Property Market in Waterford

Gin77

fricatus wrote: »

I'd always have thought Tramore would have commanded a premium, but my cousin bought there on the basis that he got more house for his money, so it's hard to tell really.

I move here in Jan. and I was surprised with the amount of houses priced way above what I would consider the norm.
I'm renting a 4bed detached house its damp no insulation, septic tank keeps blocking and generally in poor condition. The first impression though it looked ok but the more we live there the more faults I can see.
The house is on the market for 290k god help whoever buys it.

We would like to buy in the country but for the moment town houses are more realistically priced.:pac:

caroline456

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

Woodgate

caroline456 wrote: »

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

It's in a highly sought after area but nothing ventured nothing gained, if they need to sell and you have a strong 150k offer you'd have a chance.

Creamsoda

caroline456 wrote: »

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

Just looking at the other property for sale in Collins Av it seems to be the cheapest semi detached. I'm not sure if I looked at that house when I was looking for houses but I looked at a load of houses in Collins Av and they are lovely houses and its a lovely area. If you're looking at the Dunmore rd I'd say its about the best, and if you're looking at Grantstown Park be very careful, I looked at about 5 of them and they all had terrible damp and I really didn't like the lay out.

caroline456

Creamsoda wrote: »

Just looking at the other property for sale in Collins Av it seems to be the cheapest semi detached. I'm not sure if I looked at that house when I was looking for houses but I looked at a load of houses in Collins Av and they are lovely houses and its a lovely area. If you're looking at the Dunmore rd I'd say its about the best, and if you're looking at Grantstown Park be very careful, I looked at about 5 of them and they all had terrible damp and I really didn't like the lay out.

yes, i've seen the ones in the Grantstown Park and they're terrible. And I decided not to buy a timber frame house no matter how cheap they would be. they're really bad quality. where did you buy at the end?

yeah, this one is quite cheap, but then you can have a new one in the Ballygunner for 170k so why to pay 170 for the one in Collins Av?

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

my only concern is if the estate agent would even bother to inform the seller...

Creamsoda

caroline456 wrote: »

yes, i've seen the ones in the Grantstown Park and they're terrible. And I decided not to buy a timber frame house no matter how cheap they would be. they're really bad quality. where did you buy at the end?

yeah, this one is quite cheap, but then you can have a new one in the Ballygunner for 170k so why to pay 170 for the one in Collins Av?

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

my only concern is if the estate agent would even bother to inform the seller...

I bought in Earlscourt in the end. Happy enough with the house. Is it the houses just past the church in Ballygunner you're talking about? Have you been in them? They are really small. I'd advise going for Collins Av or Earlsourt if you want somewhere around the Dunmore Rd. Much better size for your money. I spent a long long time looking at house's and I couldn't believe how small the newer houses were. I think as the the prices got higher the houses and gardens got smaller and smaller.

caroline456

Creamsoda wrote: »

I bought in Earlscourt in the end. Happy enough with the house. Is it the houses just past the church in Ballygunner you're talking about? Have you been in them? They are really small. I'd advise going for Collins Av or Earlsourt if you want somewhere around the Dunmore Rd. Much better size for your money. I spent a long long time looking at house's and I couldn't believe how small the newer houses were. I think as the the prices got higher the houses and gardens got smaller and smaller.

yes, I absolutely agree. I also think that the newer ones are a lot worse quality and there's a damp issue in most of them. it looks like the ones in Collins Av don't have the damp problem. Just not sure if i'm willing to pay 170 for the house in today's climate. we'd bugeted for 100k to make sure we don't have any difficulties with mortgage payments but now i'm torn between low mortgage vs Collins Av

caroline456

what about the Kill St. Lawrence? Liked the houses there, they seem to be quite good quality, just not sure about the estate, Saint John's Park quite close. Am I right if I think that it could be a problem to sell a house there in the future (if I needed to)?

Creamsoda

caroline456 wrote: »

yes, I absolutely agree. I also think that the newer ones are a lot worse quality and there's a damp issue in most of them. it looks like the ones in Collins Av don't have the damp problem. Just not sure if i'm willing to pay 170 for the house in today's climate. we'd bugeted for 100k to make sure we don't have any difficulties with mortgage payments but now i'm torn between low mortgage vs Collins Av

I know its such a tough decision. Just take you're time and go for somewhere you will be happy with. I know too many people that settled for a house and six months down the line they were wishing they had picked a different house.

caroline456

it's the toughest one. especially when you think you're gonna have to pay for it further 30 years. no moving out somevhere else anytime soon...

are there any social houses in collins av? i'd say not many, not sure though.
but the estate is gorgeous. nothing like it anywhere else around the town...:(

Creamsoda

caroline456 wrote: »

it's the toughest one. especially when you think you're gonna have to pay for it further 30 years. no moving out somevhere else anytime soon...

are there any social houses in collins av? i'd say not many, not sure though.
but the estate is gorgeous. nothing like it anywhere else around the town...:(

I'm not sure about social housing in there but I knew a few people renting in there and never had any trouble at all. I know there is some in the estate in Ballygunner and a good few in the Paddocks too.

dark_shadow

caroline456 wrote: »

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

I think that house sold for alot more than 150k!! Was looking at that one myself and I don't think they would of selling it for anywhere near that price!

caroline456

so how much realistically I should budget for if I wanted the one in Fortfield?

Amzie

caroline456 wrote: »

so how much realistically I should budget for if I wanted the one in Fortfield?

Go in around €160 but they might not go for that maybe €170. It's definitely overpriced for €200k although it has 4 bedrooms the garage hasn't been converted and garden needs fixing up!

Libby029

Although this isn't in Waterford City, we used to live in Collins Avenue & Grange Manor but moved to Somerville in Tramore 3 years ago.. I think this house is the best value for money. The rooms in these houses are alot bigger than the houses in the city. I am actually in my drive in Somerville in 12 mins from the city, and when i lived out on the dunmore road, at 5pm it would take me longer to get home. It is a really quiet area, lovely views and nice set up out here. Could never consider moving back to the city. We love it out here.

http://www.propertypartners.ie/property_details.jsp?p=46544

caroline456

Libby029 wrote: »

Although this isn't in Waterford City, we used to live in Collins Avenue & Grange Manor but moved to Somerville in Tramore 3 years ago.. I think this house is the best value for money. The rooms in these houses are alot bigger than the houses in the city. I am actually in my drive in Somerville in 12 mins from the city, and when i lived out on the dunmore road, at 5pm it would take me longer to get home. It is a really quiet area, lovely views and nice set up out here. Could never consider moving back to the city. We love it out here.

http://www.propertypartners.ie/property_details.jsp?p=46544

I'll check the area but I'm not sure about Tramore. There's always windy in Tramore, isn't it? Looks lovely though.

brinty

HI Caroline,

I'm living in Collins Avenue, and would highly recommend the house in Fortfield(we looked at one in there but was too pricey for what it was). When the boom was in full flight prices on those ones were double what they are now, go in at the 170 mark for that one and nothing ventured nothing gained....
Who's your estate agent. PM me if ye want and will tell ye more if ye need

Hoffmans

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

jayboi

Hoffmans wrote: »

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

Bare in mind dirt tax is 30% on the interest of deposits. So your caught every which way.

Dan133269

Hoffmans wrote: »

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

I would say there are some very cheap (relatively) houses and apartments around now. If I was looking for a long term investment, I would consider buying 1 or 2 if I had the money. 2-bed apartments with asking prices of 45k, 3-bed houses in rentable areas for 100k asking, if you could rent them out, that would cover the mortgage over 15 years, and at the end of which you will have 1 or 2 big assets on your hands. The only question is how much will they be worth in 15 years, could be anything. Worth a punt I would say though.

nkay1985

Dan133269 wrote: »

I would say there are some very cheap (relatively) houses and apartments around now. If I was looking for a long term investment, I would consider buying 1 or 2 if I had the money. 2-bed apartments with asking prices of 45k, 3-bed houses in rentable areas for 100k asking, if you could rent them out, that would cover the mortgage over 15 years, and at the end of which you will have 1 or 2 big assets on your hands. The only question is how much will they be worth in 15 years, could be anything. Worth a punt I would say though.

Yeah I agree with you and I think there will be a lot of people with money out there who will do so.

If you can get a house where the rental income (at say 80% occupancy) will cover the mortgage cost (including interest rate hikes), maintenance and other associated costs, then it makes sense.

If you went into it taking heed of the lessons learned by people in the crash, I think you'd be ok.

Even if it's value dropped from what it currently is, so long as you're not paying for it, it wouldn't matter.

caroline456

Do you think the property prices in Waterford are hitting the bottom now?

reni10

Here is a new low for apartment prices in Waterford!

€27,000 for a 2 bedroom apartment in city!
http://www.daft.ie/searchsale.daft?id=662279

3 of them up for sale....

Prices in general have continued to drop and still have a way to go yet I think.

Siamsa Sessions

reni10 wrote: »

Here is a new low for apartment prices in Waterford!

€27,000 for a 2 bedroom apartment in city!
http://www.daft.ie/searchsale.daft?id=662279

3 of them up for sale....

Any idea how much the monthly rent is around there?

reni10

You should be able to get between 400 and 500 a month for these apartments I would have thought.

Siamsa Sessions

Thanks.

You're looking at annual rental income then of between €4,800 - €6,000 on a €27,000 investment, which is a 17 - 22% yield (if I remember correctly how yield is calculated).

This seems fairly generous - if you can get a mortgage (or you have the cash) to buy one of these apartments.

manor

15 vacant apartments there to rent at the moment?

Not a great area

After taking in Management Service charges, insurance, repairs, legal fees,
fixture and fittings, tax on income, money is better off in the bank at a rate of 4%

reni10

How about a 3 bed terrace in Newtown which needs modernisation for €215,000!!!
http://www.daft.ie/searchsale.daft?id=663142

Obviously these sellers have not been living on the planet we call earth.

shockwave

reni10 wrote: »

How about a 3 bed terrace in Newtown which needs modernisation for €215,000!!!
http://www.daft.ie/searchsale.daft?id=663142

Obviously these sellers have not been living on the planet we call earth.

Did you see the telly in the sittingroom? looks like someone travelled back in time to the 70's.:D

All you're paying for is the address, the house looks like it needs a lot of modernisation, no way is it worth 215k

reni10

shockwave wrote: »

Did you see the telly in the sittingroom? looks like someone travelled back in time to the 70's.:D

Yeah the hole in the sitting room ceiling above the TV is also worth at least another additional €50k!

What is the real estate agent and seller thinking when you can get a 4 bed detached on the Dunmore road for €150k - €200k with no work needed on it!

Dan133269

Looks like house prices are not going to recover anytime soon. Those 3 months were indeed a blip, as I guessed on the other thread looking for houses on dunmore road.

http://www.irishtimes.com/newspaper/breaking/2012/0724/breaking19.html?via=mr

Residential property prices across the country fell by 14.4 per cent in the 12 months to the end of June, according to the latest data from the Central Statistics Office (CSO).

The fall more than reversed the 0.2 per cent monthly rise recorded in May, which was the first such increase in nearly five years.

Dublin house prices decreased by 0.8 per cent in the month and by 16.4 per cent on an annual basis, while Dublin apartment prices were 17.9 per cent on the same month in 2011.

The price of residential properties in the rest of the country, excluding Dublin, fell by 1 per cent in June compared with a decline of 1.9 per cent in June 2011. Overall, prices in the rest of the country were down 13.5 per cent in the year to the end of June.

In a statement, stockbroking firm Davy's said the report confirmed that suggestions of a turnaround in the property market had been premature.

They also noted that the June drop more reflects weak bank lending, high unemployment and oversupply of homes. The firm believes that there is no sign of a turning point in the Dublin market and that overall prices will come down further.

reni10

€29k now for a 3 bed terrace in Ballybeg:
http://www.daft.ie/searchsale.daft?id=664658

I think that sets an all time low for a house price in Waterford!

shockwave

How many people would actually buy a house in Ballybeg in all fairness.

Thats why its going so cheap.

Dan133269

shockwave wrote: »

How many people would actually buy a house in Ballybeg in all fairness.

Thats why its going so cheap.

Just out of curiousity, where have you lived in Waterford?

shockwave

Grew up in Lismore Park, now living out the Dunmore road area.

Petey89

im renting at the minute im paying 500 for a 2 bed apartment its ok money could be cheaper, a lot of properties in the city are way over priced and never gettin taken off the market. i always look on daft just out of interest on the rental market because im looking to get a house, but there are still houses on daft for rent that were there 2 years ago when i first moved here and there absolute dumps and way over priced. landlords in waterford seriously need to bring the prices down on most properties we are not in the boom anymore. as for buying a house you can get really cheap houses in the city center but newer housing estate prices are still on the high side i think.

reni10

Nearly a 10% average fall in the last 3 months for Waterford City according to Daft.ie:
http://www.daft.ie/report/Daft-House-Price-Report-Q3-2012.pdf

So 3 bed semi average price now sitting at €115k.

Probably another 10 - 20% to come out of the market in the next 6 months I would say and when the 3 bed semi average price gets to about €100k I think we will have reached what is probably the bottom of the market for a while at least.

mike65

http://www.propertyprice.ie/website/npsra/ppr-home-en.html

reni10

Real world example of asking price V selling price:

4 Bed Semi Dunmore Road: €145k
http://www.property.ie/property-for-sale/23-The-Grove-Grantstown-Park-Waterford-City-Co-Waterford/648712/

Actual Selling Price from the new Property Price Register on 3rd August 2012: €125k

So nearly a 15% difference from asking to selling price.

I think that is probably par for the course on most asking V selling prices with between 10 - 25% off.

Dan133269

reni10 wrote: »

Real world example of asking price V selling price:

4 Bed Semi Dunmore Road: €145k
http://www.property.ie/property-for-sale/23-The-Grove-Grantstown-Park-Waterford-City-Co-Waterford/648712/

Actual Selling Price from the new Property Price Register on 3rd August 2012: €125k

So nearly a 15% difference from asking to selling price.

I think that is probably par for the course on most asking V selling prices with between 10 - 25% off.

Had a quick browse myself, saw a few houses selling at least 25% below asking price. We finally have transparency in the market. The days of estate agents blagging their way into sales are gone! Hurray

Hoffmans

http://www.propertypriceregister.ie

a quick search here shows a big decline in values more than what wlr were reporting and quoting earlier today....

wellboytoo

The funny Sic things about these prices is, if you look at the Chartered surveyors guide to the Minimum rebuilding cost in the Waterford area of a detached house for insurance purposes, its €126 per square foot,so the Dunmore rd more modern Earlscourt house's are around 1200 square feet.1200 x 126 €151,200.00.
So even allowing for padding in this figure, we are well below cost at this stage, supply of houses is low yet we are still on a downward slide, bucks all the commonly held supply and demand rules! shows how deep a recession we are in.

Hoffmans

house insurance is it necessary if you are reasonably careful with the chip pan or dont live near feuding yolkels it is a pure waste of time...

Dum_Dum

Someone still needs to spell out to me the benefits of rising house prices. I can see the benefits of rising wages, but I view rising house prices as a diminution of the value of those wages.

fricatus

Dum_Dum wrote: »

Someone still needs to spell out to me the benefits of rising house prices. I can see the benefits of rising wages, but I view rising house prices as a diminution of the value of those wages.

You're absolutely right. House prices should rise in line with inflation, and that should be that.

I suppose rising prices are seen as a proxy for a healthy economy, as in if you've a healthy economy, it will cause house prices to rise. But when they rose like they did in this country, they ended up destroying the healthy economy.

Anything we can do in the future to limit house price rises to about the rate of inflation just has to be done.

4MWD

Dum_Dum wrote: »

Someone still needs to spell out to me the benefits of rising house prices. I can see the benefits of rising wages, but I view rising house prices as a diminution of the value of those wages.

As long as prices are falling then people are afraid to buy because if they wait it will be cheaper, so therefore it is better when prices are rising (but only by a small bit each year) as it encourages those on the fence to buy and that stimulates the whole economy.
If, as is the case now, people don't spend then even more jobs are lost and the situation gets worse and worse and will not improve till confidence returns, which the biggest sign of that is - rising property prices.
The ideal situation is where prices increase a small bit above general inflation each year so that encourages someone to purchase asap and makes the banks more inclined to lend too, without fear of the bubble busting as happened here and elsewhere.
It does appear that things are levelling out now and fairly near the bottom, in my opinion and I speak as someone who put their money where their mouth is as I purchased a house earlier this year in the City. I was not under any pressure to do so, as I could have waited longer, but the right house came up where I wanted it for what I consider a fair price.

south

Residential Property Price Register. Prices from 2010 up. http://propertypriceregister.ie/website/npsra/ppr-home-en.html

7upfree

Ilovechoc wrote: »

Looking at a house in Fairfield Park... Just wondering if any of ye have any inside info on the area and neighbours etc?

Nice spot. My cousin lives there.

7upfree

Regarding prices: in 1979 a house in Hillview cost €13k (my parents bought there). In 1981 that house cost €23k (almost 80% rise). The value climbed to €27k in 1987; €35k in 1994; €85k in 1998: and onto a whopping €300k in 2006.

As you can see, from 1981 to 1994 it increased in value by around roughly €1k a year and then things went nuts. Apparently, in 200, the FF-lead Government removed all the tax incentives and prices actually stabilised. However, following intense lobbying by the construction sector, these were reintroduced in 2001 - and over the next five years EVERYTHING went nuts.

An interesting programme to watch is this one:

http://www.youtube.com/watch?v=ZOE43_YnlOQ

It's an hour long, but accurately predicted everything that happened afterwards. It is truly mind-boggling to watch. If you can spare the time look at it.

This is also fascinating to watch:

http://www.youtube.com/watch?v=Gd6ZwqLePC0

Isn't it gas that the OECD, the ESRI, etc were all wrong? Morgan Kelly is an example of a person who should be in Government. plain speaker with good fundamentals in economics - unlike the twats in Government now - and those who proceeded them.

Hoffmans

Petey89 wrote: »

im renting at the minute im paying 500 for a 2 bed apartment its ok money could be cheaper, a lot of properties in the city are way over priced and never gettin taken off the market. i always look on daft just out of interest on the rental market because im looking to get a house, but there are still houses on daft for rent that were there 2 years ago when i first moved here and there absolute dumps and way over priced. landlords in waterford seriously need to bring the prices down on most properties we are not in the boom anymore. as for buying a house you can get really cheap houses in the city center but newer housing estate prices are still on the high side i think.

2bedapartments now selling for 15k, thats only 3 years of your rent with plenty left over for decorating
and ya can sell it 7 years down the road tax free ..