Softening house market?

Well no.

Majority of MNCs in Ireland are medical, pharma and hardware, which are going nowhere any time soon. Something like 13 of the top 15 medical device companies have offices in Ireland, and not just a brass plate on the wall for tax reasons.

I don't think celebrating job losses because property and rent prices might fall is a good thing.

I've noticed a slowing in listing alright. It could be mostly seasonal factors though.

At this point in the year, anyone wanting to sell (particularly for inheritance reasons) would surely hold out till new year for the increase in borrowing limits.

Not really, no. Asking prices are still high as is demand judging by the various bidding wars I'm finding myself in.

It's hard to know what to do, I imagine each area is different too in terms of supply/demand. My experience of trying to buy in D12 (mainly Crumlin/Walkinstown area) recently is showing that a softening has definitely already happened, with it being unclear if there's going to be a big fall to follow but certainly some signs pointing that way in terms of the seeming supply/demand dynamics. We've ultimately gone Sale Agreed on a place at asking price (475k). If you had told me 3 months ago we'd get this place at asking I'd have been delighted as all I was hearing from friends trying to buy in the area was multiple bidders and properties going above asking. I think 6 months ago this place may have gone over the 500k mark, so we're feeling satisfied, though definitely wary that we could perhaps have waited a bit longer. Since we started looking there's been a massive increase on the supply side.

There are still some ridiculous bidding wars going on, for any turn-key/stylish property. We were bidding on a 2 bed in Crumlin (albeit a very big one at over 100m2, with a front room that could have been a 3rd bedroom) - it was very very nice, but ultimately a 2 bed in Crumlin and it ended up going for 490k.

There are 3 properties in this area priced at 475k that we viewed that we thought were decent enough and at the time seemed reasonably enough priced that have all now gone down to 450k - interestingly one is in fact a turn key newly refurbed property. I thought it would have fetched at least the 475 asking. There's another one at 475k that we registered to big on but never ended up making an offer - and afaik there's no offers there yet as I would have got a notification. Lots of properties are getting underbids - talking to friends looking in this area 6 months ago, the idea of an underbid was unthinkable. Didn't see a huge amount of viewers in each place we were looking.

There's a feeling now that perhaps we could have waited and maybe got our place for 5-10% cheaper in 6 months or a year. But ultimately we like the house, like the area and we feel that it's an "up and coming" area of sorts (so that any drop in the market might be counterbalanced by the area being seen as more desirable in the next 5-10 years). We also think we have already benefitted form the softening market - there's a house a few doors down that went at almost the same price as what we're paying that needs a full refurb, whereas ours is ready to move in and has been recently insulated and rewired. Then you add in the rent you're paying. If we wait a year we'd need prices to come down around 5% to break even, if we wait 2 years 10%. And that would be 1 - 2 years living in a smaller house. We like the house/area, it's a bigger house for cheaper than our current rent, and we're 35 with a baby on the way so we can't keep waiting forever. So for us it makes sense to pull the trigger, though I can understand why some might be waiting.

I think my advice would just not to get involved in a bidding war that goes over asking. There are options now, getting a place at asking (or even below) is possible. Bidding wars are never going to lead to value - a few months ago we might have said you have no choice but to engage in one, now there's a lot of choice.

Focusing on ‘value’ as being relative to asking price is very odd.

We bought our place at €50k under asking. We missed out on a place that ultimately went €300k over asking. The one that went €300k over asking, in hindsight, was probably better value.

Asking prices are largely a complete nonsense.

Or they'll be happy with their new home even if they're still paying in their seventies and will sit back as desperate couples pay €350k around them in a years time, nothing is being built and the population is increasing all the time, its just insanity.

Of the new builds that are being built in Limerick there are some horrible shoeboxes out in Mungret for €450k, Mungret is basically a village outside Limerick.

Those houses in Mayorstone were starting to take off just before COVID. That house is a brisk twenty minute walk from the city center. It actually a fairly decent sized house. That house was originally build 60-70 years ago.

Present decor is not to everyone's taste and is outdated. But it's still.in fairly good nick. The back garden is South facing and it's got a Ber of D2. Basically you have to change the decor

The one in Joseph's street is an anomaly, in good condition but not a great location e en though right in the city center

That isn't mayorstone tho - it Woodview, up passed LIT, so while still not that bad, it's a longer walk again to town.

The place is littered with cars during term time. You are only a hop skip and a jump (over a fence) from areas with a few peoblems too. (Maybe that's not a thing anymore, about 5 years since I've been down that way.)

Joseph street is a great location, in my opinion... especially if you would like to live car free. You have everything literally on your doorstep and it's a nice neighborhood too. Having a car there might be a bit of a hassle alright. That said, crazy money for that house...