Where do people find the money to buy such expensive houses?

outlooks

Hi,

More curiosity than anything else, I was checking this website - https://www.propertypriceregister.ie/Website/npsra/pprweb.nsf/PPR?OpenForm and there are hundreds of houses sold at a price above 500k euro. Anything above 300k is, imo, quite a lot of money.

Also interesting was to run a search on the house address to see how much was the ask and for how much it was sold after the bidding.

Where do people find the money to afford these mortgages?

vicwatson

Who says they need a mortgage ?

outlooks

vicwatson wrote: »

Who says they need a mortgage ?

That is actually a good point. Still where do people get the money? Family savings? Lotto?

Mantis Toboggan

Plenty arriving back from Australia in recent years where earnings were in excess of 200k each year, lots of these houses are being bought for cash.

outlooks

Tyson Fury wrote: »

Plenty arriving back from Australia in recent years where earnings were in excess of 200k each year, lots of these houses are being bought for cash.

That makes sense and it totally takes locals out of the "market". Would that be the majority? If you check the website I've shared there were a really large number of houses sold at a premium price.

Chivito550

Tyson Fury wrote: »

Plenty arriving back from Australia in recent years where earnings were in excess of 200k each year, lots of these houses are being bought for cash.

I lived in Australia for 3 years. I'd be amazed if very many Irish were earning that sort of money out there. And every dollar over 100,000 is taxed at 50%, and the cost of living out there is expensive so you wouldn't be saving massive amounts.

Geuze

A close relation bought a house inside the canals, approaching 300 k.

Paid cash.

Earns 28 k pa, aged approx 40.

Earned more in the past, savings, SSIA, parental gift. etc.

Geuze

There is more income and wealth in Ireland than people realise.

Cookie_Monster

couple with 2 incomes of 50k plus wouldn't exactly be unusual IMO, easily affordable in that case

Ursus Horribilis

There are jobs out there that pay very well too. Medical consultants, I.T, high level finance, lawyers, CEOs etc.

aido79

Chivito550 wrote: »

I lived in Australia for 3 years. I'd be amazed if very many Irish were earning that sort of money out there. And every dollar over 100,000 is taxed at 50%, and the cost of living out there is expensive so you wouldn't be saving massive amounts.

I personally know a few Irish people earning that sort of money in Australia. They are working in mining/oil and gas and their living expenses would be quite low as they work away for 4 weeks at a time and only really need to spend money on their week off.
The highest rate of tax at 45% doesn't kick in until a person earns $180,000 a year.
Believe me some of these guys( the ones who aren't stupid with their money) are saving massive amounts of money.

Ginger83

outlooks wrote: »

Hi,

More curiosity than anything else, I was checking this website - https://www.propertypriceregister.ie/Website/npsra/pprweb.nsf/PPR?OpenForm and there are hundreds of houses sold at a price above 500k euro. Anything above 300k is, imo, quite a lot of money.

Also interesting was to run a search on the house address to see how much was the ask and for how much it was sold after the bidding.

Where do people find the money to afford these mortgages?

Some waste of half a million quid.

outlooks

Ginger83 wrote: »

Some waste of half a million quid.

Agree. With 300k one could buy a 4bed detached modern house in a complex in Spain or Portugal for their retirement years. Theee hous diatance with nice weather, nice food and good health care system.

I guess that is what some people realized and are now selling their 40 yrs old houses for more than half a million. Family and friends aside why would one live their whole lives under the rain?

Interested Observer

I would imagine there are plenty of couples whose earnings combined go into six figures. They'd well be able to afford a 300k house anyway.

Sam Kade

Tyson Fury wrote: »

Plenty arriving back from Australia in recent years where earnings were in excess of 200k each year, lots of these houses are being bought for cash.

What were they working to make in excess of 200k/year? Also if they were earning that down under why would they bother coming back to ireland?

JustAThought

Interested Observer wrote: »

I would imagine there are plenty of couples whose earnings combined go into six figures. They'd well be able to afford a 300k house anyway.

300k on one good salary - just managable - on two salaries that would be very managabke, higher up to 500k an SME owner with a good turnover & low debt - again very managable, people who gave 'good' jobs - lawyers, doctors, successful builders, chip shop owners, publicans, etc not to mention people with the many lucrative government contracts, hardworking business owners, private practices like speech therapists, occupational therapists, married double salary 'civil' 'servants' on state protected salaries for life which is taken into account, people who inherited, who in the 80's and 90's invested wisely, people who put their SSIA into savings bonds that are maturing now, people who get lump sums in work at staged intervals & stocks, etc etc etc

Mantis Toboggan

Chivito550 wrote: »

I lived in Australia for 3 years. I'd be amazed if very many Irish were earning that sort of money out there. And every dollar over 100,000 is taxed at 50%, and the cost of living out there is expensive so you wouldn't be saving massive amounts.

I'm talking about people working in the mines, who receive free accommodation, flights and food. Everything earned is saved and speaking from experience, yes you would be amazed

lawred2

Chivito550 wrote: »

I lived in Australia for 3 years. I'd be amazed if very many Irish were earning that sort of money out there. And every dollar over 100,000 is taxed at 50%, and the cost of living out there is expensive so you wouldn't be saving massive amounts.

Whereas every euro above 33k is taxed here at near 50%...

Mantis Toboggan

Sam Kade wrote: »

What were they working to make in excess of 200k/year? Also if they were earning that down under why would they bother coming back to ireland?

Visas and residency are the big problems. They earn that kind of money and more. Things is its a bit of a ****y life, you fly into these places in the middle of nowhere for 4 weeks at a time and work pretty much every day.

Mantis Toboggan

lawred2 wrote: »

Whereas every euro above 33k is taxed here at near 50%...

Not sure where he got 50% tax rare in Australia either.

thierry14

Tyson Fury wrote: »

I'm talking about people working in the mines, who receive free accommodation, flights and food. Everything earned is saved and speaking from experience, yes you would be amazed

Yeah some shrewd ones out there

I have a school friend who worked as an electrician in Middle East last few years

Got 50k after tax, food, accommodation all paid for, even got a living allowance approx 100 - 150 per week as his main salary was paid in lump sums

He recently bought a house for cash here and has it rented out.

In Canada now, only 29

Chivito550

aido79 wrote: »

I personally know a few Irish people earning that sort of money in Australia. They are working in mining/oil and gas and their living expenses would be quite low as they work away for 4 weeks at a time and only really need to spend money on their week off.
The highest rate of tax at 45% doesn't kick in until a person earns $180,000 a year.
Believe me some of these guys( the ones who aren't stupid with their money) are saving massive amounts of money.

Apologies, I got the rates wrong.

Nobody living in a city would be earning that sort of money and saving that sort of money.

Regarding living in the mines for years, what an awful waste of a life that is. I passed through a town called Port Headland where some are based. Depressing is too mild a word. Not worth it, house or no house. Would rather a life.

Ursus Horribilis

Chivito550 wrote: »

Regarding living in the mines for years, what an awful waste of a life that is. I passed through a town called Port Headland where some are based. Depressing is too mild a word. Not worth it, house or no house. Would rather a life.

Short term pain for a longer term gain perhaps?

Walter2016

Most staff in Facebook have share options.

Many were given when it went public at $21 just 4 years ago and also could buy additional shares - shares are now $117. Even after tax, it has been a huge earner for many of their staff and 500k+ would not be unusual.

Same but not as lucrative for Google staff, Microsoft staff and many others that have seen substantial share price growth in the past few years.

John Mason

My friend came from working in the carribean for 15 years and bought 4 penthouse apartment in Smithfield outright.

they are all rented out now, she already owned her own apartment and another house which is also rented out. Oh then there are the 2 holiday homes.

JustAThought

What was she doing that she had at least 1.5 million euro saved from a third world country operating in a different currency and when dollars were worth two thirds the value of a euro.?

John Mason

JustAThought wrote: »

What was she doing that she had at least 1.5 million euro saved from a third world country operating in a different currency and when dollars were worth two thirds the value of a euro.?

telecommunications

Tax free, all accomdation paid for including all bills plus a car. flight home paid for.
share options, nowhere to spend money

aido79

Chivito550 wrote: »

Apologies, I got the rates wrong.

Nobody living in a city would be earning that sort of money and saving that sort of money.

Regarding living in the mines for years, what an awful waste of a life that is. I passed through a town called Port Headland where some are based. Depressing is too mild a word. Not worth it, house or no house. Would rather a life.

You're right...nobody living and working in any Australian city could save that sort of money.

Having worked in Port Hedland many times it still remains one of my least favourite places in Australia but as another poster said...short term pain for long term gain. It's definitely not somewhere I would choose to live but I can see the attraction for people who are thinking long-term about setting themselves up.

troyzer

I'm a mining geologist. I'm not in Aus at the moment but the starting salaries even at such a poor part of the business cycle are pushing $150k in some of the bigger mines. Within five years you're easily making $250k and if you're on a FIFO you're basically not spending money 75% of the time.

The reason why people leave is the same reason why the money is so good. It's a rough, hard life and it's very difficult to start a family.

Kadser

Always thought it's because they mostly get 40-year mortgages?

alastair

Plenty of people trading up too. Not so difficult to buy a 500k house if you're selling a 350k one, even on an unexceptional income.