2021 Irish Property Market chat - *mod warnings post 1*

WhiteWalls

Listened to David McWilliams latest podcast last night. He's basically said that if you are intending on buying to refrain from doing so for two years. He also said to take advantage of the falling rent prices.

I agree with him on the first point but don't see any evidence for his second point.

Personally I have been looking at property in a couple of towns on the commuter belt. Current asking price for a house in one estate was 250k. Looked at the property price register from this estate for 2019 where it was 55k less and in 2014 when it was over 100k less for a house 8n this estate. I know all houses are not the same but they couldn't possibly be that much different.

I do think it is sadly the worsrt possible time to buy.

Mic 1972

timmyntc wrote: »

Thats the point?

Its not complicated and you shouldnt need a solicitor. But in Ireland you do, and it will cost you.

it's the same in almost every country in Europe. if it's not a solicitor it's another legal institution that will still take a few thousand euro for paperwork

Pelezico

awec wrote: »

Australia uses the same legal system as here (common law).

cnocbui wrote: »

You don't need a Lawyer to buy and sell residential property in Australia. The system might be called common, but there is scant in common between the two legal systems, in a practical sense for normal people.

You do not need a lawyer to buy a house in Australia. It is a lot cheaper. I know because I lived there about a century ago.

Pelezico

awec wrote: »

People don't hire solicitors when buying houses because the legal system is complicated, buying a house doesn't have much to do with the legal system itself.

Not sure what point you are making except to disagree. Here is the thing. You try buying a house in Ireland without a solicitor.

Guess what..you wont and the bank wont be interested.

jill_valentine

awec wrote: »

4-6000 people building?

Are you sure about that number?

Intel described it as "up to 6,000" when it was announced first so I was covering myself a bit at that and all

It wouldn't be all at once, but in fairness it is an absolutely bulhugous facility, big enough that they got an exemption to carry through the current lockdown with several thousand construction workers on site. The development is only just smaller than Ellis Island.

Yurt2

cnocbui wrote: »

I gave links a few posts back showing one listed for €70 K last October.

Asking v sale price.

There's not a snowball's chance a unit like that sold at 70k.

timmyntc

jill_valentine wrote: »

Intel described it as "up to 6,000" when it was announced first so I was covering myself a bit at that and all

It wouldn't be all at once, but in fairness it is an absolutely bulhugous facility, big enough that they got an exemption to carry through the current lockdown with several thousand construction workers on site. The development is only just smaller than Ellis Island.

Such a large building that several years ago they built a smaller (albeit still huge - like multi story carpark big) scale model to iron out the kinks in building the real thing!

L1011

Pelezico wrote: »

You do not need a lawyer to buy a house in Australia. It is a lot cheaper. I know because I lived there about a century ago.

You still usually (state-dependent) need a "conveyancer" who is a paralegal, though; and the current Government is intending to bring in such a profession/qualification here.

jill_valentine wrote: »

It wouldn't be all at once, but in fairness it is an absolutely bulhugous facility, big enough that they got an exemption to carry through the current lockdown with several thousand construction workers on site. The development is only just smaller than Ellis Island.

The exemption is a general consideration of semiconductor manufacturing as essential that allows the construction work, because there is a global shortage of processors and they are rather important in keeping the world going these days!

awec

Pelezico wrote: »

Not sure what point you are making except to disagree. Here is the thing. You try buying a house in Ireland without a solicitor.

Guess what..you wont and the bank wont be interested.

Which one is the exception here, Ireland or Australia?

jill_valentine

L1011 wrote: »

The exemption is a general consideration of semiconductor manufacturing as essential that allows the construction work, because there is a global shortage of processors and they are rather important in keeping the world going these days!

That's a very fair point.

Pelezico

awec wrote: »

Which one is the exception here, Ireland or Australia?

Listen...let's leave it here. I dont care which is the exception. I wanted to clarify that a solicitor is not required in Australia and is in Ireland.

To suggest otherwise is ridiculous.

Pelezico

L1011 wrote: »

You still usually (state-dependent) need a "conveyancer" who is a paralegal, though; and the current Government is intending to bring in such a profession/qualification here.



The exemption is a general consideration of semiconductor manufacturing as essential that allows the construction work, because there is a global shortage of processors and they are rather important in keeping the world going these days!

Yes...a paralegal is used but a lot cheaper than solicitor. As an aside, I was paying 17% on my mortgage in Australia. It must have been around 1990. We used to read about interest rates in UK being 15% at the same time.

There was a crushing recession in Australia in the early nineties.

MacronvFrugals

Villa05 wrote: »

Was it Michael noonan who brought in the knowledge box tax incentive. It was my understanding that this was for ideas developed in Ireland. Has it evolved into a box where ideas developed elsewhere are transferred into to minimise tax. If that is the case we are really milking it dry

They needed something as the Double Irish was being phased out, the Knowledge Box suited perfectly.

In saying that i don't think anyone believes we actually develop the amount that makes its way into the IP box, another clever tax scheme for a tax haven.

cnocbui

Pelezico wrote: »

You do not need a lawyer to buy a house in Australia. It is a lot cheaper. I know because I lived there about a century ago.

In 30 years in Australia, and several property transactions and deaths, I never once needed to engage a solicitor. In 24 years in ireland I have had to engage a solicitor 10 times and 11 and 12 are on the cards. But what would I know.

cnocbui

Mic 1972 wrote: »

it's the same in almost every country in Europe. if it's not a solicitor it's another legal institution that will still take a few thousand euro for paperwork

About €240 to use a settlement agent to do the conveyancing to buy/sell a house in Oz about a decade ago. One time with a probate it didn't even cost that, just some nominal land registry fee and wait 30-40 minutes and done.

Hulk Hands

fliball123 wrote: »

Who the hell is he to tell anyone to do anything. People need to look at their own circumstances in order to buy or sell. He has been shouting not to buy since 2017 and if anyone has listened to him they will have now paid 4 years of rent and prices have gone up. Thanks Dave

I have been listening or reading him on and off for the last few years and have never heard him say not to buy up until now. If he's been shouting about it then given he's on media weekly, there must be dozens of such examples. Perhaps you can point me to multiples of them?

Claw Hammer wrote: »

Funny that1. Two of my neighbours are sellig, one moving up market, one moving down. Both say they will rent until the find a new house.

He's talking in general terms obviously. We're in a country of 5 million. In general you can say the Irish population don't sniff glue but im sure you can find a few sporadic examples to the contrary if you looked hard enough

Pelezico

cnocbui wrote: »

In 30 years in Australia, and several property transactions and deaths, I never once needed to engage a solicitor. In 24 years in ireland I have had to engage a solicitor 10 times and 11 and 12 are on the cards. But what would I know.

Maybe we crossed paths. I left in 94 and came back to this side of the world. I first went on 1987.

I worked on a massive high rise which was completely vacant after construction. They dont make recessions like that anymore.

Property prices are largely a function of interest rates. Interest rates were crazy back then

cnocbui

Pelezico wrote: »

Maybe we crossed paths. I left in 94 and came back to this side of the world. I first went on 1987.

Maybe - were you in Perth? I left in 1997, to my current regret.

fliball123

Hulk Hands wrote: »

I have been listening or reading him on and off for the last few years and have never heard him say not to buy up until now. If he's been shouting about it then given he's on media weekly, there must be dozens of such examples. Perhaps you can point me to multiples of them?



He's talking in general terms obviously. We're in a country of 5 million. In general you can say the Irish population don't sniff glue but im sure you can find a few sporadic examples to the contrary if you looked hard enough

So the very first show from 2017 saying we are back in a bubble the whole first episode was based on the premise of a bubble existing back in 2017 and also insisting there is another crash on the way. He also blatantly lied saying that you dont need easy access to credit to blow up a bubble and used the dotcom bubble as an example, when the dotcom bubble did actually start off by banks allowing people borrow money easily at cheap interest rates.

If that is not a way of trying to mislead people into not buying then I dont know what is. Now he is just saying do not buy so he has upped his game

http://www.ronanlyons.com/2017/11/13/is-david-mcwilliams-right-are-we-in-another-housing-bubble/

https://www.dublinlive.ie/news/business/david-mcwilliams-believes-another-property-13846727

Pelezico

cnocbui wrote: »

Maybe - were you in Perth? I left in 1997, to my current regret.

Yes....Perth...the land of milk and honey. I would love to return. I should not have left. The quality of life was magnificent.

Mic 1972

cnocbui wrote: »

About €240 to use a settlement agent to do the conveyancing to buy/sell a house in Oz about a decade ago. One time with a probate it didn't even cost that, just some nominal land registry fee and wait 30-40 minutes and done.

Ireland is in Europe, not in Australia
In Europe it's fairly common to pay thousands to a legal institution when buying a property.

Pelezico

Mic 1972 wrote: »

Ireland is in Europe, not in Australia
In Europe it's fairly common to pay thousands to a legal institution when buying a property.

Yes...I found out that too. Everything is more expensive here but we console ourselves by telling everyone we are the best workers and the most educated workforce in the world. Oh and the craic is great and everyone loves us too because of our unique and wonderful sense of humour.

As a returnee you have to learn fast to keep the gob shut and swallow all the bs about how wonderful Ireland is. Most of it is complete bs.

L1011

-> Australia forum please.

cnocbui

Pelezico wrote: »

Yes...I found out that too. Everything is more expensive here but we console ourselves by telling everyone we are the best workers and the most educated workforce in the world. Oh and the craic is great and everyone loves us too because of our unique and wonderful sense of humour.

As a returnee you have to learn fast to keep the gob shut and swallow all the bs about how wonderful Ireland is. Most of it is complete bs.

I am currently in the process of trying to offload my property in Ireland so I can emigrate to NZ. Since the drawbridge is still up there, the snails pace of getting anything to happen here doesn't actually grate too much, for once.

Cyrus

Pelezico wrote: »

As a returnee you have to learn fast to keep the gob shut and swallow all the bs about how wonderful Ireland is. Most of it is complete bs.

almost as grating as listening to people who spent a few years in Australia tell everyone about how amazing it was :D

yagan

Cyrus wrote: »

almost as grating as listening to people who spent a few years in Australia tell everyone about how amazing it was :D

I spent a few years there and thought it was as boring as fook.

Besides they've got their horrendous tax break fueled bubble. Before I left I had asian friends who'd taken 110% mortgages and when I asked what they'd do if the market collapsed they just laughed and said they'd be long gone from Australia before the banks come knocking!

Like us they were sending their savings home and if it happens the aussies can have their debts.

Mad_maxx

cnocbui wrote: »

I am currently in the process of trying to offload my property in Ireland so I can emigrate to NZ. Since the drawbridge is still up there, the snails pace of getting anything to happen here doesn't actually grate too much, for once.

have you ever lived in NZ ?

Villa05

cnocbui wrote:

I am currently in the process of trying to offload my property in Ireland so I can emigrate to NZ. Since the drawbridge is still up there, the snails pace of getting anything to happen here doesn't actually grate too much, for once.

It's all about timing :-)

cnocbui

Villa05 wrote: »

It's all about timing :-)

Yes. Amazingly the timing looks to be ideal for someone selling a fibre connected roomy one-off bungalow in the country side, 4 minutes from an excellent school and ideal for WFH.

cnocbui

Mad_maxx wrote: »

have you ever lived in NZ ?

No, what's it like? :rolleyes: