Galway house prices

luckat

Looking at irishpropertywatch, Galway houses don't seem to be dropping in price too much. But is that the reality?

GerardKeating

luckat wrote: »

Looking at irishpropertywatch, Galway houses don't seem to be dropping in price too much. But is that the reality?

I saw one house on a certain estate in city advertised for 375K at the start of the year, and now the identical house 5 doors away being offered for 290K.

People are still asking for the same prices are last year, but the web does not reflect what they actually settle for.

leninbenjamin

houses in my area are only down 10%. the drop in houses prices was never going to be constant across the board. all those developments in the likes of Monaghan and Cavan being bought only by those availing of tax breaks were the ones to take the bulk of the hit.

Greaney

It looks like house prices aren't dropping, and I think the Irish are holding out... but the amount of houses for rent has gone through the roof. My mate has a room to rent, last year he didn't have a problem finding someone, this year there's nobody. It appears people are renting rather than taking a cut in price.

That'll only be sustainable for so long I suspect

leninbenjamin

Greaney wrote: »

It appears people are renting rather than taking a cut in price.

well, if most people were to sell now the bulk would find themselves in negative equity. better they hold out for as long as they can, and hopefully it will prevent a flood of houses on the market.

Bass Cadet

luckat wrote: »

Looking at irishpropertywatch, Galway houses don't seem to be dropping in price too much. But is that the reality?

Earlier on in the year, I read somewhere that city centre property prices had actually gone up 3% :eek:

PopeBuckfastXVI

A lot more houses are falling into my sub 300k house search on Daft.

Some are price drops, which I track using Property Bee, but more are just new houses being listed for less than they would have been last year or the year before.

People who are 'holding out' are only fooling themselves.

kraggy

If prices haven't come down much yet, it's only a matter of time.

The banks have less money to loan out so mortgages are more difficult to get, criteria more strict.

Like any property market disimprovement, the first thing that is happening is that houses are taking longer to sell. When x amount of time has passed, the prices will decrease.

There are 3 signs for houses/apartments at the entrance to Gleann Noinin on College Road that have been there for months now. It's the same for about 4 of them terraced houses at the top of Bohermore. There's still no "sold" sticker on any of them. Their prices will have to come down if they haven't already.

kinetic

I see new houses in An Lurgan were dropped from €440,000 to €375,000 recently.They still needed flooring curtains etc. another €30,000 roughly.

I just saw a second hand house(only 18months old) in the same estate finished off for €330,000.
Im sure an offer of below €300,000 would buy it.

Webbs

I think that we will now see what 'new' areas of Galway are considered 'desirable' , until now in Galway and other urban areas people have just bought almost anywhere just to get a house.
Now people are taking their time if they are buying at all and thinking of areas they want to live - these are the areas that will probably see the lowest fall and quickest recovery/bottoming out whenever that is, other 'less desirable' areas will see a glut of housing and probably see far more dramatic falls.

Euro_Kraut

Greaney wrote: »

It looks like house prices aren't dropping, and I think the Irish are holding out... but the amount of houses for rent has gone through the roof. My mate has a room to rent, last year he didn't have a problem finding someone, this year there's nobody. It appears people are renting rather than taking a cut in price.

That'll only be sustainable for so long I suspect

Interseting. I would love to see some hard figures on rental prices in Galway. Just from casual observance of rates on daft.ie it appears rental prices are tapering off.

I saw one ad for an studio in Dublin 1 where the landlord decided to throw in a free hamper of goddies to entice people to rent the place! The ad was gas as it only showed a picture of the hamper (all from LIDL, btw) and not that actual room. Comes across as a bit desperate.

Greaney

Euro_Kraut wrote: »

Interseting. I would love to see some hard figures on rental prices in Galway. Just from casual observance of rates on daft.ie it appears rental prices are tapering off.

I saw one ad for an studio in Dublin 1 where the landlord decided to throw in a free hamper of goddies to entice people to rent the place! The ad was gas as it only showed a picture of the hamper (all from LIDL, btw) and not that actual room. Comes across as a bit desperate.

It's worth keeping an eye on alright. Yes according to daft.ie the sheer number of properties for rent has really taken off. I'd say that the advertised rent is one thing.... if you're a good at negotiating then you might be able to work out a deal.

I was talking to someone in the building trade who said to me that if I were to buy a house of a developer, I had heaps of room to manouver. As long as I promised not to pubicise the actual price paid for the house, he said I could get ten's of thousands more knocked off...

Food for thought.... Lidl!! Honestly!!

kinetic

I just saw a woman from Sherry Fitzgerald on Tv3 news (which is brutal generally by the way)saying that houses have reached the bottom and the market was in "danger of over correcting itself"..

How do they keep a straight face coming out with this bulls..t?

The market started to become crazy when the likes of Sherry Fitz.. gave a price of a house marked "AMV"( advised minimum value).There is no such thing as minimum value in a property, just what a buyer is prepared to pay for it.

And we are paying the price for this greed now.

Bonzodog

I have just recently gone looking to rent in Oranmore, and rental prices have not changed at all in the last 2 years. I currently rent in Doughiska, and I noticed that house prices here have dropped marginally.

pencil

Was looking at a house recently and a well known Galway auctioneer (John Quinn (remove name if you need to mods - but it is the truth)) told us that house prices are being advertised at last years levels because everyone is bidding 25% lower than the advertised asking prices.

He said that if they actually displayed the real asking prices in the current climate, that he would only get bids 25% lower than this again. Hence the logic (if you can call it logic) that prices appear not to have changed.

Bid low and look for distressed sellers that have to sell. It is the reverse of what happened on the way up!!

Greaney

I was back on Daft.ie reciently and the amount of houses posted on it for sale has dropped dramatically!! I think folk are taking their houses off the market because the prices been asked for and offered are just not acceptable to both parties.

Seriously, the numbers are heading way south. I should look at their stats on that site

sgthighway

Notmuch point in posting here as its not Galway #city related. Try the earth forum because thats the way it is everywhere.
I was loojing at buying a bigger house or buildin because things are going well but I would have to sell my existing house but nobody will even lokking at buying. Bargins out there if you had cash though. Dorry for the bad spekking but I'm hannered,

SimpleSam06

Greaney wrote: »

I was back on Daft.ie reciently and the amount of houses posted on it for sale has dropped dramatically!! I think folk are taking their houses off the market because the prices been asked for and offered are just not acceptable to both parties.

Seriously, the numbers are heading way south. I should look at their stats on that site

I'm not sure where you're picking that up from. Looking at daftwatch...




And an article from way back in February this year:

The MyHome.ie national property price barometer has shown that price drops in Galway's property market are significantly greater than the national average decline of 0.2 per cent.

Asking prices for residential property have dropped by 0.2 per cent nationally over the last quarter, with the total decrease for last year now at 1.7 per cent.

The price of a three-bedroom semi-detached home in Galway has dropped by three per cent, with a 2.3 per cent drop in four bed detached homes in the last quarter of 2007.

However, the biggest drops were recorded in Dublin, with a decrease of 1.4 per cent in the last quarter and a total of 3.4 per cent in the year.

The report also tracks the trends in asking prices against trends in actual sale prices and shows that over the last 12 months the fall in sale prices has consistently exceeded the more modest drop in asking prices.

Galway property prices are going to be a shadow of their former selves by the time this is over.

Sponge Bob

SimpleSam06 wrote: »

Galway property prices are going to be a shadow of their former selves by the time this is over.

That will 2 or 3 years from now , you will still need to rent .

Rent will not drop by anywhere near as much as house prices in % terms during that time I assure you .

cL0h

GerardKeating wrote: »

I saw one house on a certain estate in city advertised for 375K at the start of the year, and now the identical house 5 doors away being offered for 290K.

People are still asking for the same prices are last year, but the web does not reflect what they actually settle for.

+1

Chris_533976

Sponge Bob wrote: »

That will 2 or 3 years from now , you will still need to rent .

Rent will not drop by anywhere near as much as house prices in % terms during that time I assure you .

Agreed. Students dont pay fees (often Mummy & Daddy pay the registration too) so they're still going to be looking to rent. And the problem with Galway is that there arent enought rentals for the number of students that want them. I know one student who went four months living in a hostel because there was nowhere available.

So yeah, rent will stay high as people will pay it because there isnt enough around.

brianthebard

I'm not one to blame foreigners, (and I'm not here!) but apparently Galway has the larget percentage of foreign nationals in the country, which has also contributed to higher rent. But a lot of people have been going home in the past six months-year and that will have had a knock on effect on the rental market I think, making more places available.

SimpleSam06

Sponge Bob wrote: »

Rent will not drop by anywhere near as much as house prices in % terms during that time I assure you .

Heh. You can assure me as much as you like, but rents track supply and demand far more than house prices, and if you look at the linked pages there, you will see that the number of properties available for rent have been climbing, with no signs of slowing, as people who can't sell their houses try to cover the mortgage any way they can.

Rents are going down just as quickly.

Chris_533976 wrote:

I know one student who went four months living in a hostel because there was nowhere available.

The accommodation section of the Galway Advertiser thinks you are mistaken.

dloob

December isn't a great time for house sales, probably a few houses come off the market to avoid the hassle of having viewers in the run up to christmas.

As for the rentals, if you have the property bee toolbar installed you can find plently of places that have been looking for renters for a few weeks and have had to reduce the rent they are asking for.
A shame the toolbar picks up all those "last updated" changes which really clutters things up.

If threshold are to be believed Galway has the largest rental market in the country http://www.advertiser.ie/galwayfirst/article/2845.

Galway has the largest rental sector in the country with 29 per cent of homes rented, compared to 22 per cent in Dublin, 19 per cent in Cork, and 18 per cent in Limerick.

Greaney

Weren't the government talking about getting auctioneers to publish what folk were actually getting for houses because the public genuinely can't get clear figures on the situation. I think we're being kept in the dark so that sellers can maintain the upper hand in negotiations.