Property Market 2019

mike_cork

5 houses gone up for sale (1 of them already sold) in the last few weeks in my estate (central cork city). Very strange.

OwlsZat

Certainly have seen more houses list than is usual.

Cyrus

mike_cork wrote: »

5 houses gone up for sale (1 of them already sold) in the last few weeks in my estate (central cork city). Very strange.

well it is the start of the second selling season so there are loads of new listings the last few weeks, you will see the irish times have restarted their property supplement etc.

0gac3yjefb5sv7

Seeing the opposite in Dublin, only a handful each week in the areas I'm looking.

DelBoy Trotter

Pheonix10 wrote: »

Seeing the opposite in Dublin, only a handful each week in the areas I'm looking.

I'm seeing the same in Dublin, it still seems to be very slow

Bluefoam

DelBoy Trotter wrote: »

I'm seeing the same in Dublin, it still seems to be very slow

I'm seeing a severe lack of quality in Dublin... Either executors sales or landlords getting out, but I reckon anyone in a decent home seems to be staying put. Therefore most second hand houses I've seen have been in a terrible state.

DelBoy Trotter

Bluefoam wrote: »

I'm seeing a severe lack of quality in Dublin... Either executors sales or landlords getting out, but I reckon anyone in a decent home seems to be staying put. Therefore most second hand houses I've seen have been in a terrible state.

I've gone to see four second hand houses in the last two weeks. Only one of them was in a condition I'd consider walk in, the other three were a mixture of needing a touch up to one being in a shocking state

beauf

I would guess a lot of people don't have the funds to do the renovation up to the expected modern standard.
Renovation is now very expensive and getting builders, trades expensive and difficult. (always was tbh).
There are 80s, 90s, and 00s property that are going to need 50~100k. Probably a lot are retiring no longer want the hassle.

whatever76

mike_cork wrote: »

5 houses gone up for sale (1 of them already sold) in the last few weeks in my estate (central cork city). Very strange.

If the area in question is turners cross or in or around that area its not very strange - have been looking and outbid on numerous occasions the last 2 years and some of them do-uppers. They are mainly in the 250- 300 price bracket so demand is high regardless of condition !

The say houses there are snapped up in 3-5 week and I believe it based on my experience

mike_cork

whatever76 wrote: »

If the area in question is turners cross or in or around that area its not very strange - have been looking and outbid on numerous occasions the last 2 years and some of them do-uppers. They are mainly in the 250- 300 price bracket so demand is high regardless of condition !

The say houses there are snapped up in 3-5 week and I believe it based on my experience

Im actually down by city hall (Jewtown area).
Was just out for a walk there and theres 3 other houses with signs up but at least 2 were sale agreed/sold. So seems like its busy selling time at the moment in the market.

Zenify

I would agree that not much is happening in south Dublin. Not many properties going up. Heard from an estate agent that it's pretty quiet. Nothing selling and nothing going up. You would think that nothing selling would encourage others to put on market before prices come down but looks like it hasn't.

tigger123

Even though I recently bought, I've left my daily myhome notification email alert in place.

I've had it set within the same price range for all of Dublin for over a year and I'm not noticing a slowdown in the properties going up (outside of the usual quiet months).

whatever76

mike_cork wrote: »

Im actually down by city hall (Jewtown area).
Was just out for a walk there and theres 3 other houses with signs up but at least 2 were sale agreed/sold. So seems like its busy selling time at the moment in the market.

Ah I see - similar enough to Tuners Cross market I reckon - big demand due to location etc …

mike_cork

whatever76 wrote: »

Ah I see - similar enough to Tuners Cross market I reckon - big demand due to location etc …

Yeah popular location around here.
Im just back from hols-While i was gone 2 house gone up sale. (you generally wouldnt see that around here).

Mad_maxx

Cyrus wrote: »

Mad_maxx wrote: »

Property pin is a stopped clock at best

its a forum like this one, some posters have better insight than others, the charts thread is using verifiable data and no really drawing conclusions other than what the data suggests.

It's full of permabear cranks who are convinced that one day four bedroom houses in Dublin 6 will be 100k

Cyrus

Mad_maxx wrote: »

It's full of permabear cranks who are convinced that one day four bedroom houses in Dublin 6 will be 100k

there are a few of those alright

no matter how low houses prices went they were convinced they were still obscene, the threads from around 2012 are gas.

Mad_maxx

Cyrus wrote: »

Mad_maxx wrote: »

It's full of permabear cranks who are convinced that one day four bedroom houses in Dublin 6 will be 100k

there are a few of those alright

no matter how low houses prices went they were convinced they were still obscene, the threads from around 2012 are gas.

I opened one in summer 2012 about a one bed own door apartment in stoneybatter, asking price was 120k, several pin posters insisted that 60k was enough for it

Easily worth 220k today and 1500 per month to rent

mcbert

I notice the charts from the pretty charts thread on property pin have not updated start of this month...

Shelga

Have read the last few pages of the thread. I think the biggest factor that I didn’t see mentioned, is whether you’re trying to buy as part of a couple or on your own.

I’m 32, single, and looking to buy a half-decent 2-bedroom apartment on the northside of Dublin. I’m happy to live in an apartment, but I look at what even an extra €50-75k would get me, never mind double my budget (which I’d have if I was buying with someone) and it is a bit depressing.

I just try to not do that very often Ignorance is bliss!

tigger123

Shelga wrote: »

Have read the last few pages of the thread. I think the biggest factor that I didn’t see mentioned, is whether you’re trying to buy as part of a couple or on your own.

I’m 32, single, and looking to buy a half-decent 2-bedroom apartment on the northside of Dublin. I’m happy to live in an apartment, but I look at what even an extra €50-75k would get me, never mind double my budget (which I’d have if I was buying with someone) and it is a bit depressing.

I just try to not do that very often Ignorance is bliss!

It's something you dont see talked about at all; how buying anything can be out of the reach for people trying to do it on their own.

But hey, something something, market forces.

Shelga

tigger123 wrote: »

It's something you dont see talked about at all; how buying anything can be out of the reach for people trying to do it on their own.

But hey, something something, market forces.

Yeah, every article I ever see, every example of how people are struggling to get on the ladder- always about couples. Makes you feel a bit invisible.

pearcider

Cyrus wrote: »

there are a few of those alright

no matter how low houses prices went they were convinced they were still obscene, the threads from around 2012 are gas.

People forget the entire financial system was bailed out in 2008. Numbers are hard to come by but it’s cost at least 10 trillion to the ECB. Not sure how much of that has gone to Ireland but Ireland debt is now over 200 billion. It was 40 billion before the crash. Global debt is now approaching 300 trillion. It was under 200 trillion in 2008. So the entire bubble has been “reflated” by the central banks and by extension the taxpayer. If you think this has a happy ending, I admire your confidence.

tigger123

I'd almost consider voting for this Government, but given how they've been in power since 2011 and oversaw this sh*show, I could never do it.

Didn't sort it, or even realistically try to. Or even explain why they couldn't.

Eoghan Murphy and his rolled up sleeves is what we get.

beauf

Its pretty obvious the housing continues to be pumped as a vehicle to encourage large investment into Ireland.

fliball123

pearcider wrote: »

People forget the entire financial system was bailed out in 2008. Numbers are hard to come by but it’s cost at least 10 trillion to the ECB. Not sure how much of that has gone to Ireland but Ireland debt is now over 200 billion. It was 40 billion before the crash. Global debt is now approaching 300 trillion. It was under 200 trillion in 2008. So the entire bubble has been “reflated” by the central banks and by extension the taxpayer. If you think this has a happy ending, I admire your confidence.

The banks got 60 billion and this has reduced or would be if the government sold their stake in the Irish banks. If you want to understand the nature of that debt look at how much we pay for our welfare system and our rediculous decision in benchmarking.

fliball123

beauf wrote: »

Its pretty obvious the housing continues to be pumped as a vehicle to encourage large investment into Ireland.

that is a point a lot of people think they are only competing with Ann the nusre and bill the guard for houses but Ireland current rental yields are huge its no wonder the vultures are swooping as it is an attractive prospect.

SozBbz

fliball123 wrote: »

that is a point a lot of people think they are only competing with Ann the nusre and bill the guard for houses but Ireland current rental yields are huge its no wonder the vultures are swooping as it is an attractive prospect.

But if you look at the type of assets those funds hold, its not a house here and an apartment there. Its entire estates and apartment blocks at a time. Often they buy sites or partner with developers and build their own.

Those sorts of opportunities are handled by commercial EAs and Ann and Bill dont get near them. They don't pop up on Daft or MyHome.

You could argue that that has an overall effect on the market, but at the same time if they're causing more units to be built then....?

fliball123

SozBbz wrote: »

But if you look at the type of assets those funds hold, its not a house here and an apartment there. Its entire estates and apartment blocks at a time. Often they buy sites or partner with developers and build their own.

Those sorts of opportunities are handled by commercial EAs and Ann and Bill dont get near them. They don't pop up on Daft or MyHome.

You could argue that that has an overall effect on the market, but at the same time if they're causing more units to be built then....?

Either way it furthers the gap (as in these are not available for sale) between the supply vs. demand paradigm that will push prices up in the long run. This is the fundamental point that no one talking about a price drop can dispute, this gap is there and regardless of brexit prices will over time continue to rise.

The_Conductor

fliball123 wrote: »

The banks got 60 billion and this has reduced or would be if the government sold their stake in the Irish banks. If you want to understand the nature of that debt look at how much we pay for our welfare system and our rediculous decision in benchmarking.

The *net* cost after our bailout of the banking system (and predominantly from the Anglo mess but also keep ILP, INS and others in mind) is 40 billion with an annual cost of servicing this debt of 1.4 billion (this is according to the September 2017 C&AG Report on the cost of the banking bailout).

The rest of the 200 billion was a result of no major cuts in social welfare (including pensions) disbursements during the downturn- and other expenditure which could theoretically have been offput to later, but wasn't.

Benchmarking- which was quite contentious back in 2008- was not a feature in the 200 billion- as the public sector took large paycuts (of an average of 24%) alongside increases in hours and massive revisions to future pension rights etc. I don't think anyone is seriously blaming benchmarking for anything anymore- recent reports show comparable employees earning signficantly more in the private sector than in the public sector- and there are massive staff recruitment and retention problems in many public sectors areas (including in admin/jnr management areas, ironically enough).

Our national debt of 200 billion- is one of the highest per head of population in the world- however, it exists predominantly because of a conscious decision that was taken not to cut social welfare and pension disbursements (which in 2018 amounted to over 20 billion- and thats *after* we were stated to be in full employment conditions...............) If things get bad again- and appropriate cuts aren't made- we're screwed.

beauf

fliball123 wrote: »

that is a point a lot of people think they are only competing with Ann the nusre and bill the guard for houses but Ireland current rental yields are huge its no wonder the vultures are swooping as it is an attractive prospect.

The big funds are very concentrated in small areas. because they are the areas with the highest rent. Even if they are only a small % of the market.

https://www.irishtimes.com/news/environment/potential-price-setting-power-of-institutional-landlords-flagged-1.3794427

I suspect they are distorting the rental yields.

Average rents, and year-on-year change, in Q4 2018:

Dublin: €1,982, up 8.8%
Cork: €1,314, up 11.4%
Galway: €1,239, up 13.1%
Limerick: €1,171, up 16.7%
Waterford: €968, up 16.0%
Rest of the country: €949, up 10.4%

https://www.thejournal.ie/cost-of-renting-in-ireland-4485911-Feb2019/

Everyone is trying (and encouraged) to live in Dublin.