Irish Property Market 2020 Part 2

MacronvFrugals

MacronvFrugals wrote: »

Would this be normal for the area folks or maybe some of that WFH cabin fever some on here predicted?

Buyers snap up rural properties in one day auction

https://www.irishtimes.com/life-and-style/homes-and-property/buyers-snap-up-rural-properties-in-one-day-auction-1.4368355?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Fhomes-and-property%2Fbuyers-snap-up-rural-properties-in-one-day-auction-1.4368355

Ah that was way underpriced I reckon.

brisan

bubblypop wrote: »

Ah that was way underpriced I reckon.

Just going to say the same
AMV low to pique interest

Hubertj

Pelezico wrote: »

Oh but I can say that. As a country we spent like there was no tomorrow. We bought overpriced property, went on fancy holidays and did not have a bean for the rainy days.
We also elected governments who doled out money to everyone.

As a country we are terrible at taking responsibility. It’s always someone else’s fault

thefridge2006

silver2020 wrote: »

675k for 1150sq ft or 560k for 870sq ft?

I think they are happy enough. Also block 1 is in a far better location and just 5 apartments in the block.

You're not from Foxrock by any chance Silver? very triggered all of a sudden when someone said Foxrock has lost its cachet

hometruths

thefridge2006 wrote: »

You're not from Foxrock by any chance Silver? very triggered all of a sudden when someone said Foxrock has lost its cachet

At least people living in Foxrock cannot be accused of wasting all their money on smashed avocado. It's more likely to be found in the colour of their bidets than on their toast I'd say.

cnocbui

bubblypop wrote: »

Ah that was way underpriced I reckon.

I doubt that could be built for what it sold for, let alone accounting for the cost of the block, planning permission, surveys, utility connections, etc, etc.

Bass Reeves

cnocbui wrote: »

I doubt that could be built for what it sold for, let accounting for the cost of the block, planning permission, surveys, utility connections, etc, etc.

There are still Holiday homes and apartments being sold for less than 50% of there build costs. However that Bunglow was in excellent condition. As well it was a large property if it was the same one featured earlier in the Thread. It was about 2000sgft.

Even at 240K it was value I know little of the area but I imagine there was multiple types of interest. Most property going to auction goes about 20-50% above AMV. however there are exceptions. most property is sold on the day as AMV's are set to sell the property

brisan

Bass Reeves wrote: »

There are still Holiday homes and apartments being sold for less than 50% of there build costs. However that Bunglow was in excellent condition. As well it was a large property if it was the same one featured earlier in the Thread. It was about 2000sgft.

Even at 240K it was value I know little of the area but I imagine there was multiple types of interest. Most property going to auction goes about 20-50% above AMV. however there are exceptions. most property is sold on the day as AMV's are set to sell the property

Auctioneers work on the principle that people get over competitive in the heat of the moment and will go over the odds to WIN the property
Auctioneers are not adverse to having people bid against the wall if they think someone is overly keen

Bass Reeves

brisan wrote: »

Auctioneers work on the principle that people get over competitive in the heat of the moment and will go over the odds to WIN the property
Auctioneers are not adverse to having people bid against the wall if they think someone is overly keen

Most of the properties going for sale on the like of BidX1 auctions are sold by banks after repossessions or are property with issues. Banks want the properties sold and off there books. Auctioneers are working on a volume fee based deal. Most investors buyers are buying on a yield ratio. Property of the quality of the bungalow are unusual to see

Roberto_gas

Tick tock tick tock tick tock...⏱

shatners bassoon

For the doubters among us, this is a perfect example of what I'm seeing at the minute. This was up for €495K just before lockdown and sold for €540k. It's 76sqm.

https://www.myhome.ie/residential/brochure/24-st-anne-s-road-drumcondra-dublin-9-d09-h6y2/4423975

Browney7

shatners bassoon wrote: »

For the doubters among us, this is a perfect example of what I'm seeing at the minute. This was up for €495K just before lockdown and sold for €540k. It's 76sqm.

https://www.myhome.ie/residential/brochure/24-st-anne-s-road-drumcondra-dublin-9-d09-h6y2/4423975

Purchased for 442k in 2018. Whether or not it was in its turnkey condition then is unknown.

shatners bassoon

Browney7 wrote: »

Purchased for 442k in 2018. Whether or not it was in its turnkey condition then is unknown.

http://ir.speakingsame.com/p.php?q=Drumcondra,%20Dublin+9&id=660120

Pelezico

shatners bassoon wrote: »

For the doubters among us, this is a perfect example of what I'm seeing at the minute. This was up for €495K just before lockdown and sold for €540k. It's 76sqm.

https://www.myhome.ie/residential/brochure/24-st-anne-s-road-drumcondra-dublin-9-d09-h6y2/4423975

This surely evidence of a strong housing market. Remarkable in the face of the deepest recession of tge last 100 years.

shatners bassoon

Pelezico wrote: »

The fall in prices started last year. Activity has collapsed too.

It is great to have you on board to dissuade us from any hint that prices have indeed fallen and will continue to fall.

Always a pleasure Pelezico

MacronvFrugals

MacronvFrugals wrote: »

Would this be normal for the area folks or maybe some of that WFH cabin fever some on here predicted?

Buyers snap up rural properties in one day auction

https://www.irishtimes.com/life-and-style/homes-and-property/buyers-snap-up-rural-properties-in-one-day-auction-1.4368355?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Fhomes-and-property%2Fbuyers-snap-up-rural-properties-in-one-day-auction-1.4368355

Across a bay from Downings which is a hugely popular holiday village full of yellow reg Range Rovers etc. Dunfanaghy would be jammed with water lovers so a nice spot too. I'd say holiday home rather then WFH tbh but that's just opinion. 30 mins to Letterkenny so could be a far bit of local interest also of course.

As said for the price paid you wouldn't build it.

Geuze

shatners bassoon wrote: »

For the doubters among us, this is a perfect example of what I'm seeing at the minute. This was up for €495K just before lockdown and sold for €540k. It's 76sqm.

https://www.myhome.ie/residential/brochure/24-st-anne-s-road-drumcondra-dublin-9-d09-h6y2/4423975

1-storey houses that close to the city centre should be knocked, and the sites redeveloped into 6 storey blocks, with large, dual aspect apartments.

Geuze

Pelezico wrote: »

This surely evidence of a strong housing market. Remarkable in the face of the deepest recession of tge last 100 years.

Although the recent/current recession was very sharp, it wasn't very long (6 months? March-August?).

It actually won't be the sharpest drop in GDP, due to the MNC and exporters doing well.

There is a very sharp fall in employment.

MacronvFrugals

Augeo wrote: »

Across a bay from Downings which is a hugely popular holiday village full of yellow reg Range Rovers etc. Dunfanaghy would be jammed with water lovers so a nice spot too. I'd say holiday home rather then WFH tbh but that's just opinion. 30 mins to Letterkenny so could be a far bit of local interest also of course.

As said for the price paid you wouldn't build it.

I'd say you're right there, the views are great all the same and you'd be talking what 3 or 4x that for similar views in Dublin?

PropQueries

Pelezico wrote: »

This surely evidence of a strong housing market. Remarkable in the face of the deepest recession of tge last 100 years.

Not really. Housing transactions were down 30% in Q3 2020 compared to Q3 2019.

Which begs the obvious question. If transactions are down over 30% in Ireland compared to the same quarter last year, why have we been constantly reading media reports of a massive jump in house buying activity over the past few months?

From yesterday's MyHome report: Compared to Q3 2019 "However, we estimate transaction volumes through July and August were still down 37%"

Link to MyHome report here: https://media.myhome.ie/content/propertyreport/2020/q32020/MyHomePropertyReportQ3-2020.pdf

fliball123

PropQueries wrote: »

Not really. Housing transactions were down 30% in Q3 2020 compared to Q3 2019.

Which begs the obvious question. If transactions are down over 30% in Ireland compared to the same quarter last year, why have we been constantly reading media reports of a massive jump in house buying activity over the past few months?

From yesterday's MyHome report: Compared to Q3 2019 "However, we estimate transaction volumes through July and August were still down 37%"

Link to MyHome report here: https://media.myhome.ie/content/propertyreport/2020/q32020/MyHomePropertyReportQ3-2020.pdf

I think they are going month to month the months at the start of the lockdown transactions were very very low and they started rising again. I could be wrong but month on month for last 2/3 we are getting more transactions there was always going to be a slowdown in transactions with the challenges of corona

MacronvFrugals

Todays IT -

Housing crisis will become a monster unless the State kills it now

https://www.irishtimes.com/business/housing-crisis-will-become-a-monster-unless-the-state-kills-it-now-1.4369551?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fhousing-crisis-will-become-a-monster-unless-the-state-kills-it-now-1.4369551

Mic 1972

MyHome asking prices Q3 report is available
https://www.myhome.ie/reports/2020/Q3

As expected, asking prices have increased
Figures below show respectively Quarter-on-quarter and year-on-year

National €282,000 +5.2% +5.1%
Dublin €386,000 +3.7% +2.5%
Ex-Dublin €236,000 +5.6% +5.8%

The trend has been clearly visible over the last few months

PropQueries

Mic 1972 wrote: »

MyHome asking prices Q3 report is available
https://www.myhome.ie/reports/2020/Q3

As expected, asking prices have increased
Figures below show respectively Quarter-on-quarter and year-on-year

National €282,000 +5.2% +5.1%
Dublin €386,000 +3.7% +2.5%
Ex-Dublin €236,000 +5.6% +5.8%

The trend has been clearly visible over the last few months

The same report states "However, we estimate transaction volumes through July and August were still down 37%" compared to Q3 2019.

Cyrus

PropQueries wrote: »

why have we been constantly reading media reports of a massive jump in house buying activity over the past few months?

where are these reports?

Bubbaclaus

PropQueries wrote: »

The same report states "However, we estimate transaction volumes through July and August were still down 37%" compared to Q3 2019.

Well, obviously? How many people were going sale agreed during lockdown? It takes time to buy a house. The lockdown is still affecting transaction levels.

Just because transactions were down 37% in July and August doesn't mean house hunting and demand were down a similar amount.

Mic 1972

Cyrus wrote: »

where are these reports?

Asking Prices
https://bl.ocks.org/pinsterdev/raw/b52f2a466477d05576bc/?s=commuter


Price Register

https://bl.ocks.org/pinsterdev/raw/98d5baa18a1bc6d603e0/

Mic 1972

PropQueries wrote: »

The same report states "However, we estimate transaction volumes through July and August were still down 37%" compared to Q3 2019.

Prices kept going up even with less buyers and less bidders. That means strong confidence

Browney7

Mic 1972 wrote: »

MyHome asking prices Q3 report is available
https://www.myhome.ie/reports/2020/Q3

As expected, asking prices have increased
Figures below show respectively Quarter-on-quarter and year-on-year

National €282,000 +5.2% +5.1%
Dublin €386,000 +3.7% +2.5%
Ex-Dublin €236,000 +5.6% +5.8%

The trend has been clearly visible over the last few months

Do we know what their "mix adjusted asking price" means? Their comment is that they adjust for "type, size and locations". It's not clear if they adjust for quality or new build/existing. There have been studies on new build prices increasing at a faster pace in recent years in the UK (and there are some Irish stats I've seen also which show a similar effect) due to grants and subsidies for new builds and the expensive materials used.

Anyway, Dublin asking prices from their report is as follows:

Q2 19: 382k
Q3 19: 376k
Q4 19: 376k
Q1 20; 380k
Q2 20; 372k
Q3 20; 386k

As can be seen, a bit of volatility in the numbers

hometruths

Mic 1972 wrote: »

Asking Prices
https://bl.ocks.org/pinsterdev/raw/b52f2a466477d05576bc/?s=commuter


Price Register

https://bl.ocks.org/pinsterdev/raw/98d5baa18a1bc6d603e0/

that PPR report indicates national prices are down 4% and Dublin prices are down 3% year on year to September?