Irish Property Market chat II - *read mod note post #1 before posting*

Yeah, China sure stopped buying Australian coal. There were a couple of ships just sitting there full of the stuff, victims of China's noisomness. Then they had a coal problem, likely due to covid, so they suddenly and quitely offloaded all that coal and paid for it.

China can pretend they can boycot Australian resources, but it's the best and/or cheapest, so they are cutting off their noses to spite their lying faces.

The less China buys from Australia, the better, IMO. I loath the CCP and anything they do that undermines their own economic position is a good thing.

"Desperate China backflips on Australian coal

A bitter trade dispute between China and Australia helped spark a coal shortage — and now Beijing has been forced into a backflip."

https://www.news.com.au/finance/economy/desperate-china-backflips-on-australian-coal/news-story/a95b66b707a25dfda11104702bcb63b5

It may disappear from the rental market is one issue. Being driven out doesn't necessarily mean comes back to market available for rental or purchase etc...

In a time when things are scarcer people don't always tend to let go of things......but if you effectively have less and less rights to your own property when you rent it out you might decide **** this for a game of soldiers but I'll hang on to the asset just in case etc

A lot of people thought it was a good move to get rid of crappy little bedsits etc but they were probably filling a need in the marketplace and we're much more cost effective than managed apartment complexes etc for a lot of tenants...

I'd be of the opinion a lot of the problems have been created by those regulating etc

Many people houseshare when renting but usually when people buy it is an individual or a couple. Of course, some people rent on their own/as a couple and families with children tend to live in their own home whether renting or buying. Still, stuffing bunk beds into tiny rooms is not necessary for it to be true that a rental property will often have more people in it than an owner occupied one. Different types of people too.

To your original question about why it’s bad that landlords are leaving - landlords leaving means fewer homes to rent. And some people need to rent, because they’re not living in a place for the long term, because they can’t afford to buy, because they expect their needs to change in the short term etc etc. I know several people/families who have had to move because the LL was selling up and they were finding it extremely difficult to find somewhere new to rent. They were not in a position to buy. It’s a terrible situation to yourself in.

You might like to think it’s all the LLs’ fault but most of them are decent people. The government legislation has screwed the decent LLs time and again. The ones who kept pushing rents up are the ones least impacted by RPZ rules. The government is essentially incentivising regular rent reviews.

HEre is just one example of many that I know of where one house being sold / taken off the rental market leads to multiple properties being need to replace it.

I was in a house share in my 20s. Myself and my gf. The owner and his gf. Another could and another single guy.

We were all very happy for about 2 years.

Then the owner decided to get married. So we were all asked to move out so they could start their new life together in their own home. A reasonable request so we all moved out before the wedding.

So all of us used one 4 bed house between us.

Then When we moved out we all moved to these places.

The owners stayed in their 4 bed house with their now wife.

Myself and my gf moved to a 1 bed apartment.

The single guy moved to a 1 bed apartment.

The other coulple moved to a 2 bed apartment for a while and then bought a 3 bed house about 2 years later.

So the needs being serviced by one 4 bed house, now needed -

One 4 bed house

One 3 bed house

Two 1 bed apartments.

Basically 4 properties were required to meet the same needs that 1 property met for the same amount of people.

It's a business just like many other businesses. It's exactly the same as a hotel or a holiday home service. Landlords run it as a business. If legislation was ever suggested to make it illegal to sell, every small LL in the country would serve eviction notices to there tenants and either give them to there children or sell them.

Nobody is saying it's a bad workman idea, rather we are.pointing out the the facts of how one decision impacts on availability of rental property or how when LL leave it may actually add to the housing issue.

Just let me at present average rents seem to be rising by more than what they legally should be able to. Some LL who had tenants in there property for a long number of years often did not rise rents. When the property becomes vacant in a RPZ they cannot rise it to a market rate. It may make more sense to sell the property pay the CGT and use the funds elsewhere. I recently say a house go for sale after longterm tenants were vacating it. The value of the house was 300k, they could only rise the rent to less than 800 euro. They decided to gift the house to there children who I tend to sell it.

Warren Buffet holds record levels of cash, one suspects he could be fearful of current valuations. The podcast addresses interest rates by the way.

So how long should we watch this space and what form will this space take in your opinion?

Unhinged

Who said LLs should be treated favourably? As far as I can see nobody said people shouldn’t be allowed to buy or should have to live in houseshares forever either. You’re arguing against points that nobody is making.

I can see you’re against landlords but what are you in favour of?

He is one chap who has always been impartial and always had good points within his commentary and he is on the money with this and I cant see either of those 2 figures changing in the next 3/5 years. All the doomsdayers on here are looking at China to suggest that this will impact our house pricing model and ignore the basic supply and demand issues we have here is more in hope than reality. Anyone getting any kind of building work or needing a tradesman such as a plumber or sparks in this country will tell you how much it costs. I mean I had a plumber come out for a leak under the sink there just before the xmas and I had to hand him 50 Euro before he even set foot in through the door , he changed one small piece of piping, charged 100 Euro for the small piece he replaced and another 150 for doing literally 20 minutes work. He told me how much it was before I paid and I quickly googled a few plumbers and rang them and they all came in roughly around the same price and their availability were all 2 weeks+ before they could do the job. Bonkers how much the building trade can charge and the scarcity of tradesmen we have in the country. I think it may be a good time for the powers that be start pushing some of our school leavers into the trades again, its all well and good when our population are educated to third level, but we need more people with this kind of skill and their is serious money to be made for anyone getting a trade as well.