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

A truly Irish response. And people wonder why our politicians are self serving scum. To hell with everyone else @Topgear on Dave wants his personal situation sorted now even if its terrible for future generations.

Do you think investment funds should be allowed to continue bulk buying property in this country?

Its not more housing though. Funds aren't adding to the stock. They're competing for a share of the stock.

The policy intervention was introduced, in the words of the minister, to level the playing field. How does allowing these funds to outbid other interested parties and then come up with 10% stamp duty on top level the playing field? Another policy failure.

That's on government not the investment funds.

A rather ominous declaration from one of the better world economists.

The end of the everything bubble

Banks here stress test mortgages before deciding on how much they will lend. Part of this "stress testing" is checking that you could still meet repayments on your current income in case of rate rises, or a drop in your income, or some other situations.

Thankfully we are a long way away from the days of 100% mortgages to all and sundry. While there will always be some who will struggle with higher rates, it wont be any kind of mass defaulting on payments, not close to 08 either.

Central Bank regulations on lending is one of the few regulations done very well in this country, protecting us from ourselves. We will be very glad of those rules in the years to come.

the alarm bells on the housing dashboard increase again:

Irish house prices running 40% above long-term link to income

this level was last seen at the start of the last housing crash

Asking prices yes, but will they get them from now on?

Have we been playing Hide and Seek with the mortgage arrears issue?

It would appear that many of those troubled mortgages sold by the banks are stuck on the variable rates

This.

Q1 2022 is a long time ago. Back then the Fed thought that inflation was still transitory. Now they are throwing the kitchen sink at trying to rein in inflation.

Stocks are in a bear market, Crypto has crashed near 80%, War in Ukraine, China has major issues to deal with, and Inflation is rampant across the entire western world......

Numbers from Q2 onwards will be very different from Q1. The winter could be bleak as people just batten down and see what transpires.

Just working off the medians for Pembroke. A median joint purchaser buying a house for 750k and borrowing 600k. Repayments would be 2600/ month. There salary was 161k presuming they achieved a 5% a erage pay rise they would now be earning 170k between them. There annual net salary is nearly 110k or 9k/ month. Repayments are 28% of take home pay.

Dublin Live: Recession Ireland: Top economist warns Dublin tech sector already 'laying people off' for first time.

https://www.dublinlive.ie/news/dublin-news/recession-ireland-top-economist-warns-24266521?utm_source=newsshowcase&utm_medium=gnews&utm_campaign=CDAqEAgAKgcICjCHoP0KMJ7K9AIwgadY&utm_content=bullets

What do you mean by that

The Dundrum nimbys are among the worst, and that's saying something given some of the dynamite quotes we've gotten from the Milltown nimbys in the last year.

They packed out Taney Hall to the rafters with nimbys voicing their objections to the scheme, average age in the room of circa 70.

There is a quote in that article from a woman who says her family bought their house in the area when it was first built in 1963. The irony seems to be completely lost on them that if residents at the time had objected to her house being built she would not be in such a privileged position today to voice their objection to a new scheme in Dundrum.

Take note of the politicians objecting to the scheme. FG are all over this one. Jim O'Leary is quoted in that article spouting absolute nonsense that the scheme needs to cater to employment as well as residential needs. Jim, if you're reading this, I would challenge you to take a walk around Dundrum Town Centre and even Nutgrove Shopping Centre and count all of the help wanted signs in the shop windows, there's quite a few of them. You say that the area is zoned for mixed use and 95% of the scheme is to be used for residential units, I would have thought that is perfectly commensurate with the need for housing presently. Josepha Madigan was a notable objector to the scheme too.

The nimbys are a national disgrace and it's near time their objections were treated with appropriate disdain.

2 job losses, (08 and 10) plus reduction in pay in subsequent jobs in our household. There was always a cloud over the jobs so we were prepared.

Recessions can be scary but they can bring incredible opportunity.

I feel this one could be very different to 08

What I don't understand with these new developments (and we're seeing the same thing out my way with the O' Deanvey Gardens redevelopment) is the sheer height and scale of the things. It's like there was no room for moderation at any stage of the planning.

Yes, we need lots more homes, and fast. Yes, we need to go higher than we have been historically. But at what point do we say 'okay, that's high enough?' in regards to how something sits into its surroundings? Again, we need big developments to help solve the housing crisis, but at the same time I would assume folks want to have some kind of visual attractiveness to the developments and not just massive monstrosities everywhere?