Softening house market?

The CSO will still show rising prices for the next few months.last month was a blip. Although the heat seems to have gone out of the market, mainly due to expectations of rising rates and an economic slow down, but it was literally only at the beginning of May things were still manic with bidding wars. It takes a few months before going sale agreed and coming through as sold so any price falls now wont show up towards the end of year.

Your right. No 20 though had more living space on the Ground floor than 16. The latest house to come on the market there is not in great shape, the extension add here is poor(flat roof - unlike No 20) but the location is great for a family. Overlooking a nice green, back garden is level as well but overlooked as houses behind it are on height. Big downside regarding No 16/20, they both have big drop for the backgardens. This estate was built well before rockbreakers were common.

This auctioneer prices low from what I seen. I suspect it will go 35/40k above asking but 40/50k lower than 16/20

australians woke to 1.4% increase overnight

A couple of reasons, our supply issue is a lot more acute than any of the above. We have also been experiencing very high emigration numbers coming coming in for the last decade meaning we are catering for 500/600k more people now than in 2012 and in the same decade we stopped building. This is not the same all over the globe. It would be interesting to see if any of the above areas have the same with regards to these 3 metrics should be easy to see if the same paradigm exists.

What are you talking about? You need to look at the numbers I am not saying prices are not going to drop am I. I am saying that you cannot look at other countries with regards to the numbers of the 3 areas I suggest as in properties built and additional people living here. But you keep your sh1tology up. If you look at the below website alone and just look at the additional numbers coming into Ireland alone as apposed to the other countries listed by the previous posters, Ireland has experienced a much higher population growth over the last decade percentage wise. https://www.macrotrends.net/countries/IRL/ireland/population-growth-rate

Our supply issues and demand plight have been talked about ad nauseam. So *cough* this time will it will be the same as 2008 really will you grow up and look at the information in front of you instead of trying to be a smart arse. The same issues as 2008 are no longer there, we could see a drop of 100% *cough cough sneeze* still wont be high enough for some on here.

I cant answer that? The current trend of immigration into Ireland doesn't back that up (currently) we are still seeing people come into this country by the truck load. It may change in time who knows, but I was trying to answer the question you posed and the evidence would suggest that we are still behind the curve with regards to additional population over the last decade and the amount of properties built in that time.

Anecdotal too, the guy (said he was in building game) sitting next to me in the barbers told his barber that he was off work today because of a shortage of materials meant they were only doing three days.

No different than 2008. Settled areas / estates with good transport, amenities, no social problems etc didn't see drops anywhere close to the headline rates.

Still... a cooling down will be good for society in general. We are facing incredible social problems if we don't see a reduction soon IMO.

Rising interest rates might mean some softening around the edges of the housing market, but I really really can't see any meaningful 'crash' in values, greater than 10 or 15%.

Banks might tighten up their lending, but there's a HUGE amount of cash just sitting in the system, waiting for a 'bargain' to be had. None of my social group are terribly well off, but we're all sitting on deposits of >150k, waiting for some perceived value to be had. Outside of us, I'm confident there are many who could buy a place for cash on a whim if they felt the value was there.

The price of materials isn't going to come back close to what it was, likewise, the shortage of tradespeople isn't going to be solved any time soon.

this thread could be from 2000. People who want the prices to drop find information to point to their desired outcome. Those that don't want the prices to drop find their reason.

When the crash happened people going on for 8 years finally got the outcome they wanted but didn't actually like it when it happened because they thought everything else would remain the same. They still couldn't afford to buy as they lost jobs and a lot less was for sale after a short period of time. They did laugh at those in negative equity.

The people who thought prices wouldn't drop were actually mostly ok but there were some that over extended themselves with multiple properties but even then there were not many but the amounts were huge.

In the end of the day most in negative equity ended up better of especially when rents started rising and up to current times.

Buying a house is a marathon not a sprint.

Currently to me it looks like a lot of people have a lot of savings due to not traveling on holidays, not replacing cars, less expenses from not being in an office etc... These people tend to earn more too and can now buy outside of Dublin but get Dublin wages. It is a drastic change that will divide people a lot by the type of job they have. Not good for our society

Your argument would hold water but the recession about to hit is going to be global there will be very few first world countries not being hit so unless they are heading to Zimbabwe or some other 3 world nation it may be a case of out of the frying pan and into the fire. Having said that why would you leave a country with possibly the best social welfare regimes in the world while mortgage holders who are living in the property are awarded a very unfair and unusual gain in the fact that it is nearly impossible for a bank to repossess the family home. I cannot see any other country that offers the same why would you as a home owner be running away from that? So before in 2008 a flood of peoples second properties came on stream very few home owners had to sell. Now in 2022 the small landlord has more or less ran for the hills due to the punitive tax measures not to mention the unfairness of a unruly tenant being able to stay in your property for 4 years + and not pay a dime to you. So the question will be will the REITS and Vultures flood the market, is there something better out there in terms of return on investment as apposed to their locked in guaranteed rent from the state for the next 10 to 25 years. I know I would just leave it here with the current uncertainty globally.

Yeah I reckon there is still a lot of frustrated demand out there. I mean anyone on here I reckon will know of at least one couple who have been looking for years and with Brexit, Covid and now Ukraine they didnt pull the trigger and are now at a point where they cant see anything near where they want to buy. I could be wrong but I know of 3 such couples. Anecdotal yes but if its replicated throughout the country it means there is still a lot of demand.

Then there's the facts

10%-15% would absolutely be meaningful, to a huge number of people.

Also, absolutely love the idea of someone not 'terribly well off' sitting on a 150k(!!!) deposit.