Waterford property prices "close to bottoming out"

According to a local EA quoted in this week’s Munster Express. “With house prices in Waterford close to bottoming out, buyers are eagerly searching for bargains in the city”.

The question is: how close is “close”?

closer than they were yesterday?

No, the real question here is can you trust the word of EA looking for business…From what some other posters on here have said there is no huge movement in Waterford prices…

Compared to the neighbouring County Wexford (where there is tremendous value in comparison) the movement is small. But you can see a deterioration in prices, which is painfully slow.

That statement reflects the EA outlook down here. There are one or two genuine EAs who are realistic about prices. As for the rest of them…

there’s no huge movement because there’s f-all volume

Nope. I’ve been reading the Munster Express on and off for all the years of the boom and bust, and I can say with absolute certainty one thing…

“I have NEVER read ANYTHING in the Munster Express that was written by a Waterford EA which was either honest or correct.”

Who was the EA? Wsa it by any chance John Rohan? The man who’ll nail his For Sale sign to your house without your permission.

-Rd

I keep a close eye on the Waterford property scence and on the whole people don’t really believe they need to reduce the price of their property.I have seen a few houses with hefty reductions lately but these are very much the exceptions.Talking to an estate agent privately might be a good idea.

It’s in this week’s Munster (in relation to a house for sale in Griffith’s Place). PM sent :wink:

God love them…

We’ve the exact same in the Galway Advertiser, this week contains such thinly veiled agent-speak articles as ‘First time guide for buyers’ & ‘Green shoots appear at local EA’ & ‘Encouraging signs in the market’ along with some advice from a mortgage adviser ‘Buy now or wait?, some crucial facts’
It’s the same every week…

Perhaps he meant that Waterford prices are In the region of the bottom? :angry:

The grass grew under his feet?

If an EA claims there’s green shoots then look closely.

https://xtremegreenaz.com/images/grass_lz2v.jpg

-Rd

Very good RD. :laughing:

Saw a ‘sale agreed’ sign on a small bungalow earlier. It must have been 3ft x 3ft. :open_mouth:

Having said that, some properties around here are ‘sale agreed’ since last December and March. Several are no longer ‘sale agreed’ and are back on the market.

Things are even better for Limerick…the recession is over…before Dell even shuts the last of its doors.

Upturn in property market

THE second hand property market is showing definite signs of recovery…but new house sales remain static.

There has also been a marked improvement in the commercial sector, with several important shop sales recorded in the city inside the last month.

That is the word from a prominent local auctioneer who has detected a sharp, if unexpected rise, in the sale of second-hand houses.

And he is hopeful that the upturn will continue, and that Ireland is coming out of the recession.

He pointed to world oil markets. “Much to the annoyance of motorists, petrol prices have risen steeply in recent weeks, but the upside to that is that it signals a world-wide demand for oil again. The wheels are moving in the United States and that is good news”.

Though the property market had taken a nosedive over the last 12 months, there were, added the auctioneer, no bargains to be found in city estates.

“Estates such as Caherdavin, Dooradoyle, Raheen, Corbally and Castletroy have held their values, with prices much the same as they were before the recession hit. The reason is that they are all close to the city with amenities on their doorsteps”.

However, it is a different story on the outskirts with big price drops in areas like Clonlara, Crecora, Patrickswell, Meelick, etc.

A spokesperson for one of Limerick’s biggest developers told the Limerick Post that while there was noticeable movement in the market place generally, it had yet to happen in new house sales.

"There is a lot of stock around just now with some builders having in excess of 20 already built units just sitting there. That is a lot of money to have tied up.

"Consequently, there is precious little in the way of new builds, with some sites having closed down.

"While second-hand houses might be in demand, the situation there is that people are trading-up and are not too heavily committed loan wise.

“Buying new is different, though, and the lending institutions have more or less shut shop when it comes to giving out substantial loans. Investors are also thin on the ground”.

Prices the same as before the recession eh?
And how many of these houses are selling at pre-recession prices?

What’s the opposite of the boy who called wolf? The boy who called WOW!!!. The first few times he said WOW, everyone came running to see what was so exciting. When it turned out to be nothing they grew tired of him. Then when he saw a leprechaun and a goldfish wearing miniskirts and dancing the macarena while balancing beachballs on their noses, he said WOW!!! and nobody bothered to look.

EA’s say market is set for recovery…YAWN.

-Rd

Prices bottoming out and recession showing signs of a upturn ? Pure nonsense and dangerous words luring an ignorant public into exposing themselves to more debt :frowning:

Fact - Waterford is an employment black spot. That needs to be sorted before any actual recovery in house prices can materialise.

Fact - Any bottoming out from the recession will occur in the greater Euro zone and US first. The strength of the recovery in the former will push interest rate hikes by the ECB thereby killing off any delayed , faltering , stumbling gains Ireland may see in the wake of the global economies organic growth.

Fact - US led ’ Best Practice ’ regulations for the Financial Services sector will permeate through all other banking systems , creating restrictions on lending and governance. All adding to the misery of Irish banks whose credit rating is already compromised , thereby leading to further credit starvation on this septic isle.

VI’s have been discredited so why look to their direction for false reading of the tea leaves :unamused:

How true Bottler. Good post.

But as for this:

Though the property market had taken a nosedive over the last 12 months, there were, added the auctioneer, no bargains to be found in city estates.

“Estates such as Caherdavin, Dooradoyle, Raheen, Corbally and Castletroy have held their values, with prices much the same as they were before the recession hit. The reason is that they are all close to the city with amenities on their doorsteps”.

Talk about contradictions. As RD said - how many have sold at pre-R prices. A real sign of desperation in my book. Interesting to see it going on in different Cities at the same time - with the same BS being spouted.