Property Market 2019

Atomic Pineapple

That MyHome price change checker is excellent thanks for sharing. We're in a commuter town in Meath, and it looks like expensive houses (400k +) are decreasing but low to mid price (200 - 350k) are increasing. But also good point on them being asking prices, I haven't heard of anyone paying at or below asking for a house in a while!!

The_Conductor

lfen wrote: »

Click on ‘for sale’ and select an area, say Dalkey. You’ll get a list of search results.
Click on a property.
Scroll down below the property description and you’ll see ‘market trends’
Click on that and using Dalkey as an example you will see below info-

Dalkey has seen 11 price changes over the last 3 months
2 increases
9 decreases
Overall decrease of
-6%

However, thats only asking prices- not sale prices.
I'd be far more interested in the length of time properties are on the market, than the actual prices they're at- to be brutally honest. Annecdotally, its taking 3-4 times longer to sell properties (at any price point) now, than it was just 18 months ago. This speaks far louder- than does a stagnation in prices- regardless of whether or not people can access finance- increasing numbers of people are choosing not to.

SozBbz

The_Conductor wrote: »

However, thats only asking prices- not sale prices.
I'd be far more interested in the length of time properties are on the market, than the actual prices they're at- to be brutally honest. Annecdotally, its taking 3-4 times longer to sell properties (at any price point) now, than it was just 18 months ago. This speaks far louder- than does a stagnation in prices- regardless of whether or not people can access finance- increasing numbers of people are choosing not to.

I think really good properties are still being snapped up, but more average properties, and certainly anything thats at all over priced is languishing.

When we were house hunting 2-3 months ago (I wouldnt read anything into July/August TBH - nothing much ever moves) I saw a house pop up. It was top of budget but I loved it - character propert, mews house out around Seapoint. No sea views or anything and was on in the mid 600k's. Would have required a total renovation but was fundamentally beautiful.

Rang up to enquire about booking and was told that the current offer on it was at €825k and did I still wish to view? I was flabbergasted because all we're hearing is that houses in that bracket are slow to shift and not going above asking.

Just goes to show theres still buyers out there for something special.

lfen

The_Conductor wrote: »

However, thats only asking prices- not sale prices.
I'd be far more interested in the length of time properties are on the market, than the actual prices they're at- to be brutally honest. Annecdotally, its taking 3-4 times longer to sell properties (at any price point) now, than it was just 18 months ago. This speaks far louder- than does a stagnation in prices- regardless of whether or not people can access finance- increasing numbers of people are choosing not to.

I would be very interested to get a look at average length of time to sell also.

voluntary

airportgirl83 wrote: »

Why would prices start rising after 6 months?

With global tensions, no-deal or deal Brexit (both not ideal for Irl) and current mortgage restrictions, I'd say further increases (if any) will be very modest to non-existent.

Also, cashing in is not as quick as you might think. It took almost 12 months from putting up my house for sale to receiving money in the bank. Property was renovated, in a desirable South Dublin location yet still really noticed people taking their time within anything over €500k...

You can sell a house in less then two months if you price the property correctly and accept a reasonable offer quick. It's all about pricing and accepting a right buyer. Ask for 5% below the current market value and if the place is in some desirable location it should sell without a delay. 5% is nothing if you predict a market meltdown.

The most time takes messing around with estate agents trying to squize every single penny often losing potential buyers in the process.

airportgirl83

voluntary wrote: »

airportgirl83 wrote: »

Why would prices start rising after 6 months?

With global tensions, no-deal or deal Brexit (both not ideal for Irl) and current mortgage restrictions, I'd say further increases (if any) will be very modest to non-existent.

Also, cashing in is not as quick as you might think. It took almost 12 months from putting up my house for sale to receiving money in the bank. Property was renovated, in a desirable South Dublin location yet still really noticed people taking their time within anything over €500k...

You can sell a house in less then two months if you price the property correctly and accept a reasonable offer quick. It's all about pricing and accepting a right buyer. Ask for 5% below the current market value and if the place is in some desirable location it should sell without a delay. 5% is nothing if you predict a market meltdown.

The most time takes messing around with estate agents trying to squize every single penny often losing potential buyers in the process.

It's difficult to predict who is going to be the "right buyer" tbh

Also, 2 months is probably more common to cash buyers imo

In one instance, couple was mortgage approved, seemed committed, however, dragged their feet signing contracts - imo ftb's buyers fear kicked in of splashing over €500k. It's fine though, at the end the house sold €45k over asking.

I've been visiting many new estates since with houses priced around €500k and up until recently they look like they've been selling fast. Very different experience to my 2nd house anyway. I'm guessing it's sth to do with the ftb incentive, building ratings etc

SozBbz

SozBbz wrote: »

I think really good properties are still being snapped up, but more average properties, and certainly anything thats at all over priced is languishing.

When we were house hunting 2-3 months ago (I wouldnt read anything into July/August TBH - nothing much ever moves) I saw a house pop up. It was top of budget but I loved it - character propert, mews house out around Seapoint. No sea views or anything and was on in the mid 600k's. Would have required a total renovation but was fundamentally beautiful.

Rang up to enquire about booking and was told that the current offer on it was at €825k and did I still wish to view? I was flabbergasted because all we're hearing is that houses in that bracket are slow to shift and not going above asking.

Just goes to show theres still buyers out there for something special.

I did a bit of googling and the listing is still availabe (although now showing as sale agreed);
https://www.myhome.ie/residential/brochure/tara-brighton-lane-monkstown-county-dublin/4303049

Will be keeping an eye on the PPR, would love to know what it sold for in the end. IIRC it was on at €675k.

Mad_maxx

ZX7R wrote: »

Do you the prices have fallen 10% in Galway

No, his comments surprised me, I confess to not having been following the Galway market closely in a while

I follow Limerick closely, it's still rising and within 10% of Galway now

The_Conductor

SozBbz wrote: »

I did a bit of googling and the listing is still availabe (although now showing as sale agreed);
https://www.myhome.ie/residential/brochure/tara-brighton-lane-monkstown-county-dublin/4303049

Will be keeping an eye on the PPR, would love to know what it sold for in the end. IIRC it was on at €675k.

Its an interesting property- but incredibly dated, and it also is mind boggling that its considered to be 3 double bedrooms- they're tiny. The asking price is staggering- when you consider that you can get a fully modern apartment that looks like a Laura Ashley showroom, less than 5 minutes away with a guideprice of 365k (and apparently its been on the market since last March).

https://www.myhome.ie/residential/brochure/apt-3-carrig-house-carrickbrennan-road-monkstown-county-dublin/4350448

Given the amount of work esp. modernisation needed in the 675k property- it would be interesting to see what it goes for.

Also- am I the only person who immediately gets suspicious when the estate agent feels the need to use wide angle lens like that?

The_Conductor

Mad_maxx wrote: »

No, his comments surprised me, I confess to not having been following the Galway market closely in a while

I follow Limerick closely, it's still rising and within 10% of Galway now

Galway city is definitely falling- I'd not suggest that its by a particular percentage- but it is noticeably falling. Lower priced apartments seem to be holding their current value far better than larger more luxurious ones. Rental units continue to be in constraint- and rental prices are continuing to rise, despite the falls in property prices. I guess the regulatory regime is such that landlords just want to get out- irrespective of whether rents are continuing to rise, or not..........

SozBbz

The_Conductor wrote: »

Its an interesting property- but incredibly dated, and it also is mind boggling that its considered to be 3 double bedrooms- they're tiny. The asking price is staggering- when you consider that you can get a fully modern apartment that looks like a Laura Ashley showroom, less than 5 minutes away with a guideprice of 365k (and apparently its been on the market since last March).

https://www.myhome.ie/residential/brochure/apt-3-carrig-house-carrickbrennan-road-monkstown-county-dublin/4350448

Given the amount of work esp. modernisation needed in the 675k property- it would be interesting to see what it goes for.

Also- am I the only person who immediately gets suspicious when the estate agent feels the need to use wide angle lens like that?

Ha, well €675k was long gone, was at €825k when I called with more viewings planned. We declined to view for obvious reasons.

It could be beautiful but you'd easily sink another €100k.

Don't all EAs love a good wide angle?

AlmightyCushion

The_Conductor wrote: »

Its an interesting property- but incredibly dated, and it also is mind boggling that its considered to be 3 double bedrooms- they're tiny. The asking price is staggering- when you consider that you can get a fully modern apartment that looks like a Laura Ashley showroom, less than 5 minutes away with a guideprice of 365k (and apparently its been on the market since last March).

https://www.myhome.ie/residential/brochure/apt-3-carrig-house-carrickbrennan-road-monkstown-county-dublin/4350448

Given the amount of work esp. modernisation needed in the 675k property- it would be interesting to see what it goes for.

Also- am I the only person who immediately gets suspicious when the estate agent feels the need to use wide angle lens like that?

Am I missing something? The bedrooms look like decent sizes, not massive but not tiny either. Plus the apartment is only a 2 bed with a tiny kitchen whereas the house is much bigger, a 3 bed with a bigger kitchen and an extra communal room. I'm not saying the house is a bargain or even good value but it's not a like for like comparison.

ionapaul

The_Conductor wrote: »

Its an interesting property- but incredibly dated, and it also is mind boggling that its considered to be 3 double bedrooms- they're tiny. The asking price is staggering- when you consider that you can get a fully modern apartment that looks like a Laura Ashley showroom, less than 5 minutes away with a guideprice of 365k (and apparently its been on the market since last March).

https://www.myhome.ie/residential/brochure/apt-3-carrig-house-carrickbrennan-road-monkstown-county-dublin/4350448

Given the amount of work esp. modernisation needed in the 675k property- it would be interesting to see what it goes for.

Also- am I the only person who immediately gets suspicious when the estate agent feels the need to use wide angle lens like that?

The home in need of modernising is almost double the size of the apartment though (115sq m compared to 64sq m), and is in a better location re the Dart, the sea, etc... Has a garden, has period elements. The apartment is in a tired-looking building (IMHO). I think if you can accept the asking price on the apartment, the asking price of the house isn't particularly shocking in comparison.

The quoted offer amount; yes, I think that's absolutely mental!

I posted a few weeks ago about two 90sq m terraced houses near me in Dublin 18 that were on the market looking for crazy money in my opinion. So one (the nicer of the two, end terrace) seems to have been withdrawn, while the other, a mid terrace asking €450k, is now sale agreed. Very interested in seeing what it goes for! Anything over €420k will be a post-Celtic Tiger new high for the 25 or so terraces in the large estate. I think prices have been stagnating or drifting downwards in Dublin 18 this year (confirmed by the CSO I guess) so thought they had left selling very late if they wanted to get out at the top of the market...

The_Conductor

AlmightyCushion wrote: »

Am I missing something? The bedrooms look like decent sizes, not massive but not tiny either. Plus the apartment is only a 2 bed with a tiny kitchen whereas the house is much bigger, a 3 bed with a bigger kitchen and an extra communal room. I'm not saying the house is a bargain or even good value but it's not a like for like comparison.

I hear what you're saying- the point I was (badly) making is that there is property in walk-in condition in the immediate locality- going for 30% of what this is being sold for. Its an apartment too- with a 2k annual service charge- versus a freehold detached dwelling......... Its comparing apples with oranges. I just think the price for the house is staggering- when you consider the amount of modernisation it requires. The bedrooms in the house- by the way- don't have any built-in wardrobes or storage of any nature (not even book shelves)- and none are en-suite. The 'master bedroom' is not in use (it doesn't even have carpet on the floor)- the only one in use is the one with the adjacent dressing room.

The amount of work needed in the property- is a massive turnoff for me- though obviously other people did not consider it to be the time and cash sink that I do.

rgmmg

AlmightyCushion wrote: »

Am I missing something? The bedrooms look like decent sizes, not massive but not tiny either. Plus the apartment is only a 2 bed with a tiny kitchen whereas the house is much bigger, a 3 bed with a bigger kitchen and an extra communal room. I'm not saying the house is a bargain or even good value but it's not a like for like comparison.

Agreed - it's twice the size, with a garden and no service charge - hardly like for like

COLONELsANDERS

SozBbz wrote: »

I think really good properties are still being snapped up, but more average properties, and certainly anything thats at all over priced is languishing.

When we were house hunting 2-3 months ago (I wouldnt read anything into July/August TBH - nothing much ever moves) I saw a house pop up. It was top of budget but I loved it - character propert, mews house out around Seapoint. No sea views or anything and was on in the mid 600k's. Would have required a total renovation but was fundamentally beautiful.

Rang up to enquire about booking and was told that the current offer on it was at €825k and did I still wish to view? I was flabbergasted because all we're hearing is that houses in that bracket are slow to shift and not going above asking.

Just goes to show theres still buyers out there for something special.

Went to view it too. That house eventually sold for 1 million

The_Conductor

COLONELsANDERS wrote: »

Went to view it too. That house eventually sold for 1 million

That is ridiculous. No other word for it, ridiculous........

UsBus

Mad_maxx wrote: »

Spoke to an estate agent in Galway today, said prices are back 10%

Would agree with this on what I've seen. A few apartments that have been advertised recently are 30 - 40k less than what I saw last year. Possibly landlords looking to get out..

The_Conductor

UsBus wrote: »

Would agree with this on what I've seen. A few apartments that have been advertised recently are 30 - 40k less than what I saw last year. Possibly landlords looking to get out..

Honestly- the prices that were being achieved in Galway were built on scarcity, nothing else. That scarcity is being satisfied- both by landlords stampeding to the door- but also by a significant number of new developments coming online (including several fairly close to the city centre.

Spidal and some other areas were up at D4/D6 prices- which is completely irrational, it was a matter of time before there was a correction- that correction is probably being pushed by landlords exiting the sector- which bodes ill for anyone hoping to rent anywhere near the city centre in future.

This is bourne out by the steady increase in rents- despite the large price drops in achievable prices for property.

COLONELsANDERS

The_Conductor wrote: »

That is ridiculous. No other word for it, ridiculous........

Apparently a few downsizers got in a bidding war. Private garden with good aspect, garage, detached , 1 min walk from sea and dart, walk to shops, step free access and all on one level, manageable size. If you sold your period house around the corner for 1.8m and had the cash it ticks alot of boxes.

Mews house nearby which was pretty much the opposite of that , i.e on street parking, north facing garden, in a terrace, two story etc went for 650k around the same time. Hard to price those Mews Houses.

oceanman

The_Conductor wrote: »

Honestly- the prices that were being achieved in Galway were built on scarcity, nothing else. That scarcity is being satisfied- both by landlords stampeding to the door- but also by a significant number of new developments coming online (including several fairly close to the city centre.

Spidal and some other areas were up at D4/D6 prices- which is completely irrational, it was a matter of time before there was a correction- that correction is probably being pushed by landlords exiting the sector- which bodes ill for anyone hoping to rent anywhere near the city centre in future.

This is bourne out by the steady increase in rents- despite the large price drops in achievable prices for property.

have to agree, houses in galway are well overpriced for what it is!

DelBoy Trotter

ionapaul wrote: »

I posted a few weeks ago about two 90sq m terraced houses near me in Dublin 18 that were on the market looking for crazy money in my opinion. So one (the nicer of the two, end terrace) seems to have been withdrawn, while the other, a mid terrace asking €450k, is now sale agreed. Very interested in seeing what it goes for! Anything over €420k will be a post-Celtic Tiger new high for the 25 or so terraces in the large estate. I think prices have been stagnating or drifting downwards in Dublin 18 this year (confirmed by the CSO I guess) so thought they had left selling very late if they wanted to get out at the top of the market...

I remember the houses you are talking about, and I know them as I live quite close to them. I’m surprised one went sale agreed at that price, too much for them in my opinion

terrydel

COLONELsANDERS wrote: »

Went to view it too. That house eventually sold for 1 million

There are plenty of very wealthy people in this country who wouldn't blink at that, wealth is more and more pushed up in the so called trickle down economy, creating a '1%' if you will. That house, with its location and 'character : would be manna from heaven for these new money types.

ionapaul

DelBoy Trotter wrote: »

I remember the houses you are talking about, and I know them as I live quite close to them. I’m surprised one went sale agreed at that price, too much for them in my opinion

I guess let's see what it actually went for; if anything close to 450k I'll be amazed/feel sorry for the purchasers!

fret_wimp2

terrydel wrote: »

COLONELsANDERS wrote: »

Went to view it too. That house eventually sold for 1 million

There are plenty of very wealthy people in this country who wouldn't blink at that, wealth is more and more pushed up in the so called trickle down economy, creating a '1%' if you will. That house, with its location and 'character : would be manna from heaven for these new money types.

Buying a sub 500k house doesn't come close to putting a person or couple in the "1%“.
Take a 500k 2nd hand house. Deposit is 100k. Mortgage is 400k. Thsts a person on 114k or more likely two people on 57k. Not outlandish or extreme wealth at all.
and people who can afford these properties are certainly not buying on a whim. There are not many in thr country who" wouldnt blink" at spending 450k on a house.

accensi0n

fret_wimp2 wrote: »

Buying a sub 500k house doesn't come close to putting a person or couple in the "1%“.
Take a 500k 2nd hand house. Deposit is 100k. Mortgage is 400k. Thsts a person on 114k or more likely two people on 57k. Not outlandish or extreme wealth at all.
and people who can afford these properties are certainly not buying on a whim. There are not many in thr country who" wouldnt blink" at spending 450k on a house.

What are you talking about? Did you quote the wrong post?

terrydel

fret_wimp2 wrote: »

Buying a sub 500k house doesn't come close to putting a person or couple in the "1%“.
Take a 500k 2nd hand house. Deposit is 100k. Mortgage is 400k. Thsts a person on 114k or more likely two people on 57k. Not outlandish or extreme wealth at all.
and people who can afford these properties are certainly not buying on a whim. There are not many in thr country who" wouldnt blink" at spending 450k on a house.

I'm talking about a house that sold for 1mil.

COLONELsANDERS

Been a long time lurker on here and recently bought a house in DLR, Dublin so thought I'd provide some market colour. Hope it's helpful

Oberservation 1 : The 'right' houses are selling at/above asking. Aspect, Cul De sac, parking, garden, close to public transport etc. If it ticks all your boxes it ticks other people's too.

Oberservation 2 : The 'wrong' houses are going well below asking. Probably due to extra supply coming on board.

Oberservation 3: Renovation / fixer uppers very hard to shift and going sale agreed then back on the market. Builders expensive. Rent while renovating expensive. Very little profits for House 'flippers'. Builders who might have taken on a side project to flip a property too busy.

Oberservation 4: Competition fierce at certain price levels. In DLR family homes in 600's very well supported. 700's less so. 800k + extremely quite. Majority of 2 income high earners ( eg 2 pharmacists 85k each) cleared out by 700k.

In summary: if you're looking for for the 'right' house that needs no renovation at a competitive price point for your area you may well have to pay up.

If you can compromise on some elements , are happy to renovate , and are in a quieter price bracket (i.e have more money ) you may get a house well below the asking.

fago

oceanman wrote: »

have to agree, houses in galway are well overpriced for what it is!

Very similar the state of the market in Galway is "it depends".
Anyone who watched the live O'Donnellon auction last month would have observed withdrawal of (I think) all of the properties in the city > 350K. Some with no offers at all.

There's other particularly desirable estates where the bids have gone 5% above asking (even pricing in 50K of renovation work to do). Then there's others in less desirable areas which have no offers at all in 2 months.

My observations would be its peaked above ~400K in the city, slow to sell and 10%+ fallback in prices from asking.

whatever76

COLONELsANDERS wrote: »

Been a long time lurker on here and recently bought a house in DLR, Dublin so thought I'd provide some market colour. Hope it's helpful

Oberservation 1 : The 'right' houses are selling at/above asking. Aspect, Cul De sac, parking, garden, close to public transport etc. If it ticks all your boxes it ticks other people's too.

Oberservation 2 : The 'wrong' houses are going well below asking. Probably due to extra supply coming on board.

Oberservation 3: Renovation / fixer uppers very hard to shift and going sale agreed then back on the market. Builders expensive. Rent while renovating expensive. Very little profits for House 'flippers'. Builders who might have taken on a side project to flip a property too busy.

Oberservation 4: Competition fierce at certain price levels. In DLR family homes in 600's very well supported. 700's less so. 800k + extremely quite. Majority of 2 income high earners ( eg 2 pharmacists 85k each) cleared out by 700k.

In summary: if you're looking for for the 'right' house that needs no renovation at a competitive price point for your area you may well have to pay up.

If you can compromise on some elements , are happy to renovate , and are in a quieter price bracket (i.e have more money ) you may get a house well below the asking.

I could not have put it better - same Observations in Cork City of the last 2 years - although I cant comment on the higher end and as in in the 250k-350k ( which is deadly in cork mainly due to Supply) as don't want to put myself through pain !! :rolleyes: