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

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    #7592
    Timing belt
    Registered Users Posts: 3,501 ✭✭✭Timing belt


    https://www.boards.ie/discussion/comment/118601477#Comment_118601477

    That's not true.... you need to take into account that most of the gov debt is fixed for up to 10 years and the only additional servicing cost would be on any new debt issued. The bond issuance for 2022 is about 11bn so in your scenario of a 2% rise it would equate to an additional 200milion in servicing costs.

    In all likely-hood rates will increase by 0.002% (This is what the market is projecting at the moment) and it would equate to a 20 million increase in servicing costs for 2022



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    #7593
    Timing belt
    Registered Users Posts: 3,501 ✭✭✭Timing belt


    https://www.boards.ie/discussion/comment/118601523#Comment_118601523

    What would be crazy is to implement austerity during a time of a recession as it only compounds the problem. When the economy's are growing they should be taking advantage of it and paying down the debt to enable them to borrow during the next recession. If there is inflation in the economy is generally down to the economy growing to fast and repaying debt destroys some of the money in circulation which in turn slows down the economy.



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    #7594
    mcsean2163
    Registered Users Posts: 1,839 ✭✭✭mcsean2163


    https://www.boards.ie/discussion/comment/118598909#Comment_118598909

    Is €50k a good salary? It's above average. Assume you get 3.5 or €175k mortgage. Imagine you save deposit over five years of €25k. Five years of saving 5 grand a year and you have 200k. What can you buy in Dublin?

    Even assume you save an extra €1000 a year with all the vouchers etc. do you think you'll be any better with 205k?

    That's the world we're in..

    Post edited by mcsean2163 on


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    #7595
    mcsean2163
    Registered Users Posts: 1,839 ✭✭✭mcsean2163


    https://www.boards.ie/discussion/comment/118600889#Comment_118600889

    And if GDP/gni falls, we're totally exposed again and the troika will be back. Surprised the Germans are allowing inflation to spiral. We're the leech at the edge of Europe, at some point the might decide to Lance the parasite.



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    #7596
    Timing belt
    Registered Users Posts: 3,501 ✭✭✭Timing belt


    https://www.boards.ie/discussion/comment/118602401#Comment_118602401

    If we are the leech at the edge of Europe then what is France? we have a similar bond spread which means that investors see the same level of risk in Ireland as they do in France.



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    #7597
    fliball123
    Registered Users Posts: 7,450 ✭✭✭fliball123


    https://www.boards.ie/discussion/comment/118601921#Comment_118601921

    but new debt and when the debt matures we will be on the hook for the higher interest



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    #7598
    Timing belt
    Registered Users Posts: 3,501 ✭✭✭Timing belt


    https://www.boards.ie/discussion/comment/118602773#Comment_118602773

    Yes that is correct but the average maturity of the debt is 10/11 years.



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    #7599
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Just seeing that Ciaran guy from "crazy house prices" on prime time.

    He's a fool.

    He had a post up this week saying a house went X above the asking price. Turns out the "asking price" was a guide price and the house was sold at auction. What a clown.



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    #7600
    wassie
    Registered Users Posts: 3,521 ✭✭✭wassie


    Had a look at his site there and Instagram. He's got decent following now and is obviously trying to monetise it all. Complete spoofer.



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    #7601
    wassie
    Registered Users Posts: 3,521 ✭✭✭wassie


    [Deleted - duplicate post]



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    #7602
    SmokyMo
    Registered Users Posts: 311 ✭✭SmokyMo


    https://www.boards.ie/discussion/comment/118603098#Comment_118603098
    https://www.boards.ie/discussion/comment/118603167#Comment_118603167

    I think he is doing a great job. We have enough negative nancys who do f'ck all. At least he is bringing awareness to the issue. He a teacher so let him make few bob while he at it.



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    #7603
    AdamD
    Registered Users Posts: 12,583 ✭✭✭✭AdamD


    He seems to have zero understanding of asking prices anyway, consistently seems mindblown when houses get sold for more than asking.



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    #7604
    Economics101
    Registered Users Posts: 1,689 ✭✭✭Economics101


    From to-day's Indo. What an idiotic headline (I didn't read the text after that):

    https://www.independent.ie/irish-news/rents-soar-as-cuckoo-funds-massively-outbid-families-for-new-homes-41328342.html

    The headline implies that "cuckoo funds" (great piece of name-calling) are effectively paying way over the odds for property. Are they that stupid?



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    #7605
    timmyntc
    Registered Users Posts: 7,036 ✭✭✭timmyntc


    https://www.boards.ie/discussion/comment/118604259#Comment_118604259

    It implies they are buying new, high end, and yes also outbidding would be owner-occupiers.

    The article also spells out why - because of rental yields, the cuckoo funds' valuation of the property is higher than what a family would ever pay.

    Based on annual rent received/property purchase price - they set their purchase price based on market rents as they target a certain level of return. If interest rates rose, this would be much less viable for them.



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    #7606
    Villa05
    Registered Users Posts: 4,603 ✭✭✭Villa05


    Ironic Quote of the century

    Tom Parlon 08 February 2022. The hard shoulder on Newstalk

    There is little point in drawing demand when the supply chain is not sufficiently developed to satisfy that demand.


    The irony from a man that has made a career out of lobbying for handouts to drive up the price of new build houses

    Tom was speaking about the new Seai grants to retrofit housing. One suspects that this may pull demand away from new builds towards empty doer uppers. The construction industry federation have been rattled which is a good sign.

    Kudos to the green party, you may have stolen Sinn Feins thunder



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    #7607
    cnocbui
    Registered Users Posts: 20,047 ✭✭✭✭cnocbui


    https://www.boards.ie/discussion/comment/118604259#Comment_118604259

    If that term is referring to REITs, then no, they are not stupid, because they don't pay any tax whatsoever - not on income or CGT on disposal. The idiots are the voters who aren't marching in the streets and writing to their TD's, asking why the government treats mostly foreign REITs so generously - the beneficiaries of which are mostly wealthy foreigners - while treating local Irish landlords so abominably and comparitively unfairly with policies deliberately intended to drive them out of the market - and why are they letting FTBs be completely screwed over by large corporations?

    I'll be voting Sin Fein, that's for sure.



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    #7608
    wassie
    Registered Users Posts: 3,521 ✭✭✭wassie


    https://www.boards.ie/discussion/comment/118604224#Comment_118604224

    He's a spoofer in that he has transitioned to influencer type rubbish on social media trying to flog things that are freely available on the net as 'exclusive content'. His instagram site has click-bait style nonsense such as this

    Heading:

    How to get a mortgage exemption.

    The details:

    Lenders can give out a certain number of exemptions/exceptions

    There are 2 types:

    - more than 3.5x your income

    - less than 10/20% deposit required

    On the requirement to be sale-agreed before getting an exemption; your broker will have a very good idea if you'll get the exemption before you go sale-agreed. So it's not as risky as it sounds.

    Did you manage to get an exemption? Let me know in the comments!

    I got some of this info from Bonkers.ie and other bits from [Mortage Broker referral] who also has an excellent post all about mortgage exemptions.

    Then comes the usual "join my patreon" and send me a few quid and I'll give you exclusive free stuff like a PDF.

    What was once an interesting site is now all about site traffic, affiliate links and subscriptions.

    And I think everyone who has an interest in the property market is fully aware of the issue.



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    #7609
    fliball123
    Registered Users Posts: 7,450 ✭✭✭fliball123


    https://www.boards.ie/discussion/comment/118602825#Comment_118602825

    and how much more debt will we have added in that time? What it suggests is that there will come a point in time in the next decade when 5Billion+ will be snapped up on our annual spend for interest and god knows what that rate will be if 2% is predicted in the next 3 - 5 years it could be double that meaning 10 billion out of our spend is gone on servicing the debt. If I was in government I would be looking at ways to stop borrowing and reducing the debt so when rollover time comes that 5 to 10 billion is a lot less. Other wise things welfare , ps pensions , OAP and capital expenditure will have take a hit.



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    #7610
    Cyrus
    Registered Users Posts: 20,039 ✭✭✭✭Cyrus


    https://www.boards.ie/discussion/comment/118603098#Comment_118603098
    https://www.boards.ie/discussion/comment/118603167#Comment_118603167
    https://www.boards.ie/discussion/comment/118604256#Comment_118604256

    I have made reference to him more than once in this thread, an absolute chancer, using populism to peddle his wares. Basically a grab for freebies and some patreon subs, chancer of the highest order (like the majority on instagram to be fair)



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    #7611
    [Deleted User]
    Posts: 2,827 ✭ [Deleted User]


    https://www.boards.ie/discussion/comment/118590177#Comment_118590177

    Ballinrobe and other small towns are waiting for the Government to open the purse and grant more tax relief through a new Town Renewal Scheme.

    You have owners of derelict property waiting. They will invest nothing. Once TRS is available then the owners who neglected their properties will put them on the market and if they sell enjoy a windfall as the tax benefit will be baked in to the asking price..

    The Councils don't want to CPO the properties as the process is too difficult and expensive. They're not even maintaining the derelict site registers. I was in communication with a Co. Co. Environment Department Official last week and they weren't maintaining the list. They just don't want to know.

    The effect of TRS last time around was that next to nothing got re-developed as the owners put the prices of their derelict property so high that nobody could afford to buy and improve the property. I saw only a handful of properties being brought back in to use as a result of TRS and the rest remained idle to this day and time hasn't been kind to those derelicts.

    A real fear of losing the property is needed to regenerate villages in rural Ireland.

    There are 199 derelict properties in Ballinrobe but practically nothing for sale or rent as all the property owners are awaiting their windfall of TRS. All the while the town crumbles in to ruins. Visit it in Google Streetview if you don't believe me.

    I'm interested in a few derelict properties which need renovation in a village local to where I come from. They won't come on to the market.

    Here in Germany property gets CPO'd and sold. You can see forced auction properties everywhere (Zwangsversteigerungen) in all the property websites and the result is that although the villages are hollowed out of retail activity due to out of town retail developments and Aldi/Lidl oligopoly the towns themselves are well maintained and habitable with very few derelicts to be seen.



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    #7612
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    https://www.boards.ie/discussion/comment/118604224#Comment_118604224

    HE is not doing anything only preaching to the choir. He's also looking for donations, absolute chancer...when it's people who are sending him the content!

    All it is is a circlejerk of people who can't buy with the same comments every time.

    And really, it's not honest if he's calling a guide price for an auction as an asking price...just shows he hasn't got a clue what he's on about.

    This coming from someone who is renting and is priced out of the market.

    And by the way, who on instagram/twitter need to be made aware?



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    #7613
    enricoh
    Registered Users Posts: 4,890 ✭✭✭enricoh


    The local paper headlines with there isn't a single property to rent in Drogheda last week. A local auctioneer had 5 tenancies ending that week and only 1 of the landlords wanted new tenants. Time for some more populist anti landlord legislation to get rid of the stubborn few!

    https://mobile.twitter.com/droghedaleader/status/1491051262892441601?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet



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    #7614
    awec
    Administrators Posts: 53,759 Admin ✭✭✭✭✭awec


    https://www.boards.ie/discussion/comment/118604331#Comment_118604331

    You should watch the housing debate that was on the other night. O'Broin (SF housing spokesperson) was not good. All fur coat and no knickers.

    When pressed, his solution to stopping the institutional investors was he'd give the councils the money to outbid them. Just take a moment and think about that.

    Was also pressed on the SF 40k houses a year target and was unable to offer any substance on how this would possibly be achieved.

    It is abundantly clear that there is no easy solution here, and people who believe the fix is lurking behind the next election is in for a very rude awakening.



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    #7615
    Cyrus
    Registered Users Posts: 20,039 ✭✭✭✭Cyrus


    https://www.boards.ie/discussion/comment/118604731#Comment_118604731

    He was incredibly unimpressive given it was a debate he would have had ample time to prepare for, the only silver lining for him is that the demographic he targets most likely wont have seen it.



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    #7616
    Villa05
    Registered Users Posts: 4,603 ✭✭✭Villa05


    https://www.boards.ie/discussion/comment/118604731#Comment_118604731

    In fairness he was asked what to do with the existing stock of investment fund owned property in the pipeline

    Not much we can do about the bull that has escaped. Its more about the direction of the future, not that that was probed in detail either.



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    #7617
    cnocbui
    Registered Users Posts: 20,047 ✭✭✭✭cnocbui


    https://www.boards.ie/discussion/comment/118604731#Comment_118604731

    I don't give a toss whether Sin Fein fix things or not, I'm planning to emigrate. I'm just going to use my vote to stir the pot and stick it to the incumbents and the other mob - and that goes 100 times for the dipsh​it greens.



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    #7618
    iColdFusion
    Registered Users Posts: 995 ✭✭✭iColdFusion


    https://www.boards.ie/discussion/comment/118604378#Comment_118604378

    Jeez alot of hate for someone taking loads of time out of his life to raise the massive issue of housing affordability, you don't want to join his patreon or whatever fair enough but he's done more to highlight the issues people are having that any of the posters or threads on here ever will.

    It's easy for people in the know to say "oh hes just pointing out the obvious" but a lot of people literally have no idea where to start with buying a house and no friends or family to help them out with advice.

    Now I base this level of understanding on my own personal hatred for those idiots on youtube who make a video of them watching someone else's youtube video and commenting on it which boils my blood 😄



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    #7619
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    https://www.boards.ie/discussion/comment/118604924#Comment_118604924

    You're going to vote Sinn Fein and then leave the country? So just to piss everyone that has to live with them in government off, is it? Seems extremely unfair thing to do.

    If you're leaving then don't vote, voting is for people to be represented by their TD in government.



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    #7620
    Villa05
    Registered Users Posts: 4,603 ✭✭✭Villa05


    https://www.boards.ie/discussion/comment/118605163#Comment_118605163

    Considering all the various business interests milking it and lobbying to squeeze every last cent out of buyers and taxpayers, it does seem odd that this person is getting so much ire.

    At least he pays tax



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    #7621
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    https://www.boards.ie/discussion/comment/118605201#Comment_118605201

    Didn't see many people complaining when there were planes full of people coming back solely to vote in the abortion ref.



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