Irish Property Market 2020 Part 2

cunnifferous

Cyrus wrote: »

Asking prices

Precisely. Cherry picking a few places off daft who've dropped their asking prices doesn't mean selling prices are dropping in the area overall.

Go on the PPR and type in an estate or road in the area and compare selling prices of houses recently vs 1 year or 2 years ago. They aren't going down. Again as I buyer I have been hoping they would but this isn't the reality. In the next year or two maybe they will. Who knows?

bobbyy gee

cunnifferous wrote: »

Outside of those comically overpriced apartments, prices have not been going down in greystones. Believe me I wish they would!

Greystone prices
https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/07/2020%20AND%20%5Bdt_execution_date%5D%3C01/10/2020%20AND%20%5Baddress%5D=*greystones*%20AND%20%5Bdc_county%5D=Wicklow&County=Wicklow&Year=2020&StartMonth=07&EndMonth=09&Address=greystones

cunnifferous

bobbyy gee wrote: »

Greystone prices
https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/07/2020%20AND%20%5Bdt_execution_date%5D%3C01/10/2020%20AND%20%5Baddress%5D=*greystones*%20AND%20%5Bdc_county%5D=Wicklow&County=Wicklow&Year=2020&StartMonth=07&EndMonth=09&Address=greystones

Care to expand on that?

neutral guy

billybonkers wrote: »

40% deposit required for the 1.95% at Avant, didn't see that mentioned in the IT article

I heard when some big people was talking that size of deposit for mortgage is actually how much bank think property price will fall/overpriced.

neutral guy

brisan wrote: »

No one gains in a recession
l

I had wonderful life during the last recession.
My pockets was loaded with cash
And I was earning far better than I earning now
Once recession will start again I gonna do the same !
Just this time with good experience from previous recession
Hope finally I will buy a house I was preparing for it last 8 years !
The only 50 per cent reduced price will make me buy

neutral guy

Here we are guys

State’s chief economist warns on public finances ahead of budget

https://www.irishtimes.com/business/economy/state-s-chief-economist-warns-on-public-finances-ahead-of-budget-1.4354758

Get ready keep your wallets wide open !

When economy are in trouble the government usually says Things getting better ! Economy in right shape !
When government as Leo says :

Varadkar warns Ireland could suffer ‘multiple economic hits’

https://www.irishtimes.com/business/economy/varadkar-warns-ireland-could-suffer-multiple-economic-hits-1.4352660

That usually mean

Tax payers ! Get ready pay higher taxes !

Springy Turf

neutral guy wrote: »

The only 50 per cent reduced price will make me buy

You are dreaming...if the house prices drop by 50% we'll all be back to subsistence farming to get by.

neutral guy

Springy Turf wrote: »

You are dreaming...if the house prices drop by 50% we'll all be back to subsistence farming to get by.

Same was during the last recession.
This recession gonna be worse
Why mortgage rates are smaller and new lenders coming to country ?
Because no people left who can afford take mortgage
If nobody can afford the mortgage
The property price will DOWN !
Until people will start afford take mortgage !
There will be no inflation because nobody has the money
The all printed money go to lending but how can people take them if they has no job ?

TheSheriff

neutral guy wrote: »

Same was during the last recession.
This recession gonna be worse
Why mortgage rates are smaller and new lenders coming to country ?
Because no people left who can afford take mortgage
If nobody can afford the mortgage
The property price will DOWN !
Until people will start afford take mortgage !
There will be no inflation because nobody has the money
The all printed money go to lending but how can people take them if they has no job ?

Not sure if you are honestly delusional, or these past few months have been a consistent troll.

neutral guy

TheSheriff wrote: »

Not sure if you are honestly delusional, or these past few months have been a consistent troll.

Write something better if you think you are smarter.If you can only call people trolls what the difference between you and them then ?

Hoffmans

Unfortunately until a minister grows a pair and puts a tax on the vultures their artificially inflated rents and property prices will stay, heard of one fund informing employees they are extending their stay here by 48 months from next year , WHY because they are creaming it on the backs of renters....

Hubertj

neutral guy wrote: »

Write something better if you think you are smarter.If you can only call people trolls what the difference between you and them then ?

I think it’s you trolling with comments about not paying taxes and how good the last recession was for you. You see, to be taking satisfaction that there will be a recession, people will lose their jobs and taxes will increase. Stay classy.

Assetbacked

Hoffmans wrote: »

Unfortunately until a minister grows a pair and puts a tax on the vultures their artificially inflated rents and property prices will stay, heard of one fund informing employees they are extending their stay here by 48 months from next year , WHY because they are creaming it on the backs of renters....

The government have to be very careful with the budget. They need to cut spending (the Black hole of health and social welfare as a priority), rather than imposing/increasing taxes. Especially if they want continued public buy in with the slow easing of restrictions (even looking at Level 1 of the new plan, it isn't a full reopening), to financially punish them for this could end up with a severe backlash.

The Dept of Finance cheif economist's report as discussed in the IT article mentioned increasing stamp duty for house purchases over €1m as one potential money grabber I saw.

Graham

Hoffmans wrote: »

Unfortunately until a minister grows a pair and puts a tax on the vultures their artificially inflated rents and property prices will stay, heard of one fund informing employees they are extending their stay here by 48 months from next year , WHY because they are creaming it on the backs of renters....

I would have expected most of them to be here for the long-haul anyway.

Graham

neutral guy wrote: »

Here we are guys

State’s chief economist warns on public finances ahead of budget

https://www.irishtimes.com/business/economy/state-s-chief-economist-warns-on-public-finances-ahead-of-budget-1.4354758

Get ready keep your wallets wide open

Also from the same article:

With the reopening of the economy under way, the focus of budgetary and fiscal policy is shifting towards supporting economic recovery and will therefore pivot away from the damage limitation phase to an economic stimulus phase

Geuze

neutral guy wrote: »

Same was during the last recession.
This recession gonna be worse
Why mortgage rates are smaller and new lenders coming to country ?
Because no people left who can afford take mortgage
If nobody can afford the mortgage
The property price will DOWN !
Until people will start afford take mortgage !
There will be no inflation because nobody has the money
The all printed money go to lending but how can people take them if they has no job ?

The current recession is already in the recovery phase.

Plenty of people can afford to borrow and buy houses.

Some people can't manage to pay inflated urban rents and save for a deposit, yes.

The housing market may soften due to uncertainty, yes.

The Belly

The current recession is already in the recovery phase.

Its not.

The Belly

Graham wrote: »

I would have expected most of them to be here for the long-haul anyway.

If you are well capitalized and can wait it out they may very will be.

neutral guy

Well,get your wallets ready
They just started

The price of a green budget: cost of new car to rise by €1,000

https://www.independent.ie/irish-news/the-price-of-a-green-budget-cost-of-new-car-to-rise-by-1000-39531491.html

neutral guy

Geuze wrote: »

The current recession is already in the recovery phase.

Not even started

neutral guy

Guys,the top heads of ECB and IMF says that this recession will be heaviest since USA Great Depression or even bigger.
The top world economists says that this will be Perfect storm people ever see
Which 10 per cent of property price fall you are talking about ?
It is also too early to speak about recovery because recession did not even started !
Since last week Monday our company guys are out of the wage subsidy
Nice ! Economy recovering !The more people moved out of PUP and wage subsidy !
No guys ! The company are on another wage subsidy skim which nobody talking about.The only advantage of new skim that we dont have Wage subsidy on our pay slips and can apply for loan or mortgage.
The medical cards holders has to pay for dentists now because they not on government support anymore.Government doesnt have money,all spent already.
Its all Just Starting !
Work hard guys,if you have chance work 24/7 do it ! If you can do 30/7 make it !
Keep your head down and remember that job you have can be last if you will lose it
Cut your spending completely and start hamster life All in and nothing out !
Its gonna be tough winter and even worse will coming after!

Hubertj

neutral guy wrote: »

Guys,the top heads of ECB and IMF says that this recession will be heaviest since USA Great Depression or even bigger.
The top world economists says that this will be Perfect storm people ever see
Which 10 per cent of property price fall you are talking about ?
It is also too early to speak about recovery because recession did not even started !
Since last week Monday our company guys are out of the wage subsidy
Nice ! Economy recovering !The more people moved out of PUP and wage subsidy !
No guys ! The company are on another wage subsidy skim which nobody talking about.The only advantage of new skim that we dont have Wage subsidy on our pay slips and can apply for loan or mortgage.
The medical cards holders has to pay for dentists now because they not on government support anymore.Government doesnt have money,all spent already.
Its all Just Starting !
Work hard guys,if you have chance work 24/7 do it ! If you can do 30/7 make it !
Keep your head down and remember that job you have can be last if you will lose it
Cut your spending completely and start hamster life All in and nothing out !
Its gonna be tough winter and even worse will coming after!

Why are you so happy about it? Also why are you lying about changes to dental treatment under medical card? There haven’t been changes.

shatners bassoon

'neutral guy'

lol

enricoh

Assetbacked wrote: »

The government have to be very careful with the budget. They need to cut spending (the Black hole of health and social welfare as a priority), rather than imposing/increasing taxes. Especially if they want continued public buy in with the slow easing of restrictions (even looking at Level 1 of the new plan, it isn't a full reopening), to financially punish them for this could end up with a severe backlash.

The Dept of Finance cheif economist's report as discussed in the IT article mentioned increasing stamp duty for house purchases over €1m as one potential money grabber I saw.

Increased stamp duty for houses e1 mill and over as a money grabber! The extra revenue raised should keep the lights on for about 10 minutes!!
As the third most indebted developed country in the world our borrowing rates could jump in the blink of an eye. I don't see the government having the bottle to do anything with spending. Interesting times ahead.

billybonkers

neutral guy wrote: »

Not even started

https://www.irishtimes.com/business/economy/ireland-in-recession-as-economy-contracts-by-more-than-6-1.4348513

:rolleyes:

Geuze

The Belly wrote: »

Its not.

https://ec.europa.eu/eurostat/news/news-releases


Our industrial production is up in June and July:

https://ec.europa.eu/eurostat/documents/2995521/10569367/4-14092020-AP-EN.pdf/0a4097fd-5205-1a6c-b0db-bd771ba21098


Retail trade is up in May, June, July

https://ec.europa.eu/eurostat/documents/2995521/10569176/4-03092020-AP-EN.pdf/f1fee90e-0407-870d-e5cd-9d40631ddf69


We don't know yet, but it looks like GDP will be up in Q3.

It could well be a 6-month recession, followed by a recovery.

We are in the recovery period now.

PropQueries

Dún Laoghaire-Rathdown homeowners face 15% hike in property tax due to Covid crisis.

“In effectively increasing the local property taxes in Dún Laoghaire-Rathdown, councillors have ensured that those whose homes are worth between €400,000 and €450,000 will see bills increase from €650 per year to €765.”

Link to Irish Times article here: https://www.irishtimes.com/news/ireland/irish-news/dún-laoghaire-rathdown-homeowners-face-15-hike-in-property-tax-due-to-covid-crisis-1.4354899

brisan

cunnifferous wrote: »

Precisely. Cherry picking a few places off daft who've dropped their asking prices doesn't mean selling prices are dropping in the area overall.

Go on the PPR and type in an estate or road in the area and compare selling prices of houses recently vs 1 year or 2 years ago. They aren't going down. Again as I buyer I have been hoping they would but this isn't the reality. In the next year or two maybe they will. Who knows?

According to MyHome
In the last 3 months Greystones has seen
11 price increases
36 price decreases
Overall decrease of 4%
Wicklow has seen
46 price increases
146 price decreases
Overall decrease of 3%
They are the figures in isolation
How those prices compare to last years prices or to prices in certain more desirable areas I have no idea

Geuze

neutral guy wrote: »

Guys,the top heads of ECB and IMF says that this recession will be heaviest since USA Great Depression or even bigger.
The top world economists says that this will be Perfect storm people ever see
Which 10 per cent of property price fall you are talking about ?
It is also too early to speak about recovery because recession did not even started !

We do know when the recession started.

That data is published.

https://www.cso.ie/en/releasesandpublications/er/na/quarterlynationalaccountsquarter22020/

https://ec.europa.eu/eurostat/documents/2995521/10545471/2-08092020-AP-EN.pdf/43764613-3547-2e40-7a24-d20c30a20f64


We know that GDP fell very sharply in Q1 and Q2, especially Q2.

We know that from March onwards there were really sharp falls in output/income/expenditure.

That was the recession.

Now, as output/income/expenditure is rising, is by definition not a recession.

We are in the recovery period now.

It will take a while for GDP to recover to 2019 levels.

There will be re-allocations of capital and employment, as some sectors thrive, and other sectors decline.

brisan

Cyrus wrote: »

Asking prices

Yes asking prices dropped
They obviously dropped because no one was interested at the original asking price