An Update On The Irish Property Market With Liz O Kane
Wednesday, 5 September 2007
AN UPDATE ON THE IRISH PROPERTY MARKET WITH LIZ O KANE
Property expert Liz joins us with the latest update on the property market and she will also be launching our "County Challenge."
Liz is best known to viewers since 2004 as the enthusiastic, energetic expert and presenter on the RTE House Hunters and House Hunters in the Sun series, where she lends her advice and expertise to property hunting participants. Both programmes are in RTE's top ten highest viewing programmes.
This is Liz's second season as the property pundit for The Afternoon Show (RTE1), Ireland's premier day time television programme where her main challenge is to find property gem's and bargains around Ireland as well as commenting on the current market.
Liz has also written a weekly property column for The Evening Herald as well as submitting regularly to other publications including the House Hunters in the Sun magazine. She is also a regular commentator on radio and press and is known for her 'matter of fact' attitude and uncomplicated manner of explaining things.
Liz runs her home finding business www.get-sorted.ie is married to Rory an architect (hence the obsession with property, buildings and design!) and has two children, Rossa aged 8 and Ellie aged 5 and a half.
Are there interesting times ahead?
Things are about to get more exciting as both auctioneers, vendors and developers have had to re-educate themselves in terms of valuations and the period of time it now takes to sell a property.
Who will benefit from these market changes?
Buyers are now the winners with good deals to be done and lots of time to sit back, contemplate and wait.
So no more panicked property purchases then?
No more crazy buying frenzies thus it will be interesting to see if the auction season actually takes off.
Have house values decreased this season?
Yes there has been a property slump nationwide, probably in the region of 10 - 15% less in terms of the values of last years houses.
Is this the case throughout the country?
No, Dublin property is still moving although at a significantly slower rate (8 - 12 weeks to sell) but demand in the city should always remain relatively high.
Will there be a soft landing or crash in the property market?
Depending on which financial report or sensational tabloid article you read, there are varying reports out there, from prices being up 2% to down 9% or have fallen 5.2%, all the auctioneers conduct there own financial reports as well as the websites and they are all different!
Basically no one really knows and although there is a current down turn in the market all signs point towards a soft landing for property prices.
Ranelagh, Dublin 6
3 bed traditional 50's bungalow
Offered €1.6m after auction. refused offer!
Subsequently reduced to €1.4m
Sold in the last two months for €1.31m approx
Roscrea, Co Tipperary
Modern, 3 bed, 10 year old house on 3.5 acres
Came to market in January '07 asking €350k
Sold May '07 for €350k
2 bed came to market for sale by private treaty
Asking price €795,000
Sold for €850,000
Gracefield House, Birr, Co. Offaly
4 bed family home on 0.5 of an acre
Came to the market in May '07 asking €495k
Just been reduced in August '07 to €475k
If you're ready to buy a new home, whether you are upgrading or downsizing but simply don't have the time to research the market Liz is here to help.
Email us your wish list for your ideal property.
Let us know exactly what you are looking for and most importantly your available budget, plus where you want to live.
One lucky viewer will get Liz's expert advice.
If you are chosen Liz will find 4 homes in your chosen area that she believes might meet your needs. In 2 weeks time we will discuss her chosen options for you on the show.
Send us your contact details and photos of you, your family, pets, current home etc so we can get a feel for who you are.
Liz is up for the challenge, the county challenge - are you??
Send all of your information to email@example.com with County Challenge in the subject line.