Softening house market?

So your statement is about euros. You cant beat. It will never crash. Which all is not true.

Hasn’t crashed so far. After over 20 years. Despite the daily prophecies it would/will. Can never say never with any currency but Any day now I’m sure

We closed our house sale in May and are renting back from the new owner. We were in a 3 bed semi-d which we had outgrown years ago as the family grew, but had bought in 2006 so just stuck it out. Next door to a badly maintained rental house which just got worse over the years and occasional noise from young fellas at the weekends, we had to sell up for our sanity! There still seems to be crazy bidding on any detached houses around Limerick suburbs. I fear if we buy now are we going to regret it in a year or two, when we're not under pressure to leave our current place. It's just so hard to know how this will pan out, people give different advice and what you see and read in the media is just all government spin. I know the current situation is different to 2008 and there is such a shortage of supply, but I would give anything for a crystal ball cause it does keep us awake at night wondering if we should just try and buy now and get on with our lives.

The whole open bidding process is a mess. I can see the same people in all the viewings in the area, and possibly bidding on multiple online properties at the same time. It just pushes up the price for everyone. The bids should be binding and that would resolve some of the problems in my opinion.

I recall in one state of Australia (WA I think), houses are sold by way of a simple offer & acceptance standard contract for sale. All offers had to be in writing (they can be amended if there are multipel bidders).

Seemed to have a few benefits. Firstly all offers had to be genuine (none of this opaque bidding process). Also once an offer was accepted it was binding. Of course there were conditions that needed to be satsified before conveyance of title can occur (such as all of the standard due dliligence that needs to be performed, subject to finance, pre-purchase inspection etc) and purchasers can put any condition they see. Vendors are free to accet or refuse or can also make counter offers.

But once accepted and all was in order, then the vendor and pruchaser were obliged to go through with the sale and if they didnt they are at risk of breach of contract (and liquidated damages). It ensured both parties bargain in good faith. None of the non-binding malarky we have until contracts are exchanged where both the vendor and purchaser can pull before hand.

Also reduced converyancing cost as for a straight forward sale of a house, a registered converyancer could be used instead of a solictor, which was typically required for non-standard transcations.

I think same is happening in Galway City. Agree on the rentals as well. Seen property drop in Galway City twice now in the past month. It started at 435k - its a 15/20 min walk into Shop Street in Galway, on the West side of the City. Was a cheeky asking considering condition, was a rental. Dropped by 40k about 1 week ago not its another 40k down today so its now at 355k but its not the first property in the area I have seen the asking drop recently. (a house about 3min walk from this the property went from 435k to 395k asking(it has sold since))Have never seen has many propertys available on Daft.ie for Galway City in the past 2 years. Supply is increasing just as interest rates are rising so I don't think your observation about the madness coming to an end is anecdotal at this stage on the West Coast.

Fair enough, thats a MACRO view. My comparisons are real MICRO. I am house hunting in 2/3 ares of Galway City the past 18months

Another example I can think of now. This is much better. Am going by SALE prices on the same road, same estate and street. Same area again as per my last example. These two houses have exactly same layout, same condition as I viewed one and did a virtual viewer of the other, same easterly aspect for the back garden and the same size garden. Two doors apart in Galway City. (The houses on EAST of the street are even and the houses on the WEST of the street are odd.)

Property Register shows No 16 sold for €420k on 07-01-2022 so would have been end of Q4 2021 for the sale and last Saturday I viewed a house in the same estate, auctioneer said he had just sold a house(No 20) that was directly behind this house that he was showing; which I knew was on the same street as No 16. He said he had just sold for €408k

Dealt with Auctioneer twice before in 2021 - and he was straight up on his info as I had cross checked against information he provided from the Property Registrar in the past, so I say in 2/3 months time will see this €408k on the Property Registrar.

Maybe People are thinking we are top, and willing to put property up before there is chance of economic downturn and interest rate hike!

Yes, I think that even while a lot of people have put their search on hold, and a lot of landlords are starting to shift their property, and so there is now less competition for individual properties - there's enough of a backlog, and still enough people shopping for properties (including cash buyers) - that properties are continuing to shift fairly quickly, for now. Whether the supply will eventually erode the backlog enough that prices begin to drop noticeable, we'll have to wait and see. Although I think I'm seeing that already on apartments.

Noted 2 healthy price drops today in co Kildare, 1 @ 10% drop and one which was a split of some land from the original advert but if you added the house and the separated land together again it would equal a 17.5% drop. The 10% drop was in Leixlip which was a surprise given the market there is usually very strong

That is really not "Micro" enough for me personally by a long shot but ya that is useful enough information alright.

Wish there was a 4 bed semi-d category (useful for Citys)

https://ww1.daft.ie/report?d_rd=1

I know someone with a really beautiful home up for €390k. And was hoping for a bit more. Not a single bid yet despite several viewings. Tbh I thought this house would be snapped up. Appears not. It’s in the country, close to the motorway and rail line just over an hour from Dublin.

Interesting, given that that's the most expensive part of the country.

When I look at price drops on MyHome, I have a feeling that most of the price increases are now on the 'cheap' properties (e.g. flats under 300k in Dublin) - I wonder if people are shifting down the price ladder, and so cheap properties are seeing a surge in demand while more expensive properties start to sag.

I see Dublin house prices for the month on month have decreased 0.1%... so is that now official, that house prices in Dublin are now falling?

I guess so.

Dublin normally leads the market with the rest of the country following.

good properties still sale agreed well over asking price, there is 4bed semi for sale in the Maples, Dublin14, asking 635, current offer 750