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Ireland Vs the world

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    #62
    Diarmuid
    Registered Users Posts: 3,981 ✭✭✭Diarmuid


    cnocbui wrote: »
    You sure?

    House_to_income_OECD.jpg
    https://data.oecd.org/hha/housing.htm

    As I said previously, if the Chinese were interested, Dublin wouldn't know what hit it.

    You do realise that the graph you posted, is an index with each country ranked relative to the house price in 2010 of that country?

    All it tells you is that Estonian house prices are much more expensive than they were in 2010 IN ESTONIA. Not in absolute terms. I posted a report comparing absolute prices earlier but I guess it didn't fit your opinion.


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    #63
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    househero wrote: »
    Travel much?

    Backwater cities in Asia, with wages 3 times lower than Ireland, are shifting property 3 times more expensive than Cork or Galway.

    Stop obsessing over UK Prices, which is in a cyclical, Brexit blamed recession.

    The rest of the working world has huge property values. Canada, New Zealand, Australia, Asia

    That’s it then. That’s the whole world. You’ve picked places with bubbles. You’ve ignored most of the US and Europe. South America etc.

    The thing about China is that wages are increasing at 10% a year. Have trebled in a decade or two. Given that reality the cost of housing has to be seen against future wages. Wages in Ireland have stagnated. So apples and oranges. If Ireland had 10% guaranteed wage growth banks would be ok with lending at 50% of take home, because that would be 25% of take home in a few years. We are not comparable to China.

    Australia and New Zealand are in the midst of bubbles. Australia could be in real trouble sometime but it depends on what eventually pricks the bible and how.

    Canada is one of the most privately indebted nations in the world.

    Sydney has the second highest price to income in the world, and Australia as a whole has the 3rd highest.

    Why are these extremes the supposed normal cities or nations we should aspire to?


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    #64
    cnocbui
    Registered Users Posts: 20,053 ✭✭✭✭cnocbui


    Diarmuid wrote: »
    You do realise that the graph you posted, is an index with each country ranked relative to the house price in 2010 of that country?

    All it tells you is that Estonian house prices are much more expensive than they were in 2010 IN ESTONIA. Not in absolute terms. I posted a report comparing absolute prices earlier but I guess it didn't fit your opinion.

    The chart shows both the 2010 real price and the 2017 nominal price - the open diamonds - indicating the change in house prices. The chart shows the relative house prices between countries. If it only showed the change in house prices then all the dark 2010 real price dots would form a straight horizontal line. I think your opinion might be influencing your interpretation of the chart.


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    #65
    DubJJ
    Registered Users Posts: 84 ✭✭DubJJ


    househero wrote: »
    Travel much?

    Backwater cities in Asia, with wages 3 times lower than Ireland, are shifting property 3 times more expensive than Cork or Galway.

    Stop obsessing over UK Prices, which is in a cyclical, Brexit blamed recession.

    The rest of the working world has huge property values. Canada, New Zealand, Australia, Asia

    Actually yes, my job takes me to the Middle East, Asia and the US quite regular.

    I'm not obsessed with UK prices but if you want a realistic comparison due to culture, geography and income then that is the best market to compare to.
    Selecting random bubble markets around the world is unrealistic and has no real value in terms of trying to analyse the Irish market.


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    #66
    audi5
    Registered Users Posts: 59 ✭✭audi5


    cnocbui wrote: »
    The chart shows both the 2010 real price and the 2017 nominal price - the open diamonds - indicating the change in house prices. The chart shows the relative house prices between countries. If it only showed the change in house prices then all the dark 2010 real price dots would form a straight horizontal line. I think your opinion might be influencing your interpretation of the chart.

    Very good resource, thanks for posting it.

    I selected Price to Rent and Price to Income charts, and compared Ireland against EU17 and then against EU28, and I see that Ireland is pretty much right the middle of the pack.

    So I guess we can say that we are pretty average here in terms of house prices when we compare ourselves against our closest neighbours, some of which we share our currency, interest rates etc with.

    Also observed that at the end of 2017 house prices against incomes and rents are still 30-35% below their respective peaks.


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