Property Market 2016

whiskeyman · 06-07-2016 10:53am

Been bidding on a few semi Ds in nice parts of North City Dublin over the past 5 months or so.
All went for at least 10% above asking and what I'd consider well above market value based upon recent sales.
The right houses are selling like hot cakes.

Staph · 06-07-2016 1:27pm

That's true Whiskeyman. I went sale agreed recently, after a lot of looking in the north Dublin. All going above asking price and in some cases we were outbid/unwilling to bid higher on some properties. Best of luck with the house hunting.

timfinnegan · 06-07-2016 6:33pm

I'd have to echo the comments of the last 2 posters. I've been outbid on a number of properties in the Dublin area recently. All properties seem to be selling for at least 10% more than the guide price.

timfinnegan · 06-07-2016 6:35pm

There seems to be alot of buyers out there with recourse to cash only. On 2 occasions my bid was turned down as I was not a cash buyer.

yqtwqxqm · 06-07-2016 6:57pm

I was planning on making a purchase this year, but now
while I dont pretend to know what way property prices are going I am stepping out for a while.
I am going to just let it all shake itself out before I even think about getting back in.

I could take a serious hit by buying now if things went pear shaped.
Stepping out for a while will do me no harm at all and will in fact allow me to grow cash on hand while I wait.

So for me personally its all downside risks to buying now.

audi12 · 06-07-2016 7:14pm

yqtwqxqm wrote: »

I was planning on making a purchase this year, but now
while I dont pretend to know what way property prices are going I am stepping out for a while.
I am going to just let it all shake itself out before I even think about getting back in.

I could take a serious hit by buying now if things went pear shaped.
Stepping out for a while will do me no harm at all and will in fact allow me to grow cash on hand while I wait.

So for me personally its all downside risks to buying now.

Nothing to lose by waiting it out.

The_Conductor · 06-07-2016 7:19pm

audi12 wrote: »

Nothing to lose by waiting it out.

Providing your cash grows by at least the amount the property you have in mind grows by.......

The major issue at the moment- is scarcity of supply- and its not getting any better. Until such time as reasonable scale building programmes (of at least 20k units per annum) get underway- scarcity is driving prices in the Irish market- wholly independent of any other factor.

audi12 · 06-07-2016 7:23pm

The_Conductor wrote: »

Providing your cash grows by at least the amount the property you have in mind grows by.......

The major issue at the moment- is scarcity of supply- and its not getting any better. Until such time as reasonable scale building programmes (of at least 20k units per annum) get underway- scarcity is driving prices in the Irish market- wholly independent of any other factor.

Property is more likely to fall than rise so that statement makes no sense

The_Conductor · 06-07-2016 7:27pm

audi12 wrote: »

Property is more likely to fall than rise so that statement makes no sense

Thats your opinion.
History does not support your hypothesis.
There is no indication that we are in bubble territory at present- scarcity of supply is a critical factor- over and above all other factors. Brexit looks likely to further exacerbate this supply side issue- particularly in the Dublin area- in the medium term. The only thing that is going to knock this on the head- is a massive building programme........

yqtwqxqm · 06-07-2016 7:28pm

The_Conductor wrote: »

Providing your cash grows by at least the amount the property you have in mind grows by.......

The major issue at the moment- is scarcity of supply- and its not getting any better. Until such time as reasonable scale building programmes (of at least 20k units per annum) get underway- scarcity is driving prices in the Irish market- wholly independent of any other factor.

I dont see that as a risk though.
I still have the cash, if not the growth. I can think of other things to do with it anyway.
Its the losses i want to avoid even if that means no growth.
Waiting is less risky for me than going ahead - at the moment.

audi12 · 06-07-2016 7:29pm

The_Conductor wrote: »

Thats your opinion.
History does not support your hypothesis.
There is no indication that we are in bubble territory at present- scarcity of supply is a critical factor- over and above all other factors. Brexit looks likely to further exacerbate this supply side issue- particularly in the Dublin area- in the medium term. The only thing that is going to knock this on the head- is a massive building programme........

A house building plan has been put in place and that is speculation also to suggest Brexit will increase demand in Dublin long term may may not. Also how could History support me when this is the first time Britan have left the EU.

The_Conductor · 06-07-2016 7:35pm

audi12 wrote: »

A house building plan has been put in place and that is speculation also to suggest Brexit will increase demand in Dublin long term may may not. Also how could History support me when this is the first time Britan have left the EU.

The house building programme which is underpinned by local authorities and in some instances by NAMA- is only slated to build between 20 and 25% of required housing units between now and 2024. The forecast is based on a perceived need of between 20 and 25,000 units per annum- which is 'normal' levels (according to spatial analysis conducted by NUIM- and underpinned by census information).

This is not an appropriate venue to discuss Brexit- so I'm not going to comment on it- if you want to discuss Brexit, you will have to take it elsewhere.

The_Conductor · 06-07-2016 7:38pm

yqtwqxqm wrote: »

I dont see that as a risk though.
I still have the cash, if not the growth. I can think of other things to do with it anyway.
Its the losses i want to avoid even if that means no growth.
Waiting is less risky for me than going ahead - at the moment.

If you consider waiting to be the better course of action for you- then it is the better course of action for you. We're all different- and we all have combinations of factors which will motivate us in different manners..........

yqtwqxqm · 06-07-2016 7:59pm

The_Conductor wrote: »

If you consider waiting to be the better course of action for you- then it is the better course of action for you. We're all different- and we all have combinations of factors which will motivate us in different manners..........

True.
If I didnt own a house now and was paying rent i would probably think very differently. The safe option for me is what i am going for.

El_Dangeroso · 07-07-2016 2:39pm

Hey do you think maybe this person doesn't really want to sell this apartment?

audi12 · 07-07-2016 2:41pm

El_Dangeroso wrote: »

Hey do you think maybe this person doesn't really want to sell this apartment?

That would make me want to buy it more when I know the bank is involved get a better deal I wouldn't fall for his games.

Bob24 · 07-07-2016 2:44pm

El_Dangeroso wrote: »

Hey do you think maybe this person doesn't really want to sell this apartment?

Is that an actual ad on daft/myhome? You should go for a viewing!

Cuddlesworth · 07-07-2016 2:50pm

Wompa1 wrote: »

Pure speculation here....BUT...would it be fair to assume that many of the first time buyers who are paying with cash are either paying with parents money, inheritance or money made overseas.

The latter of which may be hurt by the Brexit with people contracting in the UK now coming back with much less than previously.

Ditto people in Canada compared to a few years ago with the Canadian dollar taking a dump.

Ditto those in Australia since the Aussie dollar has taken a dump.

32 years old. A fair number of people I know have 100k+ saved, combined income of at least 100k and would be first time buyers. I think any first time buyers in the 300-400k market do have the finances and money to buy. 400k+ don't seem to be shifting quite as fast.

El_Dangeroso · 07-07-2016 3:12pm

Bob24 wrote: »

Is that an actual ad on daft/myhome? You should go for a viewing!

Yep! And 300K for an apartment there is ludicrous, you can buy a 2 bed not 2km from there for 99K

http://www.daft.ie/galway/apartments-for-sale/renmore/24-aisling-court-renmore-galway-renmore-galway-1262050/

I like the way the pics highlight the damage too..

audi12 · 07-07-2016 3:14pm

El_Dangeroso wrote: »

Yep! And 300K for an apartment there is ludicrous, you can buy a 2 bed not 2km from there for 99K

http://www.daft.ie/galway/apartments-for-sale/renmore/24-aisling-court-renmore-galway-renmore-galway-1262050/

I like the way the pics highlight the damage too..

someone should tell the bank I couldn't be bothered

Bob24 · 07-07-2016 3:20pm

El_Dangeroso wrote: »

I like the way the pics highlight the damage too..

That is just hilarious :-) (and sad)

audi12 · 07-07-2016 3:25pm

El_Dangeroso wrote: »

Yep! And 300K for an apartment there is ludicrous, you can buy a 2 bed not 2km from there for 99K

http://www.daft.ie/galway/apartments-for-sale/renmore/24-aisling-court-renmore-galway-renmore-galway-1262050/

I like the way the pics highlight the damage too..

Horrible block of apartments he should be delighted to get rid of one of them.

The_Conductor · 07-07-2016 3:31pm

El_Dangeroso wrote: »

Yep! And 300K for an apartment there is ludicrous, you can buy a 2 bed not 2km from there for 99K

http://www.daft.ie/galway/apartments-for-sale/renmore/24-aisling-court-renmore-galway-renmore-galway-1262050/

I like the way the pics highlight the damage too..

Ah yes- but look at the size of the place!

Angel2016 · 07-07-2016 3:43pm

Is that for real 300K for a 2 bed apt in Galway ?? that cant be correct

The_Conductor · 07-07-2016 3:44pm

Angel2016 wrote: »

Is that for real 300K for a 2 bed apt in Galway ?? that cant be correct

250-260k is ballpark normal for a nice 2 bed in the area (which in all honesty is a bit unreal- but thats what recent sales have made).

audi12 · 07-07-2016 3:47pm

The_Conductor wrote: »

250-260k is ballpark normal for a nice 2 bed in the area (which in all honesty is a bit unreal- but thats what recent sales have made).

http://www.daft.ie/galway-city/apartments-for-sale/renmore/?s%5Bmxp%5D=150000

Three there for less than 100,000 k dont look like dumps wouldn't buy them myself but thats beside the point. You must be looking at the most expensive part of Galway with those prices you came out with.

The_Conductor · 07-07-2016 3:56pm

audi12 wrote: »

http://www.daft.ie/galway-city/apartments-for-sale/renmore/?s%5Bmxp%5D=150000

Three there for less than 100,000 k dont look like dumps wouldn't buy them myself but thats beside the point. You must be looking at the most expensive part of Galway with those prices you came out with.

Unless I'm greatly mistaken- they're all expired S27 properties that are being dumped on the market (they were only ever purchased for tax deductions- which have now expired)........ Prob. all Gleann na Rí?

Have a look at www.propertypriceregister.ie put in Renmore and under date criteria- put 2016, year to-date.......... There is a good reason you've 3 properties @ 99k (or whatever it is they're hoping to get for them)- they are not the norm for the area.

El_Dangeroso · 07-07-2016 4:02pm

The_Conductor wrote: »

250-260k is ballpark normal for a nice 2 bed in the area (which in all honesty is a bit unreal- but thats what recent sales have made).

Nah, 2 bed house maybe, if condition was excellent, but 2 bed apartments in Renmore don't sell for 250.

Angel2016 · 07-07-2016 4:23pm

The_Conductor wrote: »

250-260k is ballpark normal for a nice 2 bed in the area (which in all honesty is a bit unreal- but thats what recent sales have made).

2 beds in certain parts of Dublin aren't even that price 300K for that is just unrealistic.

The_Conductor · 07-07-2016 5:23pm

Have a look at Propertypriceregister - thats where I was getting figures from........

Property Market 2016

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