Athlone property prices booming !

Long Gone · 16-09-2014 2:19am #1

I see that the Athlone Advertiser are reporting a new property price boom in Athlone....:eek:

http://www.advertiser.ie/athlone/article/72252/athlone-property-sales-double-in-one-year

Seems a little bit premature to me, although the only way is up from where local property prices are at the moment - Rock bottom I would say. Interest rates are really low, but to me what's destroying people's financial confidence is the way the government is trying to gouge money in any way they can from anyone that they believe has some - with a combination of penal taxation rates and stealth taxes - The completely unfair property tax on the family home, Water charges, Levies, too high VAT, fuel duty etc.:mad:

demanufactured · 16-09-2014 6:01pm

Good. ..I'm way into negative equity. ..

Long Gone · 17-09-2014 1:24am

demanufactured wrote: »

Good. ..I'm way into negative equity. ..

I hope you didn't buy in 2007 ! .:eek:

L.Jenkins · 17-09-2014 11:33am

If I'd have known the property collapse was coming when it did, I wouldn't have had to worry about negative equity, and I don't have to either, I would have made a fortune betting on global stock market crashes. Must keep an eye out again in the next couple of years.

Edit: I should have known something was going to go boobs up when €240 Billion was wiped of the Asian Stock Market Value overnight back in '07.

veryangryman · 17-09-2014 1:35pm

I dont really see them going up significantly for some time soon.

I.T bubble ongoing in Dublin so a temporary hike there (maybe will last 2-3 more years). Hence demand for property in Dublin.

Rest of country (including Athlone) left in the lurch. However the local press (perhaps in need of filling column inches) quote local Property Agents, whose interest it is to big up the property market.

Anyways, cant see it happening here. Still could drop further IMO. Certainly wont be going back up to old levels.

demanufactured · 17-09-2014 6:45pm

Long Gone wrote: »

I hope you didn't buy in 2007 ! .:eek:

2006

In the wind · 17-09-2014 7:57pm

demanufactured wrote: »

2006

It seems more like a boom in volume rather than price to be fair. At least that's what I took away from the article.
This might suggest that the current prices are considered good value or perhaps near bottom.

17-09-2014 8:43pm

Are houses actually selling??
I commute to Longford and pass the same "for sale" signs every day, many have been up for several years.

nice_guy80 · 17-09-2014 9:21pm

Deleted User wrote: »

Are houses actually selling??
I commute to Longford and pass the same "for sale" signs every day, many have been up for several years.

houses are selling in Mulingar

one was sold in about 5/6 weeks recently

Long Gone · 19-09-2014 3:48pm

nice_guy80 wrote: »

houses are selling in Mulingar

one was sold in about 5/6 weeks recently

I'm very surprised by that. I can't think why anyone would want to live in Mullingar.

veryangryman · 19-09-2014 3:50pm

Long Gone wrote: »

I'm very surprised by that. I can't think why anyone would want to live in Mullingar.

Hour commute to Dublin.
Cheap cost of living
Trainline direct to Connolly

And that's before anyone lists the amenities in the town itself. I wouldn't live there but sure 15000 do so they cant all be mad.

L.Jenkins · 20-09-2014 11:58am

I've spent a few weeks here and there in Mullingar. The town itself is ok, but I wouldn't be too gone on it as a place to live.

johnp001 · 23-09-2014 11:50am

This is the graph of the property price register data that the article says it is based on.
http:// propertypriceregisterireland .com/graphs/?action=search&type=county&id=westmeath

The graph is still going down (as article says, data is only valid up as far as July)

veryangryman · 23-09-2014 11:52am

I knew that people would misinterpret the article.

SALES are booming, not PRICES.

A house across from me went yesterday at 49% of the price of my own. BOOM my hole

johnp001 · 23-09-2014 12:05pm

Article States:

"For example, the price register shows an actual fall in the average price of a property in Athlone when comparing January to July 2014 versus the same period in 2013.However, on closer examination it is clear that prices are rising in most parts of the town, and the average figures for 2013 are inflated by some particularly high value sales.

Take, for example, the three most expensive properties sold in Athlone in the January to July 2013 period, at Portaneena, Athlone; Wineport, Glasson; and Benown, Glasson; which sold for €400k, €400k, and €450k respectively. The sales of these properties increased the average price of a property sold in Athlone in this period by almost €15k. The average price of a property sold in Athlone in this period was just over €102k, for the 68 properties sold. If these three properties had not been sold, the average in the period would be just under €88k.

The average price of a property in Athlone for January to July 2014 was €89k for the over 130 properties sold."

So even if it was valid to remove the data that doesn't suit the hypothesis when this data is removed the increase is only 1.1% (88k - 89k) which doesn't support the statement "it is clear that prices are rising in most parts of the town"

L.Jenkins · 23-09-2014 12:11pm

I know it's not in Athlone, but house prices in Longford don't seem too bad. As someone who commutes to Leixlip from Athlone and back daily, an extra 10-15 minutes wouldn't be a stretch to have such a roof over my head. I'm sure the same house 5-6 years ago would have fetched an awful lot more than it's current asking price.

Long Gone · 23-09-2014 5:08pm

Itzy wrote: »

I know it's not in Athlone, but house prices in Longford don't seem too bad. As someone who commutes to Leixlip from Athlone and back daily, an extra 10-15 minutes wouldn't be a stretch to have such a roof over my head. I'm sure the same house 5-6 years ago would have fetched an awful lot more than it's current asking price.

That does seem insanely low - Even if it is in Longford (middle of nowhere and where people don't really want to live). I wonder if there's some other reason why it's so cheap ?

23-09-2014 7:14pm

Long Gone wrote: »

That does seem insanely low - Even if it is in Longford (middle of nowhere and where people don't really want to live). I wonder if there's some other reason why it's so cheap ?

That's not insanely cheap, that house is in the middle of nowhere near a town that's also in the middle of nowhere on what is most likely a near empty ghost estate.

Chances are it's only a builders finish as well.

Zubeneschamali · 24-09-2014 2:19pm

veryangryman wrote: »

SALES are booming, not PRICES.

Well, one follows the other. If sales boom, prices stop dropping. Then the pent up supply of stuff that's for sale gets bought, properties for sale get rarer, and prices start going up.

We're a year or two behind the scene in Dublin, but in a couple of years (if there are no big shocks to the economy), I'd expect to see prices rising rapidly until building restarts.

Quick, get on the ladder! :pac:

Long Gone · 25-09-2014 12:31pm

Zubeneschamali wrote: »

Quick, get on the ladder! :pac:

Spot on - I'm off to buy a rake of but to lets in Ballyforan while I can still pick them up for a song ! .:)

nice_guy80 · 25-09-2014 4:48pm

wait until the banks start off loading properties

how many people in towns across rural Ireland are only paying the interest on the mortgage? or even less than that.

25-09-2014 7:57pm

nice_guy80 wrote: »

wait until the banks start off loading properties

how many people in towns across rural Ireland are only paying the interest on the mortgage? or even less than that.

The past few years have shown that the banks are smarter than we think!
They are deliberately not repossessing or offloading property to retain the "value", if a property with a non-performing mortgage suddenly has a resale value above the outstanding mortgage, you can be certain that's when they'll move and repossess!

Up to your eyes in negative equity in the arsehole of nowhere, chances are, they'll leave you alone as the house would be sold at a loss.

Long Gone · 29-09-2014 7:13pm

It's amazing really that people didn't realise that it was all going to end in tears. People completely lost their minds during the tiger era - I mean who in their right mind were convinced that houses in Athlone with practically no garden and no garage were worth three quarters of a million Euros ? - MADNESS ! .:rolleyes: And as for the ghost estates - So called "Town houses" crammed onto a small greenfield site to try to maximise profits for spiv developers from gullible buyers getting cheap credit..... One word primarily springs to mind - GREED .:mad:

https://www.youtube.com/watch?v=f9sB9i7bfN0

veryangryman · 29-09-2014 7:15pm

Just got a letter in my door today from an estate agents who sold a place nearby. They want other landlords to consider selling.

Maybe they are on the way up after all... Still i don't think they will ever match the old prices. My own place is worth 50% of what i paid for it based on selling prices of neighbours' places.

Zubeneschamali · 29-09-2014 7:29pm

veryangryman wrote: »

Still i don't think they will ever match the old prices.

Sure they will. My place cost £55K, that's €70k, in 1992, and it's worth a bit more than double that now. It was worth double that again at the peak.

I'd give it 10 years, and it'll be back up at the peak again.

veryangryman · 29-09-2014 8:20pm

Zubeneschamali wrote: »

Sure they will. My place cost £55K, that's €70k, in 1992, and it's worth a bit more than double that now. It was worth double that again at the peak.

I'd give it 10 years, and it'll be back up at the peak again.

Hard to predict. Oil etc probably will skyrocket in price in meantime, affecting alot of stuff. Plus the country is really at a crossroads. Even Dublin could go through another bust after the current bubble (It is a bubble IMO).

I do take comfort from Estate Agents looking to get people to sell - they must see something that I don't. First time I've felt like I've got an "asset" in some time.

Long Gone · 29-09-2014 8:28pm

Zubeneschamali wrote: »

Sure they will. My place cost £55K, that's €70k, in 1992, and it's worth a bit more than double that now. It was worth double that again at the peak.

I'd give it 10 years, and it'll be back up at the peak again.

I don't entirely disagree that prices might be back to 2007 levels in 10 years time (2024) but even if they are they won't be back at "the peak". It will mean that 17 years after the peak of 2007, house prices have stagnated at the same monetary level.

The bubble won't happen again - The "perfect storm" of incompetent, corrupt government, incompetent and stupid regulator, greedy conniving spiv developers and irresponsible doling out of cheap credit will not happen in the future.

Long Gone · 29-09-2014 8:34pm

veryangryman wrote: »

I do take comfort from Estate Agents looking to get people to sell - they must see something that I don't. First time I've felt like I've got an "asset" in some time.

I reckon that we have reached the bottom of the property bust now - In fact I think we've overshot the bottom. Property is too cheap at the moment - Some great value out there.

The only thing that's preventing a recovery is the state of the country's finances and the mountain of private debt that the Irish people have insanely and criminally been saddled with - The government with their taxes and stealth taxes are putting way too much of a financial burden on working people and that is what is stopping any "feel good factor" among the productive population. The restoration of financial confidence and "feel good factor" is essential before we see a real rebound in the housing market.

29-09-2014 8:36pm

veryangryman wrote: »

I do take comfort from Estate Agents looking to get people to sell - they must see something that I don't. First time I've felt like I've got an "asset" in some time.

One of the main jobs of an estate agent is to keep his window full.

A full window means more browsers and hopefully more sales.

veryangryman · 29-09-2014 9:51pm

[Deleted User] wrote: »

One of the main jobs of an estate agent is to keep his window full.
A full window means more browsers and hopefully more sales.

Agreed but by that logic they would forever be sending such letters to landlords to sell.

29-09-2014 10:14pm

veryangryman wrote: »

Agreed but by that logic they would forever be sending such letters to landlords to sell.

I can only assume that the old pictures in the window have faded and they need some new ones.

More likely that a few of the unsaleables have been withdrawn "until the market rises some more!"

Athlone property prices booming !

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