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

We were told by government and mickey martin a few years ago this practice was going to be phased out. Wouldnt be first time they lied.

The market is rigged. Very hard to compete on properties when you are bidding against local councils.

Do the government not realise that high housing costs and rental costs are ultimately destroying the competitiveness of our economy. I work in finance industry. Alot of foreign workers in my company are now going home as they say get more bang for their buck elsewhere now. A good barometer is 33% of salary to go on rent/mortgage. I know of alot of people paying over 50% of their salary on rent. It's no sustainable at all and will ultimately drive alot of workers abroad.

Irish Times trying to claim house prices jumped nearly 10% in the last 3 months of the year. Hah. I think the journo read that the year on year increase to October was 9.7%, but we have the updated, decreased figure from November anyway?! Bizarre to report an out of date stat as news, not to mention misinterpreting it so massively as well.

‘house prices climbed 9.7 per cent across the State between October and the end of December last year’

It's hardly "left wing" to be using State money to subsidize private property owners

So to take a US example, when the US signs a multi-billion contract with a private company for supply of weapons, that would count as "left wing"?

Or could it be the case that not "all government spending" is actually left wing?

16 Lansdowne now at 737k sale agreed.

went 670 —> 737 in last week despite being listed for months.

not the only one, loads of buyers on open day viewings recently (i do one every Saturday just to waste some EA’s time haha)

Rubbish if the link to gold was not broken we all still be going around in bikes

Was at a viewing earlier in the week, at lunchtime, and there was 8 other people there. The asking price is about 20k less than asking prices for similar places in the area. It still hasn’t received one bid.

Was at another viewing this week and the property went sale agreed last summer for 8% over asking. Sale fell through and it’s been back on the market for weeks now. Highest bid now is 5% under asking, bidder seemingly maxed out, and completely stalled. Agent said they’re very eager to sell and want as close to the asking price as they can get.

Another in the same area is definitely undervalued, beautiful place, agent started advertising it just before Christmas, not viewing, to build interest. It’s stuck 1.5% over asking and expecting it’ll sell at that from what the agents said.

Different markets gain different interests I guess.

this was 1.1mm ask. Just bought 950k earlier this year.

sold for 100k under ask!

right now, they could easily the ask given the stampede at other viewings.

This is since mid January.

everything was dead here too in December

this is central Dublin 2/4/6/8

No, certainly no “stampedes” with us either. Actually it’s been the opposite!!

We viewed a house before xmas and made an offer less than asking and got a call last week from the agent saying are we still willing to buy it! We have our eye on another one now so i said no and got chatting to her and she said everything is VERY quiet since Christmas and things haven’t got moving at all since.

The other house we have our eye on doesn’t do Saturday viewings but i said it’s the only day im available and guess what, she rang back and offered me 2pm next Saturday!

And there are no bids on it.

This is NOT the sort of experiences we were having last year, it’s certainly calmed down considerably.

Exactly this here too. South Dublin. Did have 8 others at a lunchtime viewing during the week, there was a steady enough stream at a viewing I was at last Saturday lunchtime and a friend viewed a place nearby last Saturday morning said there was a good few people there.

At another the other evening after work and there was just 1 other person. Agent said it has really quietened down since the end of last year.

These big groups don’t seem to be converting into lots of offers.

One hasn’t got any offers, others are under asking, one is over asking a little but it is definitely undervalued. No sign of people starting bidding wars at these viewings.

We're sale agreed now but before and after Christmas there were plenty at any viewing we went to. Generally 4-5 couples in the house at the same time, no idea of numbers there before or after.

We had no major interest in any bar the one we're sale agreed on so it's hard to say what bids are coming in but there were 4 bidding on ours,. including us. We won out at about 5% over asking, it was literally the max we were willing to pay for the property so we're delighted.

I don't know what the future holds but forking out €20k a year in rent is killing me, and I'm not getting any younger!

It's not the business that's inefficient it's the process.

Housing is an economicly strategic asset, its in a governments/nations interest that supply and demand is balanced. The nation was able to borrow at 0% rates over the last 8 years. We're they to lend at circa 2% to small builders in a heavily undersupplied market they could help increase supply and make a profit while doing so.

I recall posting a finance house quoting 7% for a developer where all the units were contracted to the state ie 0 or negligible risk.

Compliance with standards is expensive, uninsured, self regulated, ineffective and a barrier to entry for small builders while up the road in Northern Ireland there compliance system is the complete opposite to the South's traits.

Investment funds pay no tax, have the state as a large customer effectively underwriting there business. They can easily circumvent rent controls. A small builder cannot compete against such privilege

No. Going on about investment funds is wholly irrelevant.

You mention barriers for small builders and then claim that they aren't inefficient as a business. That is contradictory. There is no justification for small builders to be given subsidies in the form of low interest loans. Larger builders can raise money no problem. If you want to go out on your own and be your own boss then learn to manage the business.

Your apocryphal story would beg the question as to why the State is entering into contracts where it is guaranteeing payment for a fixed price with an entity that apparently doesn't even have funding in place to deliver it. The State shouldn't be wasting time on such amateurs.