Property Market in Waterford

The Continental Op

Harry Palmr wrote: »

As mentioned on WLR

Inquiries about property in Waterford city and county shows interest from the Dublin market up x2 on this time last year, with Dungarvan and Dunmore the hot spots at x 2.5 as compared to 2019. The main point of interest was that those with no local family connections were seeking information about the market. There was no mention of the age cohort breakdown. Could be retired or soon to bes looking to cash in and live the life of Reilly.

I speak to the odd person looking for a house with a sea view (like we have) not many if any for sale so my thoughts are while people might be looking very few will move here because the houses in the locations that they want aren't available.

Deisekickboxing

Big correction must be on the way, it looks very like 2007 again insane figures bandied about for bits of land.

hardybuck

Deisekickboxing wrote: »

Big correction must be on the way, it looks very like 2007 again insane figures bandied about for bits of land.

Disagree. There is a current shortage of supply, which will be compounded by a lack of investment by private developers and banks who are understandably nervous.

To further compound matters, household savings levels have doubled between 2014 and 2019, and in mid 2020 were at their highest levels in 11 years.

We're going to have economic growth in 2021 and I predict average house prices will rise.

Stopitwillya

According to the daft quarter 3 report just released this week, house prices in Waterford City rose 5.2% on this time last year.
However house prices for Waterford county fell by 1.9%.

Wanderer78

hardybuck wrote:

We're going to have economic growth in 2021 and I predict average house prices will rise.

Growth is all about confidence, and that's collapsing at the moment, nobody knows what's gonna happen next year, it's impossible to predict accurately, it always is anyway, but we ve never been in this situation before, there's probably gonna have to be an astonishing level of public borrowing and spending to truly get things going, I suspect people will be slow to spend their savings due to this growing uncertainty. I'm fearing another banking crisis, as this prolongs, there's probably an increasing likelihood of defaults and rising amounts of none performing loans, let's hope new measures can withstand the pressure.

hardybuck

Stopitwillya wrote: »

According to the daft quarter 3 report just released this week, house prices in Waterford City rose 5.2% on this time last year.
However house prices for Waterford county fell by 1.9%.

Nationally Waterford county bucked a trend too, as 20 of the 26 counties had increases.

Q3 prices rose by 4.8% nationally, the highest quarterly rise since 2015.

There is simply not enough supply to meet demand, and to house a growing population. Supply in Dublin was down 25% for example, and supply levels generally are at their lowest levels since 2006.

Wanderer78

hardybuck wrote: »

Nationally Waterford county bucked a trend too, as 20 of the 26 counties had increases.

Q3 prices rose by 4.8% nationally, the highest quarterly rise since 2015.

There is simply not enough supply to meet demand, and to house a growing population. Supply in Dublin was down 25% for example, and supply levels generally are at their lowest levels since 2006.

its always important to remember, the main cause of property price inflation, is the availability of credit to the market, if the nq's gets the go ahead, this should cause a significant rise in property prices in the region also

Harry Palmr

Little Sisters of the Poor on Bunkers hill has been bought and plan announced.

https://waterford-news.ie/2020/10/28/a-new-lease-of-life-for-former-little-sisters-building/

smellyoldboot

Surprised there's not "special" accommodation to to include stables in the plans. Although there's time yet I guess.

hardybuck

How big is that site? Surprised only 71 units are going into it despite its central location.

aziz

smellyoldboot wrote: »

Surprised there's not "special" accommodation to to include stables in the plans. Although there's time yet I guess.

Plenty of grazing space though

Harry Palmr

Well it looks as if recreational green space is being given a fair shake for a change, which I applaud. Perfect spot for allotments!

azimuth17

hardybuck wrote: »

How big is that site? Surprised only 71 units are going into it despite its central location.

Topography of the site makes a lot of it very difficult for building. Huge slope. What looks OK on plan is very different in reality. I wonder is it a protected structure and if so, then the curtilage of the property may also have to be preserved rather liek Respond did at ST John's College, albeit with new apartments as well on a much larger site.

Asdfgh2020

smellyoldboot wrote: »

I don't like you either keyboard smasher but C'est la vie. lol

How can you tell I use/used a keyboard to compose posts/responses...where did I say I didn’t like you.....was just referring to the excessive ‘hyperbole’ used in your response and that I think it’s ott/non funny......lol

Flow Motion

Nice to see how an innocent chat about the local property market descends into a tit for tat bitchoff. Take a deep breath everyone. Count to 10. Move away from the devices and go for a walk. Clear the heads. :cool:

Gaspode

Leave out the rudeness folks

Gardner

Harry Palmr wrote: »

Well it looks as if recreational green space is being given a fair shake for a change, which I applaud. Perfect spot for allotments!

Sure all these spots will be scooped up by all the full time mummies on social media. There endless complaining to the Council that foreigners are taking their free houses and their not moving anywhere on the housing list will finally pay off.
Until they realize it's private investment and there back on social media "wHy ArEnT tHe CoUnCiL bUyInG tHeSe HoUsEs AnD nOt GiVeN tHeM tO uS dIsGrAcE!!! "

Wanderer78

Gardner wrote: »

Sure all these spots will be scooped up by all the full time mummies on social media. There endless complaining to the Council that foreigners are taking their free houses and their not moving anywhere on the housing list will finally pay off.
Until they realize it's private investment and there back on social media "wHy ArEnT tHe CoUnCiL bUyInG tHeSe HoUsEs AnD nOt GiVeN tHeM tO uS dIsGrAcE!!! "

you wouldnt be prejudice now would you?

Flow Motion

Would be a nice central part of town to live. Could be as nice as the Respond one's on John's Hill. However given that its mostly apartments there is always the chance that one or two bad apples would ruin it for the majority. Perhaps WCCC would have to allocate some to minorities? Given the overall size of the development there is bound to be a bit of friction.

Yellow_Fern

azimuth17 wrote: »

Topography of the site makes a lot of it very difficult for building. Huge slope. What looks OK on plan is very different in reality. I wonder is it a protected structure and if so, then the curtilage of the property may also have to be preserved rather liek Respond did at ST John's College, albeit with new apartments as well on a much larger site.

It is listed. Doesn't mean it will be protected though

Flow Motion wrote: »

Would be a nice central part of town to live. Could be as nice as the Respond one's on John's Hill. However given that its mostly apartments there is always the chance that one or two bad apples would ruin it for the majority. Perhaps WCCC would have to allocate some to minorities? Given the overall size of the development there is bound to be a bit of friction.

What do you mean?

Flow Motion

Yellow_Fern wrote: »

It is listed. Doesn't mean it will be protected though


What do you mean?

https://www.waterfordcouncil.ie/media/housing/AdoptedAllocationsScheme2017.pdf
Housing is allocated taking into account the following criteria: emergencies/homeless households/older people/disabilities/travellers.

Harry Palmr

Just listing to chit chat about the Waterford development plan with a SF councillor making bullish remarks
about the right to built one off housing in the countryside and evil regional planners (something that seems to be entirely made up)

Wanderer78

Harry Palmr wrote: »

Just listing to chit chat about the Waterford development plan with a SF councillor making bullish remarks
about the right to built one off housing in the countryside and evil regional planners (something that seems to be entirely made up)

ah shur look, what needs to be done, probably wont be done, in regards housing, its just gonna get harder for some to get access to markets now

KissMeArse

Hi lads, didn't want to make a new thread so just thought I'd post it here instead as it looks the most appropriate. I know this is a very broad and "how long is a piece of string" type question but how "easy" would it be, in your experience, to sell on a property?

The reason I ask is, currently living abroad and planning on returning home in the next few years. I have land which I intend on building a house but would be looking for somewhere to live for a year or two until the house is built. Having rented for years where I currently am, I've no desire to pay more rent when I get home. Was thinking of buying somewhere around the town (House 1) while building the other house (House 2) on the land I have. Then selling on House 1 afterwards (mainly just with the intention of making the money back, obviously a bonus if there's a few bob profit). The proceeds of House 1 sale would then obviously go towards the new build (House 2).

I'll have close to the money to buy a house outright for something in the 150-200k mark, which brings me on to the next question - again, in your experience, do you reckon a bank would look more favourably having money in the bank or assets (i.e. land and House 1)?

Thanks in advance lads.

Wanderer78

^^^^apologies but I can't advise, but buying now is well in your favour, property prices are set to rise significantly now in the region, over the coming years, largely due to the incoming of credit into the region, you should make a tidy sum from house 1, when flipping it, best of luck with things

hardybuck

KissMeArse wrote: »

Hi lads, didn't want to make a new thread so just thought I'd post it here instead as it looks the most appropriate. I know this is a very broad and "how long is a piece of string" type question but how "easy" would it be, in your experience, to sell on a property?

The reason I ask is, currently living abroad and planning on returning home in the next few years. I have land which I intend on building a house but would be looking for somewhere to live for a year or two until the house is built. Having rented for years where I currently am, I've no desire to pay more rent when I get home. Was thinking of buying somewhere around the town (House 1) while building the other house (House 2) on the land I have. Then selling on House 1 afterwards (mainly just with the intention of making the money back, obviously a bonus if there's a few bob profit). The proceeds of House 1 sale would then obviously go towards the new build (House 2).

I'll have close to the money to buy a house outright for something in the 150-200k mark, which brings me on to the next question - again, in your experience, do you reckon a bank would look more favourably having money in the bank or assets (i.e. land and House 1)?

Thanks in advance lads.

Easy enough once you put it on the market for the right price. There should always be plenty of buyers in that type of price range too.

On your second question - cash. That'd lower your LTV ratio.

Deiseen

KissMeArse wrote: »

Hi lads, didn't want to make a new thread so just thought I'd post it here instead as it looks the most appropriate. I know this is a very broad and "how long is a piece of string" type question but how "easy" would it be, in your experience, to sell on a property?

The reason I ask is, currently living abroad and planning on returning home in the next few years. I have land which I intend on building a house but would be looking for somewhere to live for a year or two until the house is built. Having rented for years where I currently am, I've no desire to pay more rent when I get home. Was thinking of buying somewhere around the town (House 1) while building the other house (House 2) on the land I have. Then selling on House 1 afterwards (mainly just with the intention of making the money back, obviously a bonus if there's a few bob profit). The proceeds of House 1 sale would then obviously go towards the new build (House 2).

I'll have close to the money to buy a house outright for something in the 150-200k mark, which brings me on to the next question - again, in your experience, do you reckon a bank would look more favourably having money in the bank or assets (i.e. land and House 1)?

Thanks in advance lads.

I know it seems obvious but houses that are well decorated and modern on the inside essentially go instantly.

If the house is old, drab and poorly decorated then you might have to wait a little longer to sell.

The living city scheme might help you in this instance. You could buy a house in the city, fix it up through the scheme and claim the cost back over the next 10 years. Not entirely sure how it works with selling properties on after a couple of years but would be worth a look.

hardybuck

Deiseen wrote: »

I know it seems obvious but houses that are well decorated and modern on the inside essentially go instantly.

If the house is old, drab and poorly decorated then you might have to wait a little longer to sell.

Wouldn't disagree but this can depend on the price range too.

A young couple or an investor might prefer to get the place 10k cheaper and have a blank canvas than paying the 10k extra that you've paid to decorate it.

OP - you might do well though to buy a place that needs work and spend a few bob fixing it up. You might recoup your investment and get a bit of practice before building your new home.

KissMeArse

Thanks for the advice lads, it is much appreciated and plenty of food for thought.

I fully appreciate the comments in relation to now being a good time to buy, esp. with Covid and it being more of a buyers market. I take it that if a property were up for say 150k it's likely you could negotiate a few grand off that? In other words, a property will always be put on the market for a bit higher, with the expectation that they'd be willing to take a bit less? Obviously it's a case by case basis.
Would anyone mind giving a quick rundown on how that process works - is it as simple as contacting the agent (e.g. DNG), arranging an inspection and making an offer?

Can also see prices creeping up a bit in the next few years with (hopefully) the North Quays development giving a lift to everything so I take the point about now potentially being a good time to strike while the iron is hot. The only issue I'd have there is if I were to buy something now, the place would sit there for the next few years until I decided to come home. Not sure how I'd feel about that tbh. I know some would say to just rent it out until I did return but that's an area I've no experience in and from what I've read about being a landlord, it seems more hassle than it's worth (plus not hugely profitable with the taxes). Like I said though, not an area I'd know much about which would put me off it. Trying to manage it from living overseas as well probably wouldn't be easy either, particularly if issues came up.

It wasn't really my intention to want to put much money into a place as I wouldn't be planning on staying there any longer than maybe 12-18 months but I can see how it may make a place more attractive to potential buyers on the market and could likely recoup the investment. Some of the places I've seen online can be hit and miss - some obviously need a good renovation while others look like they've been done up a bit in the last few years and are more or less ready to move straight into.

Wanderer78

KissMeArse wrote:

Can also see prices creeping up a bit in the next few years with (hopefully) the North Quays development giving a lift to everything so I take the point about now potentially being a good time to strike while the iron is hot. The only issue I'd have there is if I were to buy something now, the place would sit there for the next few years until I decided to come home. Not sure how I'd feel about that tbh. I know some would say to just rent it out until I did return but that's an area I've no experience in and from what I've read about being a landlord, it seems more hassle than it's worth (plus not hugely profitable with the taxes). Like I said though, not an area I'd know much about which would put me off it. Trying to manage it from living overseas as well probably wouldn't be easy either, particularly if issues came up.

Prices will more than likely rocket now, due to the planned developments, speculation from external investors will also increase prices, so don't hang around too long, prices already rose by 20k in the last quarter, so get in quick, as both demand and price are set to continue to rise.