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

Yes, that I understand, tho I probably don't even think he need to as far as NZ. There's France, some Spanish regions, and across the Atlantic, but if he knows NZ a bit, it might be comfy if not exactly cheap. A lot of the Anglosphere has the curse of over priced property anyhow. If this country wasn't a tax scam for US and other corpos, it would be as poor as many of its people already are now.

The original post was in reply to a poster commenting on the true cost of renting V owning and he was claiming that the true cost of ownership was no allowed for in buying a house. It showed that even in a case where renting seemed more economical in the longterm it had a much poorer outcome. There is little other inference to be drawn from it.

The rental would have been smaller than the house we build and now live in but was adequate for a young couple. We lived in it while the house was being build.

Now yes there is a rental/house ownership anomaly. However part of this is the reality of REITS and there higher cost. Part is quality of house. The house we rented at that stage was no palace. Over regulation without considering the implications (which is probably preventing houses that would be available for short term let's 1-3 years coming onto the market). Regulation has also increased the risk in the case of damage, repossessing your property or in the case of non payment the length of time this can go on for

So which is out of kilter the cost of a house or the cost of renting one

ECB signals further rate hikes as inflation battle intensifies

The ECB is obliged to bring inflation down to around 2% over the medium term, which is normally understood to mean over a two-year horizon.

how are ordinary households and businesses going to cope with multiple interest rate rises on top of ferocious increases to transport fuel, electric, heating and food bills ..

most of the inflation appears to be caused by energy price rises caused by war in ukraine? how are multiple interest rate rises going to help with that problem....

will banks start to cut back on lending next year if they sense many households are struggling to pay essential living bills

jesus looks like ecb are finally not messing around.. very hard to plan budget for buying a house with this going on..

Banks predict another 0.75% rate hike by ECB in October

BofA and Credit Suisse said they had also revised up their calls for a 75 bps ECB rate hike in October versus previous expectations for a 50 bps move.

https://www.rte.ie/news/business/2022/0909/1321617-banks-predict-another-0-75-rate-hike-by-ecb-in-october/

Not messing around, the only reason their upping rates big time now is because they have their new money printing tool to keep the PIGS bonds in check. So all in all they are printing more money in order to control inflation.

Remains to be seen if it will work or not, if Milton Friedmann was in the ECB now he would **** himself.

Theres enough homebuyers around who are still cashed up, or public sector workers who just got a payrise.

All sorts of reasons people are chasing property higher, lifestyle changes, growing family,downsizing, splitting up etc.

Ive a property to sell shortly in South Dublin, not going to take less than 600K.

I would be like negotiating with a brick wall, not going to lower my price.

Im either insane, or I dont need the money... probably both.

Inchicore, it will always be working / welfare class.

I dont see it being a place to buy or invest.

Homebuyer’s remorse: most people who bought a house recently have regrets

Buyers are most remorseful about overpaying for a property, which 30% of Americans say they did. The median amount buyers paid over the original asking price on their new homes was $65,000, according to the survey. 

coming to dublin soon 😆

But those that include those in LA and housing association houses or is it 54% in the private rental sector

I think it's really variable. I viewed one house yesterday - beautiful condition, really well renovated, B-rating for efficiency. Loads of people at the viewing and I expect it to go well over asking (and well past my budget.) There's another house I viewed, quite nearby, been up for a while, not in bad condition but E-rated and needs some work, and so far I'm the only bidder on it.

The cost is stated at 0.5 billion so its just private rental. We were paying well over 1 billion in total housing supports before the war with it expected to reach 2 billion very quickly

I'm noticing massively fewer folk at open viewings now, at least when it comes to fixer uppers. Last month there's been me and a couple of others at them whereas a while back they'd be very busy. Absolutely noone showing any interest either and seemingly being much more discerning. To be expected given everything. These are highly popular/desirable areas of Dublin as well.

The outlier has been the one turn key property I viewed on the south side. In a less desirable area and initially priced competitively given it had a lovely extension and generous garden. But now bid up to an absurd price given the location (around 100-150k over similar properties without extension, a couple of years ago the price difference would be 200k or more). The thing is, the house is nice inside but you do have to leave it from time to time :D and the area is rough. At its price now you'd get a habitable fixer upper in a good suburb.

Very few on variable rates. Most will have fixed in the last 3-6 months. Anybody on a tracker has 14-20 years of there mortgage's paid off.

People coming off fixed rates may have refixed, anyway fixed did not necessarily follow ECB rate % for %.