Property Market 2015

MintyMagnum

I attended an open viewing yesterday & was told by the EA they were to be sold today! Has anyone else encountered this? Seems like very short time? Are we back to buying off plans country?

If you decide to stick with the location, you'll have to compromise on other things - like size of property, garden etc. Might still be the best thing to do but start with an open mind.

You're right about Clontarf. Raheny is nice, has a good village and a bus service. Still not cheap, mind you. Killester?

If you're from Munster, would you consider towns along the M7? Naas? Somewhere with a train station of course.

SarahMollie

guile4582 wrote: »

Clontarf isnt really affordable is it?

Correct! I used to live there (renting) and I did look to buy at one point. that was about 3 years ago and was constantly outbid well above asking.

I read somewhere that its the hottest market on the Northside, and only second to Doneybrook and D2 in all of Dublin.

You'd want to have megabucks.

Also Raheney is also quite expensive. Good stock of nice sized family homes but they're priced to match.

Killester has a less impressive name so might be some value there, but I don't know it well enough.

guile4582

Deleted User wrote: »

If you're from Munster, would you consider towns along the M7? Naas? Somewhere with a train station of course.

this is what i am afraid of, and i find it hard to believe that two public servants with 80k in savings cannot find a house in a desirable area.

defeated before i start. seriously am i severely underpaid?

our combined wage is near 85k

MintyMagnum

MintyMagnum wrote: »

I attended an open viewing yesterday & was told by the EA they were to be sold today! Has anyone else encountered this? Seems like very short time? Are we back to buying off plans country?

Very short time-frame. Had they been on the market long? You'd wonder what the urgency is?

I viewed a house a few times - it had been up for ages - and then a mini bidding war broke out. It dragged on tit-for-tat for another fortnight and the agent then said 'best and final bids by [three days time]'. Forced everyone to put their cards on the table but, in fairness, the market had been well tested at that stage and the sellers knew they were getting over the asking no matter what. They just wanted to move on with buying a new house themselves.

ec18

I heard second hand from a mortgage broker that there is a relaxing on the income multiple from sometime next January to 4.5 times salary. Has anyone heard this? or maybe they were referring to the 15% exemptions being available again?

The legislation hasn't changed so there's no 'relaxation' per se.

However, it has been reported that the banks burned through their quote of exemptions by autumn so there's something of a stand-off at the moment because they can make almost no exemptions.

The new year is a new year so they will be able to give some exemptions again. Maybe that's what the broker meant. But given how badly they managed it this year, you'd expect them to spread out the exemptions a bit better in 2016.

SarahMollie

guile4582 wrote: »

this is what i am afraid of, and i find it hard to believe that two public servants with 80k in savings cannot find a house in a desirable area.

defeated before i start. seriously am i severely underpaid?

our combined wage is near 85k

Do you have much in savings?

The banks have slight discretion on the whole 3.5times income (i got just over 4 times mine this year for example, Bank of Ireland) and with such secure jobs they might give you a bit more.

I don't know what you do or what your partner does, but €85k between two isnt the breadline but its not making you seriously rich either. I think the average industrial wage is about €36k each but I'm open to correction on this.

guile4582

SarahMollie wrote: »

Do you have much in savings?

The banks have slight discretion on the whole 3.5times income (i got just over 4 times mine this year for example, Bank of Ireland) and with such secure jobs they might give you a bit more.

I don't know what you do or what your partner does, but €85k between two isnt the breadline but its not making you seriously rich either. I think the average industrial wage is about €36k each but I'm open to correction on this.

savings are 80k.

its so disheartening. worked so hard to get a good wage and savings and now realising i still don't have enough to get a nice dwelling.

I dont want to live in D2,4 or 6. Middle ground seems to be - go live outside Dublin fella.

Shedite27

guile4582 wrote: »

this is what i am afraid of, and i find it hard to believe that two public servants with 80k in savings cannot find a house in a desirable area.

defeated before i start. seriously am i severely underpaid?

our combined wage is near 85k

You're probably looking at a purchase price of about €360 max (less if you've kids) so you're looking at terraces in desirable areas, southside or northside.


I guess it depends on your definition of desirable too

Cuddlesworth

SarahMollie wrote: »

Do you have much in savings?

The banks have slight discretion on the whole 3.5times income (i got just over 4 times mine this year for example, Bank of Ireland) and with such secure jobs they might give you a bit more.

I don't know what you do or what your partner does, but €85k between two isnt the breadline but its not making you seriously rich either. I think the average industrial wage is about €36k each but I'm open to correction on this.

Promotions are harder to come by. Wage increases are limited to very specific ranges. Might go to single earner(kids). Banks have to take that into consideration.

They need to save up another 50k or get a exemption. The sweet spot on the south-side is 400k+ at the moment if you have to buy now.

guile4582

Shedite27 wrote: »

You're probably looking at a purchase price of about €360 max (less if you've kids) so you're looking at terraces in desirable areas, southside or northside.


I guess it depends on your definition of desirable too

yeah figured our maths were correct.

Desirable is a nice enough area, with access to schools. I am originally from a pretty deprived area. I ain't knocking it and i did well out of it, but I was lucky enough to avoid falling into many traps, and I did fall into some.

School is a scary place in these areas. i think that's what pushes me to get a more desirable area, but i also need to factor distances and commutes to work (i work in Blackrock!)

MarkAnthony

guile4582 wrote: »

lived here for the last 10 years, all friends are here, all activities i like doing are here. I know it i suppose. I am open to northside but really really enjoy my life on the southside.

quicker access to home, down the country.

None of these are nailed on reasons to stay southside, but simple answer is i like it. I will exhaust all avenues

btw: where would u suggest? Raheny, Killester? Clontarf isnt really affordable is it?

Raheny, Killester, Kilbarrack (possibly too cheap for what you're looking for), Howth road, Howth and Malahide. There are loads of options really. Just try and keep near to the Howth road and DART. 360K - Well 364k would have got you a 5 bed detached in Kilbarrack at the start of the year within 3 minutes walk of the DART and 5 minutes from Foxfield (seems to be considered a 'posh' part of Raheny)

SarahMollie

guile4582 wrote: »

yeah figured our maths were correct.

Desirable is a nice enough area, with access to schools. I am originally from a pretty deprived area. I ain't knocking it and i did well out of it, but I was lucky enough to avoid falling into many traps, and I did fall into some.

School is a scary place in these areas. i think that's what pushes me to get a more desirable area, but i also need to factor distances and commutes to work (i work in Blackrock!)

I can understand wanting something decent - I househunted for about 4 years before buying (i had 3x sale agreeds fall through)

I ended up buying in a totally different part of town that I'd originally planned but it worked out in the end.

Don't become disheartened, you will be able to find something but you have to stay open minded and start thinking about what compromises you'd be ok with and what are deal breakers for you.

For example would you take a townhouse/terrace with no garden in Dundrum/Stillorgan, or would you rather keep the garden and move out beyond the M50, maybe Stepaside or Ballycullen?

guile4582

SarahMollie wrote: »

I can understand wanting something decent - I househunted for about 4 years before buying (i had 3x sale agreeds fall through)

I ended up buying in a totally different part of town that I'd originally planned but it worked out in the end.

Don't become disheartened, you will be able to find something but you have to stay open minded and start thinking about what compromises you'd be ok with and what are deal breakers for you.

For example would you take a townhouse/terrace with no garden in Dundrum/Stillorgan, or would you rather keep the garden and move out beyond the M50, maybe Stepaside or Ballycullen?

thanks guys.

roll on january and viewings! and yeah will list out the deal breakers etc.

SarahMollie

guile4582 wrote: »

thanks guys.

roll on january and viewings! and yeah will list out the deal breakers etc.

One last thought - Shankill? its surrounded by better areas so could be a savy buy.

Same could be said for Deansgrange or Sallynoggin perhaps, but I don't know a great deal about these areas so you'd have to investigate!

guile4582

how do people suss out schools, is there like a Leaving Cert averages list or something

Good schools is a deal breaker i think

loads of areas to investigate.

There were Irish Times feeder schools lists last week. Can't like to it right now but you can download the spreadsheet and it shows you have many kids from each school go to each university. Very detailed.

SarahMollie

guile4582 wrote: »

how do people suss out schools, is there like a Leaving Cert averages list or something

Good schools is a deal breaker i think

loads of areas to investigate.

Surely this is more of a thing for secondary schools? Are you planning on this to be your forever home?

Another point to note is that a lot of the top feeder schools, especially in South Dublin, are fee paying.

guile4582

being 35, i am looking for a forever home yes.

The Mulk

guile4582 wrote: »

being 35, i am looking for a forever home yes.

Do you have kids currently,I'm the same age as yourself, same employer, school going kids, and the thing that's most important at the moment is work/life balance.
My wife has gone part time, but still on a decent wage.
I'm looking at maybe next year taking the shorter working year to be with the kids for some of the summer. I couldn't do this if we had a 350-400k mortgage.
I'm looking to move shortly, but am staying in the area and not getting into too much debt. Maybe an extra 40-50K spread out over a longer term.
We've had opportunities to move closer to the city over the years but are well settled now and happy with the area

guile4582

no kids yet, house first priority

MarkAnthony

Always wondered on the school front - would it not be better to buy a cheaper home and send sprogs to a fee paying school if one believes that the school the child attends make much of a difference. Obviously there are some excellent schools and some terrible ones but don't the majority fall somewhere in the middle?

Maybe OT - Dunno

AsianDub

MarkAnthony wrote: »

Foxfield (seems to be considered a 'posh' part of Raheny)

450k to 595K for some houses in this area (Foxfield, Assams, Maywood, Raheny Park). Howth Road 600k to 800k. South of the tracks in Raheny is expensive and overpriced for what needs to be done to them in terms of renovations. I've been looking in this area myself and the standard is shocking. Good village, near St Annes Park/Dart/Sea/Clontarf though.

Cheaper houses would be in the ex-council terraced/end of terrace houses opposite the park which is a lovely area and the houses don't seem to need as much work. Ashcroft/Belmont estates I've heard are nice too would be in the OP's budget. Schools are another thing to think about. Fee paying vs non fee paying etc. School league tables are here http://www.schooldays.ie/articles/about-school-league-tables and the site also shows individual schools' progression to 3rd level stats.

But if you socialise and have been living a life and like it in an area for a while its hard to move. Anything in the ex-council estates in Windy Arbour/Dundrum or maybe Mount Argus in Harold's Cross?

Not being from the most affluent of areas myself I can understand your fears of moving into an area with social problems.

I've been looking for 3 years and have been outbid many times. It was very disheartening tbh. I just had to lower my expectations a bit. Its all about compromises unless you have an infinite amount of cash. Don't get disheartened. Best of luck!

The Mulk

guile4582 wrote: »

no kids yet, house first priority

Best of luck with the search, the greater Dublin area really is a small place, although the traffic is a killer, but if you're going to be working in Blackrock, I'd be sticking to the south side, pref. on the train line, maybe even Co. Wicklow

sapper

Isnt all this a separate thread?

The last few thousand pages have been about the direction of property prices

Time to close this one up and start one for 2016 I think....

MarkAnthony

AsianDub wrote: »

450k to 595K for some houses in this area (Foxfield, Assams, Maywood, Raheny Park). Howth Road 600k to 800k. South of the tracks in Raheny is expensive and overpriced for what needs to be done to them in terms of renovations. I've been looking in this area myself and the standard is shocking. Good village, near St Annes Park/Dart/Sea/Clontarf though.

Indeed but go one or two streets over and bargains can be had. For what ever reason huge areas where left in the old estates; some reasonable houses have been built there like the detached mentioned above and a more modest 4 bed end of terrace like the one I'm sitting in typing this

AsianDub

sapper wrote: »

Isnt all this a separate thread?

The last few thousand pages have been about the direction of property prices

Time to close this one up and start one for 2016 I think....

Back on topic so.

In Dublin I predict a

a rise of 8% in house prices in the 250k to 350k range
a rise of 5% in house prices in the 350k to 500k range
a rise of 3% in house prices in the 500k to 1m range
a fall of 10 % in house prices >1m

But sure I don't have a clue what's going to happen.

SarahMollie

AsianDub wrote: »

Back on topic so.

In Dublin I predict a

a rise of 8% in house prices in the 250k to 350k range
a rise of 5% in house prices in the 350k to 500k range
a rise of 3% in house prices in the 500k to 1m range
a fall of 10 % in house prices >1m

But sure I don't have a clue what's going to happen.

Not sure exactly whats going on, but upwards only within the M50 is pretty much a given in my opinion.

Supply is still sluggish, and a lot of the (few) homes that are being built don't seem to match what a lot of first time buyers want, ie a 3bed semi d with a bit of a garden.

Granted I'm basis this on South Dublin, but you seem to need to go right to the edge of the city (Stepaside, Firhouse, Knocklyon, Citywest) to get that type of property in a new build. In the more established and affluent areas, they've seen a lot of larger homes (often 3 story townhouses to fit the maximum on the site) that are very large and cost £6/700k and upwards.

Hardly a reality for most young people on normal incomes.

gaius c

ec18 wrote: »

I heard second hand from a mortgage broker that there is a relaxing on the income multiple from sometime next January to 4.5 times salary. Has anyone heard this? or maybe they were referring to the 15% exemptions being available again?

There's been a lot of huffing about this from various people but it looks like the rules are there to stay and people need to start budgeting according to them.