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

Doer uppers? I think houses requiring work or extensions are being priced too high. Im interested to see are prices holding up where house is in good order and can be moved straight into. Id be shocked if market just absorbs rate rises. The savings you've to show monthly are very high for 2% stress rate. Ill be interested to see how many can borrow at 4x or even 3.5x due to it. If prices are even stabilising also people not just bidding to get in before price rises. Strange market right now

One simple question will show that it is different now and this what were the interest rates in both of those years that seen prices fall in both 2014 and 2018??

I did, but I am just pointing to the fact that you choose to 2 periods over the last 12 years where we had a small reversal in property prices but the conditions are completely different in 2023 we have ravenous demand and p1ss poor supply and yet prices are dropping and that will continue while rates get higher I am not cherry picking just stating how it is.

Because the state are so good at collecting the rent they are owed :)

Some doer uppers dont need to be done upped though :)

One person doer upper is another persons it will do me grand.

One person needs an extension but another person may not need one.

And remember that in the non starter home bracket, most people will probably not be borrowing all of the moeny they could. They will probably be selling a property with some equity in it to trade up.

Are 70% of people in arrears of some sort to Dublin city council?

The subsidy would be up to 150k per unit. The state have a proven track record of building for between 200 and 350 per unit depending on location

We need to move away from public private partnerships where the tax payer gives the money and the private sector collects the income tax free

Where has your concern for the taxpayer gone?

The history of disastrous PPPs in this country, generally on the private side (builders going bust, backing out, substandard works) does not make me think that they are a solution for anything.

The core issue with the children's hospital is BAM. Who are also the problematic builder on a number of PPPs.

Planning permission will never be obtained for modular housing in established residential neighbourhoods and it would bring down house prices in the area, which would further fuel objections.

We also have a chronically under resourced planning dept, which means any planning requests, objections and site assesements take forever.

I do think the govt should put additional funding into the planning dept, to help grease the wheels of the planning process.

We also probably need routes for residential planning to avoid all manner of objections, so that only serious and considered objections can delay a new build from starting.

We do have to have an appeals process, but the one we have is far too biased towards the objector and it isnt too difficult for a residents association to band together and delay a new build into oblivion.

That NIMBY approach needs to be addressed by the govt and replaced with a slicker, faster planning process that does not allow spurious objections.

I would say we also need some fresh blood in DCC planning in particular, whom are not adverse to high rise in appropriate areas. Docklands, Heuston Station etc.

In terms of prioritisation of key workers, it isnt preferable, but in the current housing shortage, its required.

If we have 100 govt homes and 200 families looking for those homes and we are facing a major shortage in teachers/nurses within that community, we do need a way to prioritise those 100 homes (not all of them, but a bias nonetheless) towards key workers.

if 60 of those 200 families are key workers, 30 are unemployed and 30 work part time in non essential services, why would we not offer help to buy and shared equity or cost rental schemes to all of the families, but prioritise the key workers first?

if the key workers dont show up to work, social services collapse.

The unemployed dont show up to work anyway, so they contribute 0 to the economy.

The part timers are in supplementary roles that support private business, but their roles are not essential to keep that business afloat.

They effectivley pay no tax because they earn a below median salary.

The key workers are the staff in that equation that need to be housed first, because without them, we have no hospital services, school services etc.

That doesnt mean we dont try to house the rest by the way, but when demand is greater than supply, there has to be a form of selection process, if we want to maintain optimal usage of the limited homes we have available.

There has already been substantial changes to planning from this government so with the right framework a modular home could be considered a temporary dwelling and planning would not be needed. If there was a will there is a way. Your still missing the point on your opinion of a key worker. If one set is prioritized over the other it further impugns the other group and they will not hang around if things have been made worse. You have made zero effort to address the current issue with pensions as the migration of our younger cohort is ramping up. So at the minute housing is prioritized to welfare, REITS and the rich, you now want your key worker definition put up higher than what you consider a non key worker. Who determines a key worker, you keep talking about teachers and nurses as key workers so who will serve these workers their food or groceries if there is a lack of employees to do this. So are food shop workers now deemed as being key? Then of course who pays the wage for all of these workers?? Are the people who pay the wage bills of all essential workers now deemed key workers and so forth. IMO every worker who pays income tax is a key worker and pushing one set further down the housing list will result in more people heading off to live somewhere else leaving an even bigger pensions timebomb for our grandkids to deal with. I outlined how money if its available should be spent by seriously reducing the amount of income tax paid by all workers who are paying into the system.

Yeap they are based on sold property prices that have come onto the PPR so you must be looking in a very specific highly sought after areas.

I think I mentioned this before, but we bought our house in 2008. I still remember being outbid for a house in Jan/Feb of 2008, it was a **** one and we went back and forth few times before I said No. We eventually found a house and went sale agreed in end of May/early June of 2008. It only took few months for the market to turn, from having to bid on properties to the market becoming dead.

We did buy at the peak, but still managed to get 20K off the asking price as there was no other bidders. A year later a mate who bought a house, had no other option to post back his key and moved to Australia.. People forget that we saw bidding wars before 2008 and think what we saw in the last while is a new phenomena.

Personally nobody knows what will happen to the market, but as a person who bought just before the last crash we were told the market will never crash etc. etc.. But only looking back retrospectively did we find cracks in the market.

My money is land purchase to building denser housing. Decent sized plot. You could make a good offer to the property next door and get an apartment block in or just build a group of 3 storey town houses on the site itself.

how much did prices drop by in comparison as well