Looking to move... WTF is going on with prices?

People have lots more money, people realising they don't need to live within 10-15 minutes of work, supply was already low and 9 months of not building in 2020 and 5 months± in 2021 hasn't helped.

you will find almost equal support for either side of that debate, both on these boards and in the wider world. To put it mildly, there are too many novel factors at play for anyone to be able to read that crystal ball for you

Anyone that can answer this will either be lying or you should be asking them for the euromillions numbers instead.

You should be looking at 3 or 4 bedhouses maybe 400k plus or buy a house with a large garden and build a 2 bed extension prices are going up

In every city in Europe due to maybe people working from home so need more space home office room if you are paying 600k for a house I presume it's in rathmines eg a middle class area

An extension could cost maybe 50k approx

no way you're getting a reasonable extension done for 50k, not with the cost of materials effectively being 50% dearer today than this time last year.

It might get you a nice garden shed to put an office in, with some money left over for furnishings but not something that'll add value to the house

A 4 bed semi or detached home in Rathmines would be more like 1.5 million than 600k..

A large extension on a house for 50k?

In fairness if you mention the location we may have a better understanding of the situation.

I am seeing houses near us going up advertised for far less than they would have sold for 2 yrs ago, they then go 100k+ up in bidding and sell for what seems to be the actual level in the area these days. (property price register is the most accurate on what things should cost - not the advertised sale price).

The housing crisis was an issue pre pandemic but now we are really behind. Personally and just my opinion of course, but I see prices rising for the next 3 yrs as we had high targets that will have to somehow also make up the current loss from Covid.

Anecdotal evidence is suggesting that prices outside Dublin are climbing more with people moving from cities, but this is having no impact with regards to reducing prices in the capital and surrounding regions.

To get into a nice house (ready to move in) in an good area (schools amenities etc.) you are going to pay a big price for the foreseeable future.

Guessing this is the house https://www.daft.ie/for-sale/detached-house-49-larchfield-dunboyne-co-meath/3469961 , not many 5 beds for 635k on daft.

I don't know the area well enough to judge but maybe the asking/list was much lower than it should have been.

https://www.myhome.ie/residential/brochure/28-larchfield-dunboyne-co-meath-a86-de08/4478596 this went for 642 earlier in year so up to over 800k seems a big increase, 49 does have bigger garden and garage so far more potential but still seems like big jump.

That said the market is a bit mad at the moment.

Same as myself and don't have a choice really.

What we can currently afford in the Dublin commuter towns require too much work or are tiny new builds not worth the money they're up for.

I fear buying something now and being landed with negative equity if things come down. Surely something will have to give?

In the same boat. The only value is in the most expensive houses.

Cheaper houses are massively overpriced due to a number of factors (limited supply, more savings, ever-increasing rents, COVID babies, COVID divorces). Renovated houses already have potential profit factored in, so it's usually not worth the hassle.

Land is not so overpriced, but still expensive. The issue is building materials are far more expensive.

It's the second bubble in 15 years. Well done government.

I would be of the belief that if you can afford it and its the right location then go for it. I don't have any confidence that supply will improve over the next 3 years to the point where a massive drop occurs in house prices. I bought in 2018 and paid 21% over the asking. I quickly learned that looking at things close to my maximum budget was a waste of time.

50k wouldn't build you a fancy shed these days

Yet another friend put their house on the market in a total mess and had a buyer even before the sign went up.

They didnt even have time to paint or fix up the little damp spots on the bathroom ceiling or even hide away all the toys all over the place.

Called EA on Thursday saying they were thinking of selling could they get a valuation. EA was out and had it valued on Monday. EA then had 3 bidders in and out, about a week of the 3 of them bidding up to 10% over asking, sale agreed.

You dont even have to tidy up a house now before it gets sold :)

This market is crazy and best kept out of.

I think they're projecting 2024 before any semblance of normality returns to the market. If your plan is to upgrade to a bigger property within roughly the same area, then you're better off holding fire right now if you can.

I'd only advise someone to sell up and move on if they stand to be in profit/mortgage-free after making their move; such as going from a small property in Dublin to a huge one in Leitrim at half the price.

Even then, the good rural properties are seeing prices skyrocket.

Agreed.

I have renovated many houses over the last couple of decades so know exactly the cost of putting on an extension.

What you see now are people buying houses and thinking they know what an extension will cost them, only to find out after buying that they cant afford the extension without a new mortgage.

We have now stopped buying houses to renovate because a job that would have cost €50k with decent profit to all involved now costs €150k for the subbies and labour etc.

And even though the guys i have used all the time to do the jobs know i know that it will be only €50 arent interested at €50k.

"Its like this Jimmy, i'd love to do the job for you, but this fella down the road will pay €150k. If I did it for you for €50k I might as well throw the other €100k in a fire and burn it. See what im getting at?"

And thats a fair point.

I think people buying a house should be looking for houses that already have that extension built. At least then they arent paying way over the odds for it in the future.