3 Bed House prices

Hello All,

I am going to explain my situation and just ask our opinion… I have have followed quite a lot of the posting on the forum for the last year or so and I find it very informative and helpful.

My situation :

I sold over 2 years ago and was lucky to come away with around €30 K in savings. I have rented for the last 2 years and I have just got pre approved mortgage for around 235 K. So I can afford a property of around 235 k includes stamp duty.

I know the best option is to wait another year possibly two maybe more I am just wondering what are your opinions on the cost of a 3 bed semi\Terrence house in North or south Dublin in relatively good areas say Dublin 9 or 12 (ie Beaumont, Inchecore, Glasneven etc) will it fall into the low 200 k or lower ?

At the moment I am seeing houses in say Beaumont for 320 k or 350 k that would be worth considering if the price was lower as in my price range :slight_smile:

The sad thing is that when you look at what 230 K can buy you its depressing. I travel a lot for work and some of the countries I go to like Germany, Poland Denmark you buy a spacious well made home not the shoe box for pixies they call homes here.

Apologies if this has been talked to death on another thread.

Cheers J

I still think there is 30%+ to come off the kind of places you’re talking about, and think the bottom will be some time in 2013. Given the crash started in 2006/7, that would coincide with the traditional 7 year unwinding of a property crash (at least, I think it’s 7 years if memory serves). It would also be the general time frame in which NAMA will need to piss or get off the pot and make decisions with respect to property it controls. It’ll also be a point when several consecutive cutting budgets start to negatively multiplying in the economy, ditto tax rises, a time when interest rates will really start biting, and when mortgage moratoriums may no longer be tenable. Oh, and we might default sometime twixt now and then too. It’ll be a perfect storm coming to a head at almost precisely the time lessons from history told us it would.

So it’s either wait till then, buy at some point in the downward sliding scale or jump in now. Not ideal if you lack patience!

At the moment you can buy a 3 bed semi in Elm Mount for less than 300,000 but I guess you may get it cheaper in time,

Thanks pyrite manor… But its not in my price range.

Larry… Thanks for putting all the impending problems together in a concise way. I have spent the last two years reading about the train crash in slow motion that is the Irish Economy. I think I am safe to wait for a year or so and keep an eye on the market and see if something comes up.

It depresses me the when I travel to mainland Europe or some places in the US and you realise what you can get for your money.

Enjoy your weekend.

Anyone looking to buy property here needs patience. I’d say find a nice rental and settle in for two years minimum.

Ultimately, people can’t afford the prices people are asking. With banks risk-averse and interest rates only going one way (eventually) the price of the 3 bed will fall.

If rental prices had fallen further then I think that would reinforce peoples patience. From what I’ve seen they haven’t decreased as much as I would have liked.

The house I am renting went I was able to negotiate from €1400 a month the first year to €1000 the second to €900 now (6 month lease) so doing ok considering the average rental cost for the area I am in in Dublin. But the house is 70 years old hard any insulation a crap heating so we light fires in the winter… We should move I know but its actually a nice spacious house and we have a lot of our own furniture in it and the area is nice and very easy for Town. But I agree even 900 is a lot for what I get.

A 3 bed gaff to me anywhere in the country is a very very average gaff. €320k - €350k is not a very average price under any circumstances.