Is the property market in Dublin on the up? Have we left it too late ?

Zipppy

Reports seems to indicate that property is on the up in certain Dublin areas; Minister Noonan `has said that family homes in good areas in Dublin are in short supply and viewings are now attracting 20+ couples with bidding wars ongoing...

Unfortunately I agree with this..we've looked a few 'period' style houses close to city centre and there are many couples viewing and several bidding on each with many going over asking price.

We can afford them but only just and if they go up much we're done for ..

We're getting concerned now that we've 'missed the boat' for these houses..we've been renting and waiting a while to buy, decided @ Christmas it was time and now we're getting that sinking feeling..

Opinions?

Sappa

Zipppy wrote: »

Reports seems to indicate that property is on the up in certain Dublin areas; Minister Noonan `has said that family homes in good areas in Dublin are in short supply and viewings are now attracting 20+ couples with bidding wars ongoing...

Unfortunately I agree with this..we've looked a few 'period' style houses close to city centre and there are many couples viewing and several bidding on each with many going over asking price.

We can afford them but only just and if they go up much we're done for ..

We're getting concerned now that we've 'missed the boat' for these houses..we've been renting and waiting a while to buy, decided @ Christmas it was time and now we're getting that sinking feeling..

Opinions?

Don't believe any hype,choose the house the suits you and if it's beyond your reach then it's beyond your reach and you will eventually find the right one.

zulfikarMD

Zipppy wrote: »

Reports seems to indicate that property is on the up in certain Dublin areas; Minister Noonan `has said that family homes in good areas in Dublin are in short supply and viewings are now attracting 20+ couples with bidding wars ongoing...

Unfortunately I agree with this..we've looked a few 'period' style houses close to city centre and there are many couples viewing and several bidding on each with many going over asking price.

We can afford them but only just and if they go up much we're done for ..

We're getting concerned now that we've 'missed the boat' for these houses..we've been renting and waiting a while to buy, decided @ Christmas it was time and now we're getting that sinking feeling..

Opinions?

if you are in a rush to over pay then surely you are late.

snubbleste

They're not making any more land
If you don't get on the ladder now you never will
Banks are tightening their criteria
Rent is dead money


:cool:

hohojojo

don't worry about it for some reason property is starting to move again but it won't be racing up like it did before just keep an eye out and you will find the right house for you

but i will say don't listen to people tell you to buy or the others telling you to wait on this site most people have there own agenda and opinions just do whats right for you

and i would say don't over stretch it will be hard in the long run trust me i know

franciebellew

zulfikarMD wrote: »

if you are in a rush to over pay then surely you are late.

Always a smart @rse. Wouldn't be boards without it. Can't just leave it.

Enduro

This could be the Dead Cat Bounce that happens with most bubble deflations. Knowing this country it'll be one of the world's bounciest bounces, following one of the worlds Boomiest booms :rolleyes:, as there are no doubt plenty out there who haven't learned anything from the crash.

dory

If you're reading about the 'increases' on a news site like breakingnews.ie, you should also read the comments. Seems to be a lot more sense being spoken there than in the actual article.

RH149

Its probably the right time if youre ready to buy but I wouldn't be rushing because of being afraid of missing the boat....I think the reason houses(3/4 bed family homes in decent areas) are in short supply right now is because the people who want to move are in negative equity and can't move....when they start letting you bring your negative equity with you and trade up there will be more properties becoming available.

Having said that - My cousin sold her 4 bed semi d house this week after putting it on the market 3 wks ago..... She thought about selling 6 mths ago and presumed there would be no point as it takes a lot of effort and expense to sell a house and she couldnt face having a For sale sign in front of her house for a year....she is now on the hunt for a place to buy and hence the cycle continues.

L1011

The apparent "increase" is sub 1%.

The property price register is going to bring a sense of reality and cause prices to plummet in some areas later this year, so I wouldn't assume that you're either too late or in any urgent rush to buy now.

cookie1977

If we knew the answer to your question we'd be rich people

Buy what you can, when you can, with what you can afford.

the groutch

the real question is which estate agent(s) paid Mr Noonan to make such comments?

mari2222

There was an increase expected and predicted due to the lump sums paid to the public servants who retired before the end of february being partly invested in property. A lot left in Feb because if they waited they would get less in future. It would be interesting to know how many thousand left.

CFC1969

franciebellew wrote: »

Always a smart @rse. Wouldn't be boards without it. Can't just leave it.

You,re a bit touchy ......

CFC1969

Zipppy wrote: »

Reports seems to indicate that property is on the up in certain Dublin areas; Minister Noonan `has said that family homes in good areas in Dublin are in short supply and viewings are now attracting 20+ couples with bidding wars ongoing...

Unfortunately I agree with this..we've looked a few 'period' style houses close to city centre and there are many couples viewing and several bidding on each with many going over asking price.

We can afford them but only just and if they go up much we're done for ..

We're getting concerned now that we've 'missed the boat' for these houses..we've been renting and waiting a while to buy, decided @ Christmas it was time and now we're getting that sinking feeling..

Opinions?

Still think the market has a good bit to fall, amazed people still buy the hype

irishguy

Certain houses in certain parts of Dublin are getting hard to find, it's has resulted in a marginal price increase (which is being held back by lack of credit, so prices won't shoot up) I wouldn't be too worried about prices shooting up. You may have to wait for a number of months or longer to find the house you want. Just take your time and build up your savings.

Rory1

mari2222 wrote: »

There was an increase expected and predicted due to the lump sums paid to the public servants who retired before the end of february being partly invested in property. A lot left in Feb because if they waited they would get less in future. It would be interesting to know how many thousand left.

Interesting idea. I wonder if that really is a factor. I don't think anyone who hasn't bought should be afraid it's been left too late, we still have a long way to go IMO. No reason why Ireland couldn't be another Japan with 20 years of falling prices.

Caseywhale

Helping my sister with the bidding at the moment as she doesnt like dealing with estate agents herself. She got outbid twice (which I wasnt expecting) on houses they were interested in and and have had an offer accepted on one now. Fingers crossed.

the_syco

snubbleste wrote: »

They're not making any more land
If you don't get on the ladder now you never will
Banks are tightening their criteria
Rent is dead money


:cool:

I had to double check the date of that post!

Zipppy wrote: »

Minister Noonan `has said that family homes in good areas in Dublin are in short supply and viewings are now attracting 20+ couples with bidding wars ongoing...

Unfortunately I agree with this..we've looked a few 'period' style houses close to city centre and there are many couples viewing and several bidding on each with many going over asking price.

If you are looking at a limited amount of houses in a very sought after area, you shall of course get people willing to spend stupid amounts of money that they don't have. Some people don't learn, it seems.

FloatingVoter

If you're buying to a house to live in for the next 20 - 50 years, why not start looking. The days of stupid prices are gone (I'd guess any "loss" you save by waiting would be spent in rent anyway).
If you're buying as an investment - well then you have as much chance as the next gambler.

Milk & Honey

the_syco wrote: »

I had to double check the date of that post!



If you are looking at a limited amount of houses in a very sought after area, you shall of course get people willing to spend stupid amounts of money that they don't have. Some people don't learn, it seems.

Supply is tight and there are people with one or more of the following, equity realised from other property, a good secure income, inherited money or other capital who are taking the opportunity to buy previously unaffordable houses.
The recession is not over. The low interest rate environment cannot last forever. If the euro breaks up we will be looking at mortgage rates of 10% and more. What price will houses be in that scenario?

markpb

the_syco wrote: »

If you are looking at a limited amount of houses in a very sought after area, you shall of course get people willing to spend stupid amounts of money that they don't have. Some people don't learn, it seems.

What makes you think people don't have the money? There are still plenty of people working in Ireland and some of them will be in very stable jobs.

irishguy

markpb wrote: »

What makes you think people don't have the money? There are still plenty of people working in Ireland and some of them will be in very stable jobs.

I agree I know quite a few people looking to buy at the moment and lack of property is the only thing holding them back.
There are a number of industries doing quite well people getting decent pay increases and bonuses. The entire economy isn't as dead as the media make out.

Zamboni

markpb wrote: »

What makes you think people don't have the money? There are still plenty of people working in Ireland and some of them will be in very stable jobs.

irishguy wrote: »

I agree I know quite a few people looking to buy at the moment and lack of property is the only thing holding them back.
There are a number of industries doing quite well people getting decent pay increases and bonuses. The entire economy isn't as dead as the media make out.

Even with decent pay and bonuses, lack of credit will still hold the majority back.

Just because a guy is on over six figures does not mean he is a cash buyer - and in that case he is just as dependant on a mortgage like everybody else and just because he is on on over six figures doesn't mean that he has a deposit and /or a good credit history.
I deal with high earners on a daily basis. Their lack of financial management never ceases to amaze me.

Sure, there are folks out there who can buy with cash but they are either buying now, investing elsewhere or not interested (yet).

the_syco

markpb wrote: »

What makes you think people don't have the money?

I suppose I'm one of those people that would prefer getting a decent house in the suburbs, rather than a small 2 bed in the city centre for mad money. I'm sure there are some nice bargains, but only if no-one else knows about it.

Zipppy

well went to view a house we'd like on Saturday..open viewing..must have been 30 + couples viewing...a mad house..

Gonna offer today but will be interesting to see what happens .. I can see a frenzy of bidding pushing house to well beyond asking and well beyond what people should pay for it..

I'll let ye know :rolleyes:

seamus

Last Thursday's report is a statistical blip. Prices similarly "stalled" in August 2010 before resuming their downward trend. At the moment house prices are falling faster than they have done at any time in the last five years, so it's very unlikely that they would suddenly stop and start increasing again in the space of a month.

Bigger price drops and busy house viewings are likely an indicator that the trough is coming as people start realistically pricing their properties to sell, but it doesn't give us any idea of when or how long.

Don't be rushed into buying any property. There is no way in hell that a property will significantly change in price upwards in the short to medium term.

Zipppy

seamus wrote: »

Last Thursday's report is a statistical blip. Prices similarly "stalled" in August 2010 before resuming their downward trend. At the moment house prices are falling faster than they have done at any time in the last five years, so it's very unlikely that they would suddenly stop and start increasing again in the space of a month.

Bigger price drops and busy house viewings are likely an indicator that the trough is coming as people start realistically pricing their properties to sell, but it doesn't give us any idea of when or how long.

Don't be rushed into buying any property. There is no way in hell that a property will significantly change in price upwards in the short to medium term.

But Seamus..it's supply and demand...

If a nice area has damn all houses for sale or coming on stream that will push prices upwards...

seamus

There's more than simple supply and demand going on though. Availability of money is always an issue. So while you can argue that a nice area with few houses for sale can have shift upwards in price, those shifts are dictated by the money available to those who wish to buy.

In some areas sure, you will have exceptionally nice houses and a supply of exceptionally rich people who can afford to buy them. But for the most part someone looking for a home will be dependent on a mortgage, so the prices which can be asked are dependent not on the volume of people looking to buy, but on how much money they can borrow.

Nice areas themselves aren't in short supply, and very few people are going to pay exceptionally large amounts for a home in a nice area, when there's an equally nice area just down the road selling bigger houses at the same price.
And just because one person manages to get a mortgage to buy a property for €300k in the area, doesn't mean that's now a guide price for the area. Nobody else may be able (or willing) to pay that amount for the house next door.

It would appear to a large extent that people have realised that buying property isn't just a matter of getting your foot on the ladder and buying at any cost into a good area. You have to weigh up the balance between living someone nice and also having a property which is big enough for your needs in the long term.

Zipppy

seamus wrote: »

Nice areas themselves aren't in short supply, and very few people are going to pay exceptionally large amounts for a home in a nice area, when there's an equally nice area just down the road selling bigger houses at the same price.

Totally agree with all you say .. especially the above..

However ..

I'm sensible enough to have a max price I'll pay in this market and stick to it..

I think that there are quite a few however who don't operate that way (my partner included )

robd

Zipppy wrote: »

well went to view a house we'd like on Saturday..open viewing..must have been 30 + couples viewing...a mad house..

Gonna offer today but will be interesting to see what happens .. I can see a frenzy of bidding pushing house to well beyond asking and well beyond what people should pay for it..

I'll let ye know :rolleyes:

That's your problem. You're way to eager to make an offer.

Houses don't sell overnight. They take weeks to sell in a good market, months to sell in a bad market and years if they're overpriced and the market is bad.

You'd be much better to let EA know that you're interested but are looking at a few other options over the next couple of week and to keep you informed. Try to establish what they're looking for. Say you'd definitely be interested at a figure which is circa 80% of asking but it's obviously price dependent. Never answer EA's question, always say you'd have to talk to your better half. You're obviously mortgage approved with a decent cash deposit and no place to sell. Wait to see what real interest and bids are at before you make an offer. Do not under any circumstances get involved in bidding wars in this market. Walk away from such properties.

Also, if a house is new on the market it will have lots of viewings regardless of market. EA's always try to pull couples from one house to the next they're showing to make demand seem higher. They also get potential vendors to have a look as a comparison to their own property.

I'm interested in buying myself at the moment but don't see a huge amount of value. Trying to get a place that needs sizable amount of work as have the cash to do it which most people do not. Hence less interest in these properties and should get at better price. Hasn't worked out yet though. Sellers still a little deluded, specially in better Dublin suburbs. It's a waiting game. No rush. That's the key.