Getting Over Ourselves when it Comes to Housing

But isn’t every big city being impacted the same?

like in London, HongKong, Shanghai, Tokyo, NY…

working class struggles to buy a just ok house.

And it’s been like this for many many years.

i have colleagues in Shanghai they have to buy house outside the city center and commute 1.5 hrs by bus or subway. If you drive then the traffic is mental and you can’t find parking space.

HK is 100 times worse, you pay 1million for a cage apartment maybe.

This is called opportunity.

Not sure if you know about Shenzhen in China. 80% products are manufactured there. Back in 1980 it was a village and people live there were considered poor. China government decided to make it a city for overseas investors to build factories, local people became so rich by just selling the land or rent the land to investors to build factories and houses. Still after 50 years the locals don’t need to work, they have so much rent money.

and people who moved to Shenzhen earlier then of course is much richer than the new generation as they had opportunity to invest while things were still cheap.

I think that’s why nowadays people are moving away from big cities.

Re rail travel

You can get a 12 month commuter rail ticket for the price of 10 months and it's deducted from your gross salary, so you effectively don't pay tax on it.

Or at least you used to.

And yeah, heuston station is in a stupid location. But now you have the cross town Luas

And all the interesting things to see on the Luas. 😨

It's not a property ladder.

It's a greasy pole.

A 1% rise in interest rates will reduce the borrowing capacity of the average buyer by 100k.

That will take the heat out of it.

Its still a load of sh1t. Being the tech capital of whatever is overrated. People queuing up way over the odds for a simple brick box to live in is not something to strive for.

Tisnt just Dublin either if you try to rent out a granny flat for 1K a month in the backarse of nowhere you'll get about 100 enquiries on daft and your phone will redden.

As far as I know if you are a single male you in reality have to be over 65 or on disability allowance to get offered a local authority apartment but maybe I'm missing something . Dublin is a modern city with many people on high salarys but since 2007 building has not kept up with demand , the no of private or council housing units being built is low. Many small landlords have left the industry since the regulations and taxation system is mediocre. When bedsits were made illegal many landlords opted to sell up rather than build conversions adding bathrooms for each tenant

OP paying 150k for a 1 bed well outside of the cities is not something to boast about.

Neither is the "getting on the ladder" plan. last time, it was the people trying to get on the ladder who got stung by price drops and negative equity for years. A 150k 1 bed is definitely a contender for negative equity if prices crash.

As for the rant about being a "tech capital", even the well paid tech workers cannot afford houses in the city anymore. Also the likes of London is actually more affordable than Dublin relative to salaries paid there. The current situation in Dublin and infact in all of Ireland is not normal - property markets are not supposed to function this way.

It also affects the interest rates you can avail of, lower LTV will usually yield you lower interest rates and in turn lower repayments.

Also the OP talked about "getting on the ladder", which means they have some intention of selling and moving to a bigger place in future. Negative equity will leave you unable to sell.

Well I hope for your sake you dont need to move up to a larger place in future, because a 1 bed at that price potentially has a long way to fall in the event of a price crash.

Typically when people talk of getting on the ladder the idea was you bought a small place/apartment at first, and then after a few years sold up and moved to somewhere bigger with the equity you had acquired. It was a flawed idea that relied mostly on prices rising constantly

Take no notice of jealous/ spiteful begrudgers.

I am not begrudging anyone, the system is broken and jumping through whatever ridiculous hoops you have to rather than advocating to change it is just becoming part of the problem, frankly. "Ownership" as a notion is also part of the lunacy we get wrapped up in. Ownership to what end? For the sake of it? You admit you knew nothing about Drogheda, it barely suited your needs and yet you committed a huge chunk of your future earnings to the idea anyway. This is akin to summit fever where mountaineers get so engrossed by the idea of achieving their dream they give up their life trying to do it. Sometimes you have to take a step back and list the pros and cons fully with a clear head.

Also listening to anyone over 60 complaining about younger generations is definitely a sign you're listening to too much Newstalk. Anyone of their generation halfway useful could afford a house and family on a single income and many of them are the ones charging the exorbitant rents to this generation on their investment properties now. They're part of the problem, not the solution.

Well done OP and thats great for you but its not going to work for everyone and is quite Dublin centric. The system is broken in this country and the cost of housing is far through the roof.

In my case i work and live in Dublin, and have done for over 10 years. Im from the west coast so moving home to save isnt an option for me. I rent with my partner and want to buy what will eventually become our family home, so 150k or even multiplies of it wont work. We have more than enough for a deposit and both decent wages in secure jobs but houses within a commutable area are simply out of budget! We dont just want to be property owners, we actually want our family home.

To me, its not a ladder, its an end point.

There are also so many more considerations to take into play, being near family/friends, not having a mental health damaging commute, having a community of people around, decent access to health and leisure. Theres no reason that in any modern country asking for this is looking for too much. They are the basics.

wha??

Banned? Based on post which seems as genuine as any, this place is a mystery sometime.