The current climate of uncertainty and changing political economic landscapes has impacted severely on the Irish construction sector. However despite the challenges opportunities now exist for discerning buyers to obtain quality homes in good locations for excellent value.
The reduction in prices now allows people to get on the property ladder at a low level which could not have been imagined two to three years ago.
Location, quality, and price continue to be the three demands made by peope looking for a new property. The first time buyer is now in the wonderful position of obtaining good value for property that was designed and specified for a much different market. The question is now one of availability.
Most house builders ceased constructing new properties between 18 and 24 months ago. This means that new stock is dwindling with little sign or expectation that any construction work on new products will commence over the next 12 to 18 months. Certainly at current prices it is not economically posible for most builders to engage in construction.
This leaves those thinking about purchasing their first new home asking when is the time to buy?
A recent discussion with local builders O’Malley construction may provide some insight to enable an informed decision.
O’Malleys operate both in Galway and Dublin providing high quality houses and apartments, at some of the best locations available.
In Dublin, the Wyckham Point apartment development in Dundrum has experienced more than 50 sales since a launch in spring 2009. This unique success is firmly down to a quality product , in a highly sought after location at a low price. However the choice of properties is dwindling on the back of such sales.
In Galway O’Malleys has been promoting its Boireann Bheag development on the east side of the city, over the past few weeks. O’Malleys has maintained its discounted low prices with options commencing at €150,000.
The project includes houses, apartments, and duplex units with spectacular views over Galway Bay. The newly opened seven acre amenity lands also provide lifestyle enhancing space for people to enjoy outdoor activities yet being so close to the city. These are newly constructed properties built to high standards.
Again, the supply of this type of product with quality, location, and price is finite. The stock is fast dwindling particularly in relation to houses.
O’Malleys also has a number of newly constructed three and four bedroomed houses on the west side of the city at its Leargan development.
So is now the time to buy? Clearly if you want the best choice and specification for a new home, then the indications are that opportunities are available now to secure a quality home. Can prices fall much more? It is hard to expect much further declines as builders are loosing money on sales at the current level.
So while the second hand market remains unpredictable, one thing is for certain, the choice of newly constructed homes will be in short supply over the coming years..
