Good investment in Cork City suburbs

captainshamroc

Cork is overpriced. Price equal to 15 times annual rent exists nowhere in the city and people think high houses prices are good. As soon as people heard prices in Dublin were going up they started to raise the prices here. Back on the merry go round.

JeffKenna

Shedite27 wrote: »

Douglas and Bishopstown are the two nicest suburbs of Cork.

Douglas is a pain for traffic though

Sleephead

draiochtanois wrote: »

http://www.daft.ie/price-register/cork-city/cork-city-centre/deerpark/?min_beds=%2A&max_beds=%2A&min_price=%2A&max_price=%2A&pt_id=%2A&search=Search+%BB

Might be some room so!

ChalyIE

I wonder if Frankfield is really so nice because it is close to the airport and also I didn't saw any shops there. An area like Ballincollig looks for me much better.

Sleephead

ChalyIE wrote: »

I wonder if Frankfield is really so nice because it is close to the airport and also I didn't saw any shops there. An area like Ballincollig looks for me much better.

The problem with Ballincollig and Carrigaline is that they are now approaching a level of population that was never planned for. Ticking time bomb IMO

ChalyIE

Higher population makes it more interesting for companies, which will provide jobs. Also it might attract shops and service provider to open a branch.

eyescreamcone

Rents for a 4 bed in Deerpark are around 1350/1400 per month and rising.

You could do a lot worse for €280K-ish

The_Conductor

To be honest- unless you can think longer term- 3 to 5 years is bonkers for buying property. Its entirely forseeable that there may be a crash again- with the abolition of favourable tax treatment on CGT by the end of the year- which could potentially have a lot of investors offloading property imminently. Thereafter- there isn't a lot of money sloshing around- most of it has been chased into the open already........

3-5 years- forget it- 15-20 years, is more what you should be looking at.

MouseTail

The_Conductor wrote: »

there isn't a lot of money sloshing around- most of it has been chased into the open already.......

There isnt evidence to support that, in fact deposits are rising. Thats leaving aside the foreign investment coming in via REITs.

draiochtanois

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Pro Hoc Vice

draiochtanois wrote: »

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So on a 300k house you are saying legal fees of 3k lol I know a number of solicitors who would love that kind of fee for a transaction my own knowledge such a transaction would cost 1.5k plus VAT and outlays or in other words .5% shopping around may save a few hundred more.

draiochtanois

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ABajaninCork

There isn't a lot of good quality housing stock in Cork ATM. If you're looking to buy in the South of the city, personally I'd avoid Douglas, Rochestown and Carragaline. Lovely areas, but a pain in the rear with the traffic. IMO I'd be looking at Blackrock, Ballinlough and Ballintemple which are nicer areas, close to the City centre and good transport links.

No chance of looking at the Northside? Ballyvolane, St Luke's, Montenotte, and perhaps Silversprings/Tivoli might give you better value. Or maybe you can look at the commuter towns like Glounthane, Carrigtohill, and Midleton. Even better value and on the train route.

I second the suggestion that before you decide on an area, check the flood maps VERY carefully!

Pro Hoc Vice

draiochtanois wrote: »

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You have a point.

Eldarion

ABajaninCork wrote: »

If you're looking to buy in the South of the city, personally I'd avoid Douglas, Rochestown and Carragaline. Lovely areas, but a pain in the rear with the traffic.

If you're going long term there has been planning approval to improve the infrastructure in this area. Could be a few years coming but I do see property value in these areas increasing significantly if the traffic/commuter problem is resolved.

ABajaninCork

Eldarion wrote: »

If you're going long term there has been planning approval to improve the infrastructure in this area. Could be a few years coming but I do see property value in these areas increasing significantly if the traffic/commuter problem is resolved.

If it comes at all!! I wouldn't be banking on it. Council are already squawking about the cost of the Blackpool/Ballyvolane flood relief scheme...

draiochtanois

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ABajaninCork

draiochtanois wrote: »

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There's good and bad areas everywhere. I'm sure the OP can work out which is which!

cpoh1

Eldarion wrote: »

If you're going long term there has been planning approval to improve the infrastructure in this area. Could be a few years coming but I do see property value in these areas increasing significantly if the traffic/commuter problem is resolved.

Its never going to happen in reality. In rochestown you already have access to the link nearby, its getting on there is the problem and there is no space to expand road networks or install bus lanes etc. No room for trains either.

Short of building monorails or overhead metros like the dutch do you will always have traffic in Douglas and Rochestown. The new junction in douglas has only made traffic worse if anything.

eyescreamcone

Some people would advise you to buy inside the south link road