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Price of residential land

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  • 27-05-2011 10:22am
    #1
    LJL
    Registered Users Posts: 83 ✭✭


    Hi Guys,

    I'm currently looking at land to build on and wondering what is the going rate per acre at the moment in the Midlands area. I know for farming land the going rate is around €8k per acre. Does anyone know roughly what is is for residential?

    Ive searched this forum and can find anything on residential land.


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    #2
    mistermister
    Closed Accounts Posts: 51 ✭✭mistermister


    I'd say it's more like 3,000 an acre for farmland. There are plenty of house sites for sale on daft with the prices stated. You should have a look there and it will give you a good indication of the price.


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    #3
    LJL
    Registered Users Posts: 83 ✭✭LJL


    thanks for your reply. the average for the area seems to be about €50k for half an acre. im just not sure if that its the going rate for 2011 land prices. will keep researching tho. thanks..


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    #4
    heavydawson
    Registered Users Posts: 1,152 ✭✭✭heavydawson


    We're nearing the final contract for purchase of 3/4 acre for 65k in Tipperary. We looked at other sites where the asking price was 120k for 1/2 acre, so your mileage will vary.


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    #5
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,140 Mod ✭✭✭✭BryanF


    heavydawson wrote: »
    We're nearing the final contract for purchase of 3/4 acre for 65k in Tipperary. We looked at other sites where the asking price was 120k for 1/2 acre, so your mileage will vary.
    heavydawson, If I were you I'd have a clause in the purchase agreement that makes sure the sale is subject to you receiving full planning permission


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    #6
    1chippy
    Closed Accounts Posts: 1,716 ✭✭✭1chippy


    the average farmland price is currently just over 7k. But that takes into land thats pure crap. most sites work on a different basis as they will have planning or outline planning and will be marketed a lot dearer. the cheapest site i have seen recently was for 25k. bad location, a lot of site works and owner was pretty strapped for cash. if your looking for a budget option it is far better value to buy a house in an estate of a builder most are still being sold below construction costs. the site option will be determined by a multitude of options varying from size, location, views, restrictions and most of all demand. Good sites are still making reasonable money.
    to finish off a reasonable site will still cost between 40 to 70k.


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    #7
    johndaman66
    Registered Users Posts: 4,095 ✭✭✭johndaman66


    1chippy wrote: »
    the average farmland price is currently just over 7k.

    I know you will buy good quality agricultural land for very close to the 7k per acre mark around here. Poor quality land can be acquired for substancially less. Maybe them figures are only relevant to this neck of the woods here in Co. Limerick though and in the case of the good quality land being bought at €7k an acre, circa 15 acres were being bought.

    OP, I don't particularly see the logic in drawing comparisons between the price of agricultural land and residential land as one does not track the other. Daft.ie and myhome.ie are perhaps the best source of information on asking prices but having said that it would seem that those selling sites are perhaps even more deluded than those selling houses quite often.

    I know myself if I wanted I could acquire a site of a family member for a nominal value if indeed any consideration at all but all the same I would buy a house first. You might assume you are going to get the house of your dreams but quite often your local authority will end up placing so many restrictions on plans you submit that it will be far removed from your dream home. Then throw potentially uncooperative builders and tradesmen into the mix and costs that will most likely spiral way above budget. I have to say no thanks, not for me, I've enough headaches in my life and thats leaving out the 50k or 70k site or whatever it ends up costing.


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    #8
    martinn123
    Registered Users Posts: 2,300 ✭✭✭martinn123


    johndaman66 wrote: »

    I know myself if I wanted I could acquire a site of a family member for a nominal value if indeed any consideration at all but all the same I would buy a house first. You might assume you are going to get the house of your dreams but quite often your local authority will end up placing so many restrictions on plans you submit that it will be far removed from your dream home. Then throw potentially uncooperative builders and tradesmen into the mix and costs that will most likely spiral way above budget. I have to say no thanks, not for me, I've enough headaches in my life and thats leaving out the 50k or 70k site or whatever it ends up costing.

    Somehow I don't think he will be a regular contributor to this Forum....pity


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    #9
    johndaman66
    Registered Users Posts: 4,095 ✭✭✭johndaman66


    martinn123 wrote: »
    Somehow I don't think he will be a regular contributor to this Forum....pity

    I do take a nosey into the Forum from time to timr martinn123 but could not call myself a regular contributor by any means. Thanks for your courteous comment by the way.:)


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