Property Market 2020

James 007

James 007 wrote: »

House prices are rising again. 7.5% in this case, its the pandemic effect taking place.

We will advertise it at this price to get our Jan asking price:P
https://www.daft.ie/dublin/houses-for-sale/drumcondra/9-fitzroy-avenue-drumcondra-dublin-2359898/

Sorry we under valued our property back then:o
https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/could-this-be-the-perfect-match-for-395k-in-drumcondra-1.4138266

Any chance of this price drop please:rolleyes:
https://thepropertypin.com/t/9-fitzroy-avenue-drumcondra-dublin-9-150k-33/23600

5. Read the papers too just to identify the previous vendor price:rolleyes:

TheSheriff

Pivot Eoin wrote: »

Yeah there's definitely been scenarios of this.

Advice is if you're serious about a Certain Property

1. Screenshot the Price Everytime it Changes
2. Screenshot the asking of Properties on same road/estate
3. Always refer to most recent similar sales on PPR and search for the listings even if they were sold over a year ago. Some of them still remain.
4. Keep an eye on similar level of demand properties on <SNIP>** auction sites **</SNIP> and how often the bids change. This will give you an actual idea of exactly how many bids actually go on a house before it's sold.

Doing this will give you context for when you submit a bid that is 20% below what some properties have come to ask on DAFT/MyHome.

It's not an exact science, but dont be one of the <10% who get the wool pulled over their eyes and their pants pulled down by an EA.

All great advice, I would also add;

#5 Set up email alerts on daft for a particular area and save the emails in a separate folder. It makes it easier to easily search through your emails for an address to see when the property was originally listed, asking etc if you have a suspicion you've seen it before but the add has a new list date. Obviously will only work from a certain date, so advice is to start as soon as you start searching.

hometruths

James 007 wrote: »

5. Read the papers too just to identify the previous vendor price:rolleyes:

No mention in the paper of the fact that 9 Fitzroy Avenue finally sold in 2012, 3 years after asking €450k in 09.

For €150k.

Presumably these were the same sort of canny vendors, who are refusing to entertain discounts now:

Vendors aren’t impressed, aren’t biting, the properties are being relisted and so the buyer loses out on a property that they can afford and that they want to live in; they are being too clever for their own good on occasions.

Seems to me that the buyer who waited until 2012, bought for €150k and then sold in 2017 for €345k was the clever one.

tom_murphy112

Looks like the bargain of the century :rolleyes:

Graham

Noooo.

Now you're just convinced 500 posters that property prices have dropped 90%

Donald Trump

tom_murphy112 wrote: »

Looks like the bargain of the century :rolleyes:

I don't know.


You'd need to pay me 2,223,000 Euro to live in Balbriggan :pac:

OwlsZat

So long as mortgage holidays and COVID19 payments continue all will appear as normal. When the rug inevitably gets pulled things will unravel fast. The real winners from the last boom were those doing large scale Air BnB, trades people and people who purchased multiple properties and have sold them on.

GreeBo

Cupatae wrote: »

So houses would be back to, there actual worth then not the over priced nonsense we have now, set by ppl manipulating the market to get mass profits

Conspiracy Forum --->

Any chance any of the posters who keep going on about "actual worth" and "real value" can give any sort of indication of how they are calculating it?

Hubertj

Villa05 wrote: »

In relation to Limerick, places like Nenagh, Tipp Town, Newcastle West, Askeaton, Shannon, would have excesses and cheaper housing, to a lesser extent Kilmallock, kilfinane, bally landers and Bruff, you could go into North Kerry also and if you really wanted to spoil yourself, there is the proliferation of holiday homes in Clare/Kerry. Kilkee lost its Town status recently as population fell below a 1000, There is enough accommodation there to accommodate many multiples of that

I think local hubs could be huge for the area, brings back that co-operative spirit that spawned some of our few domestic multi national companies

What about RATHKEALE?

Villa05

Hubertj wrote:

What about RATHKEALE?

Slight monopoly issue

Villa05

GreeBo wrote:

Any chance any of the posters who keep going on about "actual worth" and "real value" can give any sort of indication of how they are calculating it?

This is not a valuation metric, but a question

Of the last 25 years, house price inflation has been far greater than wage inflation for at least 21 of those years

Now who has added more value to the nation in that time, Houses or people?

Hubertj

Villa05 wrote: »

Slight monopoly issue

Cash buyer?

JimmyVik

tom_murphy112 wrote: »

Looks like the bargain of the century :rolleyes:

Well thats going to mess with the stats

Villa05

Hubertj wrote:

Cash buyer?

Off you go,

Wild wild West theme Park potential

James 007

schmittel wrote: »

No mention in the paper of the fact that 9 Fitzroy Avenue finally sold in 2012, 3 years after asking €450k in 09.

For €150k.

Presumably these were the same sort of canny vendors, who are refusing to entertain discounts now:



Seems to me that the buyer who waited until 2012, bought for €150k and then sold in 2017 for €345k was the clever one.

Yes, I have already checked up on this one, are we likely to see the same again I wonder. I am definitely on the look out for one at this price but will it happen again.

Hubertj

James 007 wrote: »

Yes, I have already checked up on this one, are we likely to see the same again I wonder. I am definitely on the look out for one at this price but will it happen again.

That’s a tidy profit. Any way to know if that owner added value between purchase and sale in 2017? Was the place a s*ithole before the bought, then spent €100k+ before selling?

GreeBo

Villa05 wrote: »

This is not a valuation metric, but a question

Of the last 25 years, house price inflation has been far greater than wage inflation for at least 21 of those years

Now who has added more value to the nation in that time, Houses or people?

Zerk?
What's any of that got to do with anything in this thread?
If you can't answer the simple question, then stop trying to make that point, it's silly.

Villa05

GreeBo wrote:

Zerk? What's any of that got to do with anything in this thread? If you can't answer the simple question, then stop trying to make that point, it's silly.

Can you justify why house price inflation is greater than wage inflation,
It does indicate that property is overpriced especially when you consider that your average house is smaller and gardens are smaller

Graham

Villa05 wrote: »

Can you justify why house price inflation is greater than wage inflation

More dual income households chasing a limited supply of housing.

Probably off-topic for the Property Market 2020 thread.

Villa05

GreeBo wrote:

Any chance any of the posters who keep going on about "actual worth" and "real value" can give any sort of indication of how they are calculating it?

From The Economist 2018
"House prices in Dublin are 25 per cent overvalued against income, according to the Economist, which also finds in a new survey that property price growth in the city has outpaced growth in 22 other global cities over the past five years.

The finding from the influential newspaper comes on the back of continued price growth in Dublin and across the country, with prices nationally now up 79.6 per cent from their 2012 lows, with Dublin prices almost doubling, up 92.7 per cent".

hometruths

Villa05 wrote: »

This is not a valuation metric, but a question

Of the last 25 years, house price inflation has been far greater than wage inflation for at least 21 of those years

Now who has added more value to the nation in that time, Houses or people?

In fairness that's probably true for a lot of comparable countries.

This graph shows just how different Ireland is relating to other countries in another factor affecting house prices.



Anybody hazard a guess what it is?!

Graham

schmittel wrote: »

Anybody hazard a guess what it is?!

Irrelevant to the discussion of 2020 property prices?

Villa05

schmittel wrote:

Anybody hazard a guess what it is?!

Can't see the graph properly on the phone, but would it be mortgage arrears

Hubertj

schmittel wrote: »

In fairness that's probably true for a lot of comparable countries.

This graph shows just how different Ireland is relating to other countries in another factor affecting house prices.



Anybody hazard a guess what it is?!

Property experts as a % of total population? If so, looks on low side.

Pivot Eoin

Yeah arrears

Villa05

Graham wrote:

Irrelevant to the discussion of 2020 property prices?

Are we on a sustainable path? Are assets allowed to fall to there natural level? The fed is buying up mortgage backed securities at a similar rate to 2008. Why do these things need to be propped up everytime there is a downturn

Could it be they are overvalued? Is property all over the developed world overvalued

Is this why recessions are global now
Is it one massive Ponzi scheme

hometruths

Villa05 wrote: »

Can't see the graph properly on the phone, but would it be mortgage arrears

Yep mortgage arrears over 90 days. Mortgage arrears in most other countries are correlated to unemployment.

In Ireland the strongest correlation is to house prices!

hometruths

Graham wrote: »

Irrelevant to the discussion of 2020 property prices?

Because it ends in 2012?

Cupatae

schmittel wrote: »

Yep mortgage arrears over 90 days. Mortgage arrears in most other countries are correlated to unemployment.

In Ireland the strongest correlation is to house prices!

Greedy people in this country are profiting off the back of it... very profitable situation that will look to be maintained.

GreeBo

Villa05 wrote: »

Can you justify why house price inflation is greater than wage inflation,
It does indicate that property is overpriced especially when you consider that your average house is smaller and gardens are smaller

No, but it's irrelevant to saying property is over priced.
Prices are set by the market, you are essentially saying thatch market is wrong.