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

I am glad you said that because what I say is true, I know I was thinking of buying and went into estate agents. Not only that it my friend bought one for 27k around 1994.

If you don't know that then you are not aware of what prices were like them.

This was a 2 up and 2 down.

The reason I checked them out was because a girl.i knew in London had a brother who bought a house in a little street called I think 4th avenue around the sherrif st area.for 6k in 1989.

You dont have to believe me, I don't care, but give me a few days and I will try to dig up the details.

I bought a flat in London in 88 for 67k so was aware if house prices especially when the market crashed shortly afterwards.

https://www.irishtimes.com/life-and-style/homes-and-property/twenty-years-a-viewing-the-ups-and-downs-of-the-property-pages-1.939457

I'd agree with this poster based on my own experience recently. Market is busy, loads of people at viewings and houses getting snapped up within weeks of going on the market, at higher prices than this time last year. But there's less madness with the bidding, at least on the houses I'm looking at.

There's no data that will show it yet I wouldn't think as PPR is months behind and estate agents generally never whacked up asking prices to the prices houses were actually going for through aggressive bidding wars so it probably wouldn't show in asking prices either.

Totally anecdotal here, but for what it's worth that's been my experience.

Looking at the prices houses are going for is simply depressing! I was batting around the idea of buying a house soon. That was until I read a few threads in this forum! Holy smokes!! I am very sad to say that at 28 there isn't even hope in hell of me affording a house!

You are glad I said that and you changed your figures to make a different amount nearly double what was said. Then bring up a house off Sheriff Street which is not the same area and one of the most dangerous streets to live on in the country. Just very confusing to say you are glad I brought up that you were wrong and you then changed what was said. The condition of these house was terrible and required extensive rework. My family have been involved in North Strand since the 80s so we always paid attention to house sales in the area. In fact we tried to buy one side of Xavier Avenue which was derelict and the houses were more expensive than was said and that was 1990 if I recall correctly. Went to buy a property on Spencer Street in 1999 and that was £150k and it need to have the roof replaced. So yeah I don't believe you

Doesn't really matter as it is a totally different neighbourhood now and people see value in them now

the post I replied to said £14k for 1995 and you said £27k you may notice these are different figures one being nearly double the original and a year earlier.

Afghan war, Brexit and corporation tax won't magically make houses appear overnight though - we've a supply problem at the moment, not easily obtainable credit driving prices up like in the boom.

Wow! Insane carry on indeed. Is the asking price too low? Are there other houses for sale on the same area that are commanding the same price level?

Future demand is largely based on projections for population growth (i.e. immigration) over the coming decade. It is undoubtable to me that the significant increase in immigration in recent years caused the rental market to explode and the rental market bubble is what has spilled into the purchase market. For example, a lot of people are buying in Ireland because the mortgage is often significantly cheaper than the rent they were paying so that is largely why they justified the house price they paid.

However, immigration to Ireland is of course not a guarantee and until it happens it is like predicting where house prices will be in a year, two, five etc. years. If immigration does not materialise as intended (ironically, it could be due to the housing affordability issue which is sometimes conflated with a picture of strong economic prosperity in Ireland), rents will drop though to what extent it is impossible to say. Another issue that should be taken seriously with projected demand from immigrants, is interest rate rises on mortgages. If rates even went up 2%, this could be hundreds of extra euro per month on a mortgage repayment, which would make rents look less eye-watering. Combining it with a drop in rents for other reasons like supply picking up or demand stalling and we might see mortgage repayments racing past rents, which of course will affect house prices.

The short story I have made long with this post is that two things like immigration and interest rates are assumed to remain high and low respectively in order to justify sustained house prices/rents, but they are assumptions and not without risks.

Ireland’s population has today hit the highest level since the Famine.

https://www.google.ie/amp/s/www.irishexaminer.com/news/arid-40370168.html%3ftype=amp

What people often forget about the peak prices in 2008 is the sales where very small at that point. The often quoted high prices effect so few people yet it is easy to use the peak to say how crazy things got. The reality is you aren't even talking about 1000 sales in the entire property market. The fact demand is still so high now and prices still a fair distance from the peak history but it isn't a target. Inflation is also an issue

Standard 3 bed terrace in Wexford town up for 190k sold two weeks later for 240k. It was a nice house you could just walk into but 50k over asking..

Somewhat related to this thread, can someone tell me when buying a house turned into a bidding war????

Four times now, I've told the agent I'll buy the house at the price advertised but the "seller" wants to wait to see if there's more offers. I'm giving you what you advertised so whats the problem here???????????

That's a dreamer's mindset to have. As Dave010 said, remember that when you sell your house/apartment. Who wouldn't want to maximize the amount of money when selling a property? When supply is low and demand is high for commodities, prices will increase to whatever the next person is willing to pay.

Buying and selling in Ireland can be like the wild west. Gives you the jitters