perfect way, but that's what I would do anyway.
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