Property Market 2020

SozBbz

Marius34 wrote: »

Looking at today's BidX1 Auction, seems like all houses up to 500K, got sold in Dublin Co.
This one appears to have a heated bidding war, from 260K to 468K.
https://bidx1.com/en/en-ie/auction/property/42570
Which can't even be called a house, but rather a piece of land. If I'm not wrong, you can't even build a house with good size garden, as it has less than 100sqm of total land (house + garden combined).

Islington Ave, Sandycove - delightful address tho

Top Dog

TheSheriff wrote: »

I don't think a single property listing in Mallow tells us much. Its a significant distance from Cork city.

I worked there many years ago, you brought back some memories!

To be fair, that listing really should say Millstreet as it's a fair distance from Mallow

handlemaster

there were some crazy prices been paid today on Bidx1 , I guess the drop is coming slowly

SozBbz

handlemaster wrote: »

there were some crazy prices been paid today on Bidx1 , I guess the drop is coming slowly

Or....being devils avocado...... its not coming.

brisan

Marius34 wrote: »

Looking at today's BidX1 Auction, seems like all houses up to 500K, got sold in Dublin Co.
This one appears to have a heated bidding war, from 260K to 468K.
https://bidx1.com/en/en-ie/auction/property/42570
Which can't even be called a house, but rather a piece of land. If I'm not wrong, you can't even build a house with good size garden, as it has less than 100sqm of total land (house + garden combined).

Maybe the successful bidder owned an adjacent property
He WENT IN AT 292 and stayed till the bitter end
He obviously wanted it badly enough

awec

I reckon that's been bought by one of the adjacent properties.

brisan

awec wrote: »

I reckon that's been bought by one of the adjacent properties.

See above post
Great minds or fools.......take your pick :):)

SozBbz

awec wrote: »

I reckon that's been bought by one of the adjacent properties.

Its a strong theory.

Although, why the last €40kish of bids were the same 2 bidders, back and forth, so that other bidder was obviously willing to pay a lot too.

There were other bidders involved right up to the €400k mark too, which although a bit off the winning bid, are still significant bids over the odds in the first instance.

A lot of people wanted it.

thomasdylan

There's been a house for sale for at least two years near me that has reduced from an asking of 460k at its peak to 350k now. I went to a viewing there last year out of nosiness more than anything after having lunch in a local pub. The impression I got was the owners were holding out for 450k+. Its not going to happen now anyway. A very small house.
https://www.myhome.ie/residential/brochure/22a-bath-street-irishtown-dublin-4/4432537

Pricing in the Beggars Bush, Sandymount, Irshtown area is crazy sometimes. Lots of very high asking prices for poor houses but the decent homes are snapped up and go for well over asking. Friends have been looking to buy around the Bath Avenue area or Sandymount area for a while with a good deposit and not much new is appearing and anything that does come up is jumped on.

Smouse156

smurgen wrote: »

So the rents of these new luxury apartments that have sprung up are too high and the proposed fix is to lift the rent cap? This place is funny.

It would help to bring the rents down at least in the short term as landlords would be far quicker to reduce if they knew they could raise them down the road by more than 4%.

A vacant property tax, similar to Toronto is what we need to push landlords to fill their units.

cnocbui

Top Dog wrote: »

81km to Limerick, 51km to Cork

Am I missing something, or do auctioneera have no map links? Just a single satellite image?

That's Apple Maps for you:



Now if you were a crow, what would you say was the nearest?

SozBbz

thomasdylan wrote: »

There's been a house for sale for at least two years near me that has reduced from an asking of 460k at its peak to 350k now. I went to a viewing there last year out of nosiness more than anything after having lunch in a local pub. The impression I got was the owners were holding out for 450k+. Its not going to happen now anyway. A very small house.
https://www.myhome.ie/residential/brochure/22a-bath-street-irishtown-dublin-4/4432537

Pricing in the Beggars Bush, Sandymount, Irshtown area is crazy sometimes. Lots of very high asking prices for poor houses but the decent homes are snapped up and go for well over asking. Friends have been looking to buy around the Bath Avenue area or Sandymount area for a while with a good deposit and not much new is appearing and anything that does come up is jumped on.

I like it....for €350k in the city thats not bad. the big downside that I can see is that its not got any outside space whatsoever, and in this covid world, i think people are going to see that as a problem.

at 75sqm, its small to be spread over 3 stories too. The decor is a little hipster so I don't think thats to everyones taste (although I personally like it, I'm not in the market for a small house in town though).

Top Dog

cnocbui wrote: »

That's Apple Maps for you:

Now if you were a crow, what would you say was the nearest?

Don't need to be a crow, you can see from the blue dot where I am

Android equivalent;

brisan

thomasdylan wrote: »

There's been a house for sale for at least two years near me that has reduced from an asking of 460k at its peak to 350k now. I went to a viewing there last year out of nosiness more than anything after having lunch in a local pub. The impression I got was the owners were holding out for 450k+. Its not going to happen now anyway. A very small house.
https://www.myhome.ie/residential/brochure/22a-bath-street-irishtown-dublin-4/4432537

Pricing in the Beggars Bush, Sandymount, Irshtown area is crazy sometimes. Lots of very high asking prices for poor houses but the decent homes are snapped up and go for well over asking. Friends have been looking to buy around the Bath Avenue area or Sandymount area for a while with a good deposit and not much new is appearing and anything that does come up is jumped on.

No garden ,a small footprint over 3 stories
Its no wonder its still up for grabs

cnocbui

Top Dog wrote: »

Don't need to be a crow, you can see from the blue dot where I am

I think you are missing the point. I wasn't asking what you 'know' the actual distances to be are, I was trying to convey why I thought what I did from eyeballing the map I was using.

Top Dog

cnocbui wrote: »

I think you are missing the point. I wasn't asking what you 'know' the actual distances to be are, I was trying to convey why I thought what I did from eyeballing the map I was using.

You're right, I did miss your point, so I apologise.

Having said that, it's still a bugbear of mine when listings are miles from where they claim to be. In the example above the house is 28km (or a 25min drive) from Mallow. How can anyone say it's Mallow? :rolleyes:

Hubertj

Billythekid19 wrote: »

Proof that the market is taking a tumble. Came across this house built in 2007 and is selling for 135k. You can barley buy a site in a lot of places In cork for that price. Fair enough this address is 50k from cork city but surely ideal for someone wfh or a ftb. https://www.auctioneera.ie/property/18-radharc-na-coille-rathcoole-mallow-cork-p51-y3ek

Looks like the going rate in that area/estate?

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/01/2018%20AND%20%5Bdt_execution_date%5D%3C01/01/2019%20AND%20%5Baddress%5D=*Radharc%20na%20Coille,%20Rathcoole*%20AND%20%5Bdc_county%5D=Cork&County=Cork&Year=2018&StartMonth=01&EndMonth=12&Address=Radharc%20na%20Coille,%20Rathcoole

Hubertj

Billythekid19 wrote: »

Proof that the market is taking a tumble. Came across this house built in 2007 and is selling for 135k. You can barley buy a site in a lot of places In cork for that price. Fair enough this address is 50k from cork city but surely ideal for someone wfh or a ftb. https://www.auctioneera.ie/property/18-radharc-na-coille-rathcoole-mallow-cork-p51-y3ek

Looks like the going rate in that area/estate?

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/01/2018%20AND%20%5Bdt_execution_date%5D%3C01/01/2019%20AND%20%5Baddress%5D=*Radharc%20na%20Coille,%20Rathcoole*%20AND%20%5Bdc_county%5D=Cork&County=Cork&Year=2018&StartMonth=01&EndMonth=12&Address=Radharc%20na%20Coille,%20Rathcoole

Dolbhad

Hubertj wrote: »

Looks like the going rate in that area/estate?

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/01/2018%20AND%20%5Bdt_execution_date%5D%3C01/01/2019%20AND%20%5Baddress%5D=*Radharc%20na%20Coille,%20Rathcoole*%20AND%20%5Bdc_county%5D=Cork&County=Cork&Year=2018&StartMonth=01&EndMonth=12&Address=Radharc%20na%20Coille,%20Rathcoole

I agree. I kinda know that area and that’s standard price. 2-3 years ago they were going for 110-120k mark. It’s still away from the city and Cork to Mallow isn’t the best road considering how busy it actually is.

bdmc5

Billythekid19 wrote: »

Proof that the market is taking a tumble. Came across this house built in 2007 and is selling for 135k. You can barley buy a site in a lot of places In cork for that price. Fair enough this address is 50k from cork city but surely ideal for someone wfh or a ftb. https://www.auctioneera.ie/property/18-radharc-na-coille-rathcoole-mallow-cork-p51-y3ek

I thought this comment was sarcastic but seeing further replies it looks like you are serious. Your example is about as far removed as you can get in terms of a guide of property prices in Cork. This would not at all be classed as a desirable area to live and would be a hard sell at any time.

We bought afew years ago in Blackrock as FTBs and in last few weeks We just switched our mortgage to another bank to avail of the 2 percent cash back again and house was valued last week at 35k more And now 3 beds are the same price as our 4 beds in our estate and they all sold very quickly. No issue switching with bank.

Have family and friends house hunting now and demand for new build and good quality older properties is very strong. They are worried as the uncertainty clears and we accelerate the easing of restrictions the more that pent up demand will hit the market making even more competitive for housing in surburbs.

Villa05

bdmc5 wrote:

Have family and friends house hunting now and demand for new build and good quality older properties is very strong. They are worried as the uncertainty clears and we accelerate the easing of restrictions the more that pent up demand will hit the market making even more competitive for housing in surburbs.

The boom is getting boomier

I think this stimulus they are talking about is going to be swallowed up by property prices and rents. It will do very little to protect jobs and will lead to the mother of all recessions eventually.

We will not be going back to the world that existed in January 2020 for some time. Stimulus now will be wasted, we need to see the shape of the economy in a world that has to live with the virus, brace for a 2nd wave and keep our heads down until a cure/vaccine is found.
Post covid Assess the damage, target the eventual stimulus. Let property and rents adjust to the post covid realities

We are in for one serious wake up call in the near future

combat14

Villa05 wrote: »

The boom is getting boomier

I think this stimulus they are talking about is going to be swallowed up by property prices and rents. It will do very little to protect jobs and will lead to the mother of all recessions eventually.

We will not be going back to the world that existed in January 2020 for some time. Stimulus now will be wasted, we need to see the shape of the economy in a world that has to live with the virus, brace for a 2nd wave and keep our heads down until a cure/vaccine is found.
Post covid Assess the damage, target the eventual stimulus. Let property and rents adjust to the post covid realities

We are in for one serious wake up call in the near future

exactly america is already struggling.. if there is a second wave all bets are off

Cuddlesworth

combat14 wrote: »

exactly america is already struggling..

Nah, money printer go brrr

19233974

Villa05 wrote: »

The boom is getting boomier

I think this stimulus they are talking about is going to be swallowed up by property prices and rents. It will do very little to protect jobs and will lead to the mother of all recessions eventually.

We will not be going back to the world that existed in January 2020 for some time. Stimulus now will be wasted, we need to see the shape of the economy in a world that has to live with the virus, brace for a 2nd wave and keep our heads down until a cure/vaccine is found.
Post covid Assess the damage, target the eventual stimulus. Let property and rents adjust to the post covid realities

We are in for one serious wake up call in the near future

exactly this, while there is a supply issue, extra demand isnt going to suddenly appear in 6 months with a live virus with no vaccine, unemployment possibly staying around 20-ish %, a number of industries on their knees and an extremely shaky local and global economy. Any EU stimulus money if it comes through will be used up keeping our head above water.

What effect all that has on property prices no one knows.

Billythekid19

bdmc5 wrote: »

I thought this comment was sarcastic but seeing further replies it looks like you are serious. Your example is about as far removed as you can get in terms of a guide of property prices in Cork. This would not at all be classed as a desirable area to live and would be a hard sell at any time.

We bought afew years ago in Blackrock as FTBs and in last few weeks We just switched our mortgage to another bank to avail of the 2 percent cash back again and house was valued last week at 35k more And now 3 beds are the same price as our 4 beds in our estate and they all sold very quickly. No issue switching with bank.

Have family and friends house hunting now and demand for new build and good quality older properties is very strong. They are worried as the uncertainty clears and we accelerate the easing of restrictions the more that pent up demand will hit the market making even more competitive for housing in surburbs.

I wouldnt cite the example of one 350k house in a leafy suburb in cork city as a guide for current prices either. The bottom line is that half a million people are still on state benefits. We havent reached the tip of the iceberg in terms of job losses, reported today that 100 beauticians let go from sam mccauleys pharmacy today. I have heard of sofware companies in cork city letting go dozens of staff, voxpro and boston scientific have left huge numbers go in recent weeks. I dont see where demand in the general housing market will come from when there is 10% + unemployment by christmas, that along with the projected second wave coming in sept/oct.

wassie

RTE Reporting that

The number of new mortgage approvals in May was nearly 62% lower than the same month last year. According to the Banking and Payments Federation Ireland, the decrease was not unexpected given the scale of the lockdown and physical restrictions due to Covid-19.

In total 1,879 new mortgages were approved by lenders here in May - a decrease of 14.6% compared to a month earlier.

But compared to May of last year the volume was nearly 62% lower. At €442 million the overall value of the mortgages approved dropped nearly 16% between April and May, and 61% compared to May of 2019.

and further in the Independant

"Our strong message to would-be borrowers, whose income and employment circumstances have not been impacted by the current pandemic, and who meet normal lending criteria, is to actively proceed with their applications," Mr Hayes said.

Move along...nothing to see here...:eek:

lastusername

Billythekid19 wrote: »

I wouldnt cite the example of one 350k house in a leafy suburb in cork city as a guide for current prices either. The bottom line is that half a million people are still on state benefits. We havent reached the tip of the iceberg in terms of job losses, reported today that 100 beauticians let go from sam mccauleys pharmacy today. I have heard of sofware companies in cork city letting go dozens of staff, voxpro and boston scientific have left huge numbers go in recent weeks. I dont see where demand in the general housing market will come from when there is 10% + unemployment by christmas, that along with the projected second wave coming in sept/oct.

The thing about a recession of any kind is that business is still booming for many companies and industries, and people still need a place to live and want to buy. So really I don't think much changes at all and for a variety of reasons I'd expect to see demand get even more intense and rising prices:


-Slowdown in supply / construction activity
-Even more pent-up demand due to the property market going dormant

-More savings in people's bank accounts due to shutdown
-More renters will have realised how much they value their home and garden / outdoor space and will have decided they definitely want not only their own home, but also a house vs an apartment.


I think the residential property market is a bubble all of its own and there will be still be plenty of competition among those whose jobs and incomes have remained largely unaffected.

SozBbz

lastusername wrote: »

The thing about a recession of any kind is that business is still booming for many companies and industries, and people still need a place to live and want to buy. So really I don't think much changes at all and for a variety of reasons I'd expect to see demand get even more intense and rising prices:


-Slowdown in supply / construction activity
-Even more pent-up demand due to the property market going dormant

-More savings in people's bank accounts due to shutdown
-More renters will have realised how much they value their home and garden / outdoor space and will have decided they definitely want not only their own home, but also a house vs an apartment.


I think the residential property market is a bubble all of its own and there will be still be plenty of competition among those whose jobs and incomes have remained largely unaffected.

Its weird, theres going to be a lot of factors and I think its going to be tricky for househunters going forward. THere are a lot of dynamics at play that are different to 2007 so we can't just expect the price to bottom out.

- no oversupply of new stock - we were still not building enough to satisfy demand pre covid
- renovating older properties is more complex now - reno's over a certain size mean the whole property needs to be brought up to a B rating. This is hugely expensive and a lot of people don't have the stomach to do bring projects. You can't do cheap and cheerful extensions anymore.
- similar point but getting a decent builder seems really hard/expensive

Few things I'd like to see (if this govt including Greens comes to pass)
- renovation incentive to bring older properties to C or B ratings (full disclosure, self interest here).
- Some sort of incentive for FTBs to buy 2nd hand homes in need of renovations instead of targeting all incentives at new builds. Lets reinvest in our older stock too.

JimmyVik

SozBbz wrote: »

- no oversupply of new stock - we were still not building enough to satisfy demand pre covid

I think that point is huge.
We were undersupplied already. supply is not going to increase anytime soon.
So the only price pressure can be demand dropping.
For demand to drop the economy will be in a bad state altogether.

TheSheriff

JimmyVik wrote: »

I think that point is huge.
We were undersupplied already. supply is not going to increase anytime soon.
So the only price pressure can be demand dropping.
For demand to drop the economy will be in a bad state altogether.

I would also be expecting things to get difficult for would be FTBers (myself included!).

I think supply is going to be seriously choked over the coming year as a result of credit being cut off for many; at the same time there are large sectors which are completely unaffected by CV-19 and will likely be able to get access to credit, thereby competing for what stock is available.