Property Market in Waterford

Gaspode

Posts deleted as the conversation had gone off-topic and also because the bigotry & vitriol from some posters is beyond a joke.
The topic is housing in Waterford, lets stick to that please.

Hoffmans

The housing bubble is due to burst in the next 24 months, can be sure the vultures have shorted their positions and will leap before it all caves in again,
Looking at the stock on daft there is general overpricing and speculative values being placed on uninhabitable properties that would need 50k to bring them to standard..

KevinCavan

I’m at a point now where I hope the price of houses keeps ratcheting up, let’s leave the insanity run its course and eventually hit a wall. Best to get out of this country if at all possible for a few years.

Wanderer78

It's a mess, and very worrying for our future

Wanderer78

Hoffmans wrote:

The housing bubble is due to burst in the next 24 months, can be sure the vultures have shorted their positions and will leap before it all caves in again, Looking at the stock on daft there is general overpricing and speculative values being placed on uninhabitable properties that would need 50k to bring them to standard..

According to bill black, cerberus is one of the most dangerous vulture funds on the planet

Taxburden carrier

Wanderer78 wrote: »

According to bill black, cerberus is one of the most dangerous vulture funds on the planet

Perhaps the bigger problem is how their ilk is being facilitated by the government at the public’s expense.

Wanderer78

Taxburden carrier wrote:

Perhaps the bigger problem is how their ilk is being facilitated by the government at the public’s expense.

Yea it's disturbing to watch

Stopitwillya

Reading the Irish Times, house prices in the south east are now at January 2005 levels but are still 30% lower than their peak in 2008.

kayaksurfbum

Stopitwillya wrote: »

Reading the Irish Times, house prices in the south east are now at January 2005 levels but are still 30% lower than their peak in 2008.

30% rise in the next two years so!

There will be no crash until there is to much supply, so looking at five years before that happens.

Stopitwillya

kayaksurfbum wrote: »

30% rise in the next two years so!

There will be no crash until there is to much supply, so looking at five years before that happens.

Maybe not 30% but prices will definitely increase. North quays and Michael street developments should help increase demand for housing and with very little houses being built prices can only go one way.

Until the next recession of course.

Wanderer78

kayaksurfbum wrote:

There will be no crash until there is to much supply, so looking at five years before that happens.

Is an over supply the only entity that causes crashes? We really need to move on from all this supply and demand nonsense

thomasm

Wanderer78 wrote: »

According to bill black, cerberus is one of the most dangerous vulture funds on the planet

Interesting piece on the radio yesterday showing vulture funds do more debt write downs and allow tenancy for life agreements with local councils than the banks. The banks can’t / won’t offer these but the funds can. Repossessions for banks at 1% of mortgage book and .03% for funds so not the evil they are made out to be. Quiet possibly the solution.

Mick Barry the Solidarity TD was made look very foolish when these points were made to him and just kept repeating a mantra of its ‘all about profit and screw the poor people’ who have not made any repayments in over 5 years when these funds are giving the solutions he is calling for. People not paying there debts in some cases for up to 10 years are one of the reasons we have such high interest rates on our mortgages. Is it fair we subside them ?

Wanderer78

thomasm wrote:

Interesting piece on the radio yesterday showing vulture funds do more debt write downs and allow tenancy for life agreements with local councils than the banks. The banks can’t / won’t offer these but the funds can. Repossessions for banks at 1% of mortgage book and .03% for funds so not the evil they are made out to be. Quiet possibly the solution.

That's an interesting point, what radio show was that? To be honest, I ll stick with the professional opinions of people such as bill black and David hall in such matters, I suspect it's not a good idea to allow such industries into your market.

thomasm

Wanderer78 wrote: »

That's an interesting point, what radio show was that? To be honest, I ll stick with the professional opinions of people such as bill black and David hall in such matters, I suspect it's not a good idea to allow such industries into your market.

Matt Cooper, was between 6.15 and 6.30pm with Karl Deeter and Mick Barry.

kuang1

Wanderer78 wrote: »

Is an over supply the only entity that causes crashes? We really need to move on from all this supply and demand nonsense

No, but without an oversupply of some level, it's v difficult to envisage a scenario where property prices in Waterford plummet in the medium term.
If the world economy took a sudden hammering via, for example, China's economy collapsed, and we had knock on effects here in Europe and Ireland, what would have to happen to reduce property prices here in Waterford?
A mass exodus to Dublin for employment reasons?
We know we're already suffering more than most other regions of the country unemployment-wise, so would it shudder things that greatly here?
I doubt it.

Hard to see a slide in prices anytime within the next 10 years at least imo.

Wanderer78

kuang1 wrote: »

No, but without an oversupply of some level, it's v difficult to envisage a scenario where property prices in Waterford plummet in the medium term.
If the world economy took a sudden hammering via, for example, China's economy collapsed, and we had knock on effects here in Europe and Ireland, what would have to happen to reduce property prices here in Waterford?
A mass exodus to Dublin for employment reasons?
We know we're already suffering more than most other regions of the country unemployment-wise, so would it shudder things that greatly here?
I doubt it.

Hard to see a slide in prices anytime within the next 10 years at least imo.

all good points, but i suspect we re become somewhat complacent on such matters, as you explained, crashes are complicated, caused by many internal and external factors, and to top things off, we have no real accurate models to predict them either. you could of course be right with your 10 year prediction, but we actually have no real way of knowing for sure

Hoffmans

Wanderer78 wrote: »

Is an over supply the only entity that causes crashes? We really need to move on from all this supply and demand nonsense

True its a buzz phrase from the property industry auctioneers/developers to explain their false economy & property bubble,
The difference from now to the last bubble is soft credit far more transactions are cash now and when that dries out bubble bursts , brexit could pop it or vultures cashing in when the capital gains tax exemption kicks in next year...

beazee

Average rent in Waterford city now stands at €921 per month. it's a jump of 19.3% compared to the last year:
6% up since April report

https://www.daft.ie/report/2018-Q2-rentalprice-daft-report.pdf
https://www.daft.ie/report/shane-de-ris-2018q2-rental/infographic

Hoffmans

beazee wrote: »

Average rent in Waterford city now stands at €921 per month. it's a jump of 19.3% compared to the last year:
6% up since April report

https://www.daft.ie/report/2018-Q2-rentalprice-daft-report.pdf
https://www.daft.ie/report/shane-de-ris-2018q2-rental/infographic

I suppose these figures relate to registed landlords huge amount or cash landlords the average could be between 780-880 taking those into consideration, the main drivers of rent are the agencys in order to line their greasy pockets

kayaksurfbum

Hoffmans wrote: »

I suppose these figures relate to registed landlords huge amount or cash landlords the average could be between 780-880 taking those into consideration, the main drivers of rent are the agencys in order to line their greasy pockets

Figures from daft are advertised rents. Private to agents is 50/50 I think daft say!

JimWinters

Interesting reading from SheryFitz, if the projections are true it's going to get a lot worse before it gets better! https://offices.sherryfitz.ie/waterford/waterford-rental-sector-analysis/

Hoffmans

JimWinters wrote: »

Interesting reading from SheryFitz, if the projections are true it's going to get a lot worse before it gets better! https://offices.sherryfitz.ie/waterford/waterford-rental-sector-analysis/

Sure when the agencys get their hands there is a 30% thrown on to the price , the average rents for direct landlord with out the middle feeders is less though a lot of them are still charging premium without an agency involved aka the slumlords

Waterford26

I cant call these days rent prices other than f... mad! I am looking for new house as our landlord decided to sell the house. They ask 900e for old rubbish dope..hungry bastards. Dunmore road 1100+..unbelievable prices. Nightmare for families with lower income.

Wanderer78

Waterford26 wrote:

I cant call these days rent prices other than f... mad! I am looking for new house as our landlord decided to sell the house. They ask 900e for old rubbish dope..hungry bastards. Dunmore road 1100+..unbelievable prices. Nightmare for families with lower income.

Our current housing policies are defunct, in fact I'd go further and say, they're dangerous, and failing a large proportion of tenants and landlords, it's a mess, and won't be solved anytime soon either, no matter who's voted in

TheQuietFella

Wanderer78 wrote: »

Our current housing policies are defunct, in fact I'd go further and say, they're dangerous, and failing a large proportion of tenants and landlords, it's a mess, and won't be solved anytime soon either, no matter who's voted in

https://www.daft.ie/waterford/houses-for-rent/waterford-city/lismore-park-waterford-city-waterford-1821841/

This look good in my opinion for 3/4's the price that you are paying!

Wanderer78

TheQuietFella wrote:

This look good in my opinion for 3/4's the price that you are paying!

I clearly need to discuss things with my accountant, I was unaware I was paying so much for rent. Thanks for the heads up though!

MsWoggles

Can anyone give me a current opinion about clover meadows estate in ferrybank ? It was mentioned in this post a few years back . Thanks.

Stopitwillya

7.7% price increase in houses in Waterford city in 2018.
10% price increase prediction for Waterford City in 2019 according to Real Estate Alliance. This is the highest predicted increase in the country alongside Longford.
4% increase in prices predicted nationally.

Wanderer78

Stopitwillya wrote:

7.7% price increase in houses in Waterford city in 2018. 10% price increase prediction for Waterford City in 2019 according to Real Estate Alliance. This is the highest predicted increase in the country alongside Longford. 4% increase in prices predicted nationally.

Asset price inflation is good for the economy, particularly house price inflation, as the wealth created, trickles down!

Muttley79

Housing development is still very slow around waterford.dublin cork and Limerick are building a lot of properties.will Waterford ever get back to the good times again?