Softening house market?

Or they'll be happy with their new home even if they're still paying in their seventies and will sit back as desperate couples pay €350k around them in a years time, nothing is being built and the population is increasing all the time, its just insanity.

Of the new builds that are being built in Limerick there are some horrible shoeboxes out in Mungret for €450k, Mungret is basically a village outside Limerick.

Those houses in Mayorstone were starting to take off just before COVID. That house is a brisk twenty minute walk from the city center. It actually a fairly decent sized house. That house was originally build 60-70 years ago.

Present decor is not to everyone's taste and is outdated. But it's still.in fairly good nick. The back garden is South facing and it's got a Ber of D2. Basically you have to change the decor

The one in Joseph's street is an anomaly, in good condition but not a great location e en though right in the city center

That isn't mayorstone tho - it Woodview, up passed LIT, so while still not that bad, it's a longer walk again to town.

The place is littered with cars during term time. You are only a hop skip and a jump (over a fence) from areas with a few peoblems too. (Maybe that's not a thing anymore, about 5 years since I've been down that way.)

Joseph street is a great location, in my opinion... especially if you would like to live car free. You have everything literally on your doorstep and it's a nice neighborhood too. Having a car there might be a bit of a hassle alright. That said, crazy money for that house...

Meta to Start Laying Off Thousands of Staff This Week, WSJ Says

The Meta headquarters in Menlo Park, California.Photographer: Nick Otto/Bloomberg

ByShiyin Chen+Follow

November 6, 2022 at 9:24 PM GMT

Meta Platforms Inc. is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported, citing people with knowledge of the matter. 

The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, according to the report.

Chief Executive Officer Mark Zuckerberg in September outlined plans to reorganize teams and reduce headcount for the first time, following a sharp slowdown in growth at the parent of Facebook and Instagram. Zuckerberg said then that Meta will likely be smaller in 2023 than it was this year. 

The layoffs come as Meta struggles with growing losses and as it invests heavily in developing its metaverse business. Its shares have fallen 73% this year.

The cuts will add to already mounting job losses in Silicon Valley. Twitter Inc. last week slashed nearly 3,700 positions after Elon Musk completed his $44 billion takeover of the social media platform. Other companies that have also reduced their workforce or announced plans to include ridehailing firm Lyft Inc. and hard drive maker Seagate Technology Holdings Plc. 

A spokesman for Meta declined to comment to the WSJ. 

All properties->31/10/22 to 06/11/22

All Dublin

20 Price changes

15 Decreases

05 Increases

Rest of Ireland

63 Price changes

54 Decreases

09 Increases

Irish Residential Market Review, Autumn 2022

Seems they are bullish on house prices going up

https://sherryfitzgeraldgroup.newsweaver.com/icfiles/1/61015/118505/6879744/c855f48309239b00466425c3/irish%20residential%20market%20review_%20autumn%202022.pdf

The turkey isn’t going to remind you Christmas is coming

The real issue isn't whether a slow down will happen or not but rather a stock issue.

Will there be a stock of houses to be bought high enough to impact the sale agreed price?

Will developers continue to build or reduce their yearly output to play it safe?

Will landlords sell if prices fall or rather continue to rent?

So many variables impacting the Irish housing market alongside inflation, interest rates and potential layoffs in some companies.

Independant had a piece on the weekend about older ‘boomerang emigrants’ leaving Ireland for the second time.

It's symptomatic of the failure of Government when returning families feel like they have no choice but to leave again in order to get ahead.

Not suggesting this may be happening in large numbers to affect property prices. I know of a couple of families that are preparing to or have done this. They are all experienced teachers, nurses and construction professionals that are now leaving Ireland at a time when we need them most.

Median house price stats regardless dont mean much in this context - supply is the issue. There is no supply issue to buy a house in Perth - and if you wanted to build you arent faced with ridiculous planning restrictions. Access to finance is easier also. Rentals are are very tight however.

Definitely a variable and it would be interesting to see if this slowdown is global or more concentrated on the EU zone.

The other variable, that I forgot to mention, is the intervention or our very competent government. MM and Varadkar can introduce some very powerful strategies aimed at keeping the house prices high and making rent less affordable for the average earners.

Median prices dont tell the full story

A market with 10 houses for sale, and a market with 100 for sale could have same medians, but a much wider supply in both higher and lower ends of the market.

Also I believe perth median salaries are higher (even after conversion from AUD) than Dublin medians

Plus you can rent over in Perth.

1350 euros a month for a 5 bed.

https://rentola.com.au/listings/house-at-perth-15559e?utm_source=Trovit&utm_medium=cpc&utm_campaign=trovit-premium_desktop

Ite nice to actually have the option to rent at a reasonable rate.