Property Market 2019

MilaM

nerrad01 wrote: »

Its so annoying on property sites that agents are consistently listing places under the wrong area to try justify a higher price. Lots of places ive looked at are listed as terenure when its clearly perrystown or kimmage, firhouse as knocklyon and knocklyon as templogue. I know its a small thing but very annoying

Cherrywood listed as Cabinteely, Cabinteely listed as Blackrock, Fairview as Clontarf. It's not small thing for buyers who are not local and may feel they are buying in Cabinteely and it's actually Cherrywood.

Dolbhad

I found in Cork for maybe the last 3 months of the year, the stock for sale has been really poor and it’s really been mostly houses that need a lot of work that has gone now up. I have hardly done many viewings in that period of time.

theboringfox

Dolbhad wrote: »

I found in Cork for maybe the last 3 months of the year, the stock for sale has been really poor and it’s really been mostly houses that need a lot of work that has gone now up. I have hardly done many viewings in that period of time.

Totally agree but would extend it to most of 2019.

Mickiemcfist

MilaM wrote: »

Cherrywood listed as Cabinteely, Cabinteely listed as Blackrock, Fairview as Clontarf. It's not small thing for buyers who are not local and may feel they are buying in Cabinteely and it's actually Cherrywood.

There's difficult due diligence when buying a house & theres common sense googling, the above is the latter. The eircode will show the real address.

Dolbhad

theboringfox wrote: »

Totally agree but would extend it to most of 2019.

That’s true actually! But felt Brexit talks in October slowed things down as maybe those trading up/down are holding off putting houses on the market. Any houses I saw in last three months were probate sales or ex rentals.

I’ve find prices have increased but not as much as from 2017 to 2018 but what your getting for the money is worse off. I didn’t want a new build but I they seem better value at the moment which I never thought I’d say.

Mad_maxx

JamesMason wrote: »

Brexit or no Brexit, the global economy is slowing down. Germany is in recession and the US will be soon. Ireland is vulnerable to economic shocks. It happened here before...

The U.S economy is extremely strong right now

The_Conductor

Mad_maxx wrote: »

The U.S economy is extremely strong right now

Its shrank in 2 of the last 4 quarters and off-farm employment growth has consistently been below consensus levels. They're in the middle of a trade war with China- and despite low unemployment figures, wage growth has not happened. There are a lot of things wrong with the US economy- many of their missteps are currently being masked by low unemployment- but the tax cuts have already wound their way through the system, so the picture is nowhere near as rosy as the unemployment figures suggest.

Mad_maxx

The_Conductor wrote: »

Its shrank in 2 of the last 4 quarters and off-farm employment growth has consistently been below consensus levels. They're in the middle of a trade war with China- and despite low unemployment figures, wage growth has not happened. There are a lot of things wrong with the US economy- many of their missteps are currently being masked by low unemployment- but the tax cuts have already wound their way through the system, so the picture is nowhere near as rosy as the unemployment figures suggest.

Do we ignore the raging bull market in equities?

The_Conductor

Mad_maxx wrote: »

Do we ignore the raging bull market in equities?

Equities are behaving in a completely irrational manner- and are so far into the realm of hot air that its not funny. Bad news- they drop by X. Bad news overturned- they increase by 4X (tradewar chatter for example).

People are willing equities to continue rising in perpetuity- historic norms are out the window- and the irrational frothiness in the market is frankly dangerous.

Arthur Daley

It took the Dow Jones the first 17 years of this century to go from 11,500 to 18,000.

In the little over three years since 8th November 2016 it has gone from 18,000 to 28,500. There's probably half a dozen people who fully buy into this miracle of economics and 3 of them are Donald Trump and his sons.

AlmightyCushion

Arthur Daley wrote: »

It took the Dow Jones the first 17 years of this century to go from 11,500 to 18,000.

In the little over three years since 8th November 2016 it has gone from 18,000 to 28,500. There's probably half a dozen people who fully buy into this miracle of economics and 3 of them are Donald Trump and his sons.

The Dow Jones reached 18,000 in February 2015. That period of time also includes one of the largest economic crashes in history so of course the increase would take a lot longer.

25 November 1994, the Dow Jones was at 3708. On 21 November 1997, less that 3 years later it had more than doubled to 7881. That is a much quicker rise than the previous 3 years.

Assetbacked

The soundings of worry are present at the level of European regulators with the asset management bubble and the crazy growth experienced since 2013. The banks are well capitalised so won't be the cause of a crash but the hyper growth in the stock markets (such as the S&P 500 in particular) is pyramid-scheme esque; so many funds investing in funds that base returns on the returns of indices such as the S&P 500. How deep does it go is not known and how many vehicles indirectly take exposure thus artificially propping up the value of the companies in the index is uncertain. This is the next bubble but when it goes pop is difficult to say (as it would not come from a single event, perhaps a culmination of jitters and nerves creating pressure points e.g. US China trade war, Woodford and the liquidity incident) and the impacts on Irish property market even harder to predict. The heaviest impact would seemingly be to multinationals here such as Google, Indeed, Facebook etc. which in turn would hurt the institutionals that are building their offices and build-to-rents for their employees. To be honest, the people of Ireland are likely not to be too badly hit themselves. While the corporation taxes would be hit, this is just a windfall anyway and the government is being told to not treat it as a permanent income.

whatever76

Dolbhad wrote: »

I found in Cork for maybe the last 3 months of the year, the stock for sale has been really poor and it’s really been mostly houses that need a lot of work that has gone now up. I have hardly done many viewings in that period of time.

Agree !!! Extend to the last 18-24 months though especially in the city ( Glanmire/Carrigaline etc not so much) especially in the 250- 300k price point and usually these then require a lot of work ! Cork City market is a tough space for those under the 300k price point for the last year and half at least !

MilaM

Mickiemcfist wrote: »

There's difficult due diligence when buying a house & theres common sense googling, the above is the latter. The eircode will show the real address.

Sure, it's such a big purchase - good research is a must. But between the addresses, very heavily editing of pictures and things as 2 bedroomed house advertised as 3 (you can easily put a wall and make it to 3 was the excuse of the estate agent).

It's not like I will buy a house without research, but it's wasting time and buying/selling house is time consuming as it is. EA need to be held to some standard of accuracy of what are they advertising.

Dolbhad

whatever76 wrote: »

Agree !!! Extend to the last 18-24 months though especially in the city ( Glanmire/Carrigaline etc not so much) especially in the 250- 300k price point and usually these then require a lot of work ! Cork City market is a tough space for those under the 300k price point for the last year and half at least !

It really is a tough market. We were in that market when we first started looking and it was so competitive. We decided to go back to the and save for another 18 months and get pay increases so we could get more money from the bank. We are now in the 300k plus range. Still a crap market but find there isn’t as much bidders there. However in the 300k most new builds start at that price.

Paul_Mc1988

nerrad01 wrote: »

Its so annoying on property sites that agents are consistently listing places under the wrong area to try justify a higher price. Lots of places ive looked at are listed as terenure when its clearly perrystown or kimmage, firhouse as knocklyon and knocklyon as templogue. I know its a small thing but very annoying

I just bought a house in manor estate. The estate agent had it down as terenure D6W. It a D12 address on eircode. They use these shenanigans all the time but I'd say most dont fall for it. Still though I enjoyed bringing it up at the first viewing when there was plenty of other people around.

riclad

All the house,s i see on daft or myhome.ie have photo,s of the room,s
and the garden .I have never seen an agent pretend a 2 bed house,
is 3bed house,
Some agents may market a house as in for example glasnevin when its really in another area .
Just using google will show the real location of the house anyway.

pearcider

Mad_maxx wrote: »

Do we ignore the raging bull market in equities?

Stock buybacks so rich people getting richer. You like ignoring the fact that the US exchequer is running a trillion dollar deficit with record low unemployment. It’s a recipe for disaster.

Arthur Daley

pearcider wrote: »

Stock buybacks so rich people getting richer. You like ignoring the fact that the US exchequer is running a trillion dollar deficit with record low unemployment. It’s a recipe for disaster.

It's ok, 'they can just print more money', is the usual response.

coolshannagh28

Arthur Daley wrote: »

It's ok, 'they can just print more money', is the usual response.

Truly the way to permanent economic expansion.

PokeHerKing

Paul_Mc1988 wrote: »

I just bought a house in manor estate. The estate agent had it down as terenure D6W. It a D12 address on eircode. They use these shenanigans all the time but I'd say most dont fall for it. Still though I enjoyed bringing it up at the first viewing when there was plenty of other people around.

Manor Estate have a big rock at the top of the road saying welcome to Terenure. So don't blame the EA, blame your pretentious neighbours.

The fact you can't get to Terenure Village from there without passing through Templeogue/Perrystown does not seem to register with the locals. But who needs maps when you've got a big rock! :-)

riclad

i read an article in the sunday times a week ago,
it said there was 1 billion worth of new property built in 2019.
It said the irish property market was down 1 per cent in 2019 .
If you exclude the new build market.
If someone in templeogue wants to pretend they live in terenure i see no harm in that, as long as potential home buyers are not fooled by this .
every one has smartphones, or laptop,s , if you are buying a house ,i would presume you will check where it is located if there is any doubt.
It would be nice to have a map that would show all the borderlines,
so you could tell exactly where terenure ends and another area begins.

CPTM

riclad wrote: »

It would be nice to have a map that would show all the borderlines,
so you could tell exactly where terenure ends and another area begins.

Ha yes - I can only imagine the war that would ensue between people when creating those mapped areas !

CPTM

I did sense this personally when buying and selling in south dublin this year. Less people at viewings, and only the absolutely stunning turn key places which required zero renovation experienced bidding wars. Anything other than those were struggling to find a bid.

https://www.rte.ie/news/business/2019/1230/1103613-daftie-housing-report/

Billythekid19

Dolbhad wrote: »

I found in Cork for maybe the last 3 months of the year, the stock for sale has been really poor and it’s really been mostly houses that need a lot of work that has gone now up. I have hardly done many viewings in that period of time.

Viewed quite a few houses in the affluent suburbs of the southside, ballintemple, blackrock ect. Some of the asking prices (400k mark) for houses in what I can only describe as in an embarrassing condition are outrageous.

The_Conductor

And as the year closes- I'm closing off the 2019 thread- and moving the last few posts which are speculating about what 2020 is going to bring, into the new Property Market 2020 thread located here.

Have fun everyone- Happy New Year to you all- hope its kind to you.