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Buy in 2012 or 2013

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    #92
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Spiritofthekop wrote: »
    Huh?...It already has in "leafier" suburbs and continues too...slowly but steadily they are falling and falling.

    The new property tax should speed it up a little as well.

    Once upon a time- a teacher could buy a property on 4 times the multiple of their (then) salary on Leinster Road in Rathmines (D6). Assuming a current teacher has a significant number of increments under their belt- their salary might be a little under 50k, using a similar multiplier- this would infer a current day price of ~200k for a property on Leinster Road.

    During the boom these changed hands at 1.2-1.5million. This would signify that prices in this area would have to fall over 80% from peak, to reach a similar level of affordability that they were at 25 years ago.

    They are currently around 450-500k, which means they could potentially fall another 50% on their current market prices.........

    Sigh.........


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    #93
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    smccarrick wrote: »
    Once upon a time- a teacher could buy a property on 4 times the multiple of their (then) salary on Leinster Road in Rathmines (D6). Assuming a current teacher has a significant number of increments under their belt- their salary might be a little under 50k, using a similar multiplier- this would infer a current day price of ~200k for a property on Leinster Road.

    During the boom these changed hands at 1.2-1.5million. This would signify that prices in this area would have to fall over 80% from peak, to reach a similar level of affordability that they were at 25 years ago.

    They are currently around 450-500k, which means they could potentially fall another 50% on their current market prices.........

    Sigh.........

    +1. Prices have a long way to drop yet, so best wait another year or 2 anyway before buying.


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    #94
    foxy06
    Registered Users Posts: 2,138 ✭✭✭foxy06


    Im really looking forward to buying but in no hurry yet. I want to wait and see what happens in Europe. Not buying 18 months ago has saved me tens of thousands and instead of getting a 35 year mortgage I would be getting a 20 or even 15 year one and still be making the same repayments. That's just the last 18 months, wonder what the next 18 months will bring.


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    #95
    kildon
    Registered Users Posts: 16 ✭kildon


    if the bottom price was 60% below the peak ( I know we can't possibly know what it is until it has happened), would you buy today or wait for the CSO index to hit -60%, I think buyers should ignore the index and use what they think is the bottom and ask for it today...that's my two cents worth


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