Hi,
I bought a house about 4 years ago in my home town as a FTB. Then I moved to a new location last year and bought another house. I know I have a year to sell my original PPR without having to pay CGT but what happens if I wait longer than a year. I was waiting to see about a relocation back to my home town but it didn't work out so now I'm going to sell the original house. By the way, the original house was never rented.
Then some portion of any eventual resale gain becomes assessable for CGT. See this thread for example. There are lots of others that cover the same ground.
Just as a matter of interest - you can choose what is your PPR - if you register with the Revenue within 2 years of acquiring the 2nd property - take professional advice before doing so.