Clases Lake, Ovens, Cork

[doogan]

hello, I currently have a 4-bed detached in this development which has appreciarted nicely over the last few years. I have a tennant in with no issues. My question for everyone is what are the general opinions in terms of Future potiential for a property such as this in this location.

How are interest rates currently affecting buyers..?
I am aware of a slowdown in prices - however does anyone feel that they will start to drop?
Is there still a demand for this type of house in this area..?

Thanks

 

[BobbySands]

Classes lake is quite a nice area and balligcollig has come on quite a bit in the last few years.
The Property market which over the last few years has been quite active during the summer is non existent this summer.
Interest rates going up next month and surely again soon after.
Know loads of investors who are taking their profits and getting out.

I would recommend doing the same.
Sell now take your profit and look for other oppertunities for your money.
First time buyers are currently not buying they're nervous of the rate hikes and waiting to see.
When first time buyers stop buying people can't trade up and the market stagnates. With the run up which property has enjoyed over the last 10 years the idea of a soft landing seems a long way off. In a study of 28 property booms not 1 resulted in a soft landing.

Take the money enjoy yourself and reinvest the rest.

 

[badgambler]

O'Brien and O'Flynn have 40 appts in Maryborough Woods that they cant shift. 370k for 2 beds, not extortionate by any means but no interest from buyers...

Has it started already?

 

[anotherone]

If I were in your situation I would probably be looking at selling up. Not to start a panic or anything, but you've probably made the bulk of your profit on the house by now anyway. Why hold onto it for another year or two when things may or may not be as stable as they are now…why risk it? Classis Lakes is a nice development, and Ballincollig is a good area that's growing, and there's the new rd etc. But the full development is almost finished so now is probably the best time to sell, the price isn't going to rise with the same ferocity is has been once the building has completed.
In my opinion (and it is just that), the only people nowadays that can afford investment properties are those that don't have to borrow large sums to purchase them..so they let them appreciate in value whilst not having to worry about whether they will have tenants or not. The reality is that rents are not covering mortgages on rental properties these days…and the rental market is fairly saturated.
People realized the money to be made on property and started re-mortaging and borrowing beyond their means to get that second and third property, hoping to make their fortunes. Some were very successful, but now, there are people who own investment properties, who can't really afford them…if interest rates go up and the rental market continues as it is, they're faced with the prospect of having to not only pay their own mortgage but possibly 2 or 3. I know many people in this situation now that are asking the same question as you…do I sell now? I'm not saying this is your situation by any means…but it is the case for many people I know.

None of us really know how things are going to pan out in the property market. All I know is that the banks were handing out mortgages for investment properties like they were lollipops. People bought houses like they were lollipops and now, as we can see, the whole property rush is slowing down and those that are in over their heads are beginning to panic. If enough people panic and start selling all their investment properties….surely this will have an impact on the market?