What would you pay now?

dev100

magneticimpulse wrote: »

Theres loads of house's on daft.ie Ireland. These are 4 to 6 bedroom houses, either on farmland or contain a business. Its not that hard to believe. They might be outside of Dublin, but they will be the 1st to realistically drive the prices of houses down.

Banks are extremely strict these days. I cant even get an overdraft these days and got a bank charge of 40 euro the other day for going 10 euro into debt! If they are that strict with someone who has no loans or credit cards to pay off...what about everyone else???

Well you are right there are houses for sale at cheap prices down the country. Usually these are places where there isnt much work generally avail. As I work in Dublin commuting from wicklow which is expensive enough . You certainly wont pick up 10 acres of land for 80k here:p. There are houses in wicklow which have came down in price but so has first time buyer s ability to secure a mortgage theres always a catch 22 situation as for getting planning permission forget about it

Jezzabelle

Property is still way over priced and has a long way to fall imo. Especially when you keep hearing the likes of IBEC & Co spouting on about how we are all paid far too much and wages need to be reduced etc.:rolleyes:

An awful lot of working people still cannot afford to buy a house so with that and the over saturated market full of empty houses, it makes sense that property prices are going to have to fall a lot further before they start selling again.

Without sounding smug, I am one of the people who decided about 2006 / 2007 that I was not going to pay an over inflated price for a house that was not worth the money and decided to rent instead and put aside my money. I am going to continue saving untill the property market gets real in this country. Too much uncertainty at the moment and I think we still have not seen the worst of the property market crash.

I have a lot of sympathy for people, including friends of mine, who bought at the wrong time and are stuck in the negative equity bubble.

The_Conductor

The recent stress testing exercise of the Irish banks, which has resulted in BOI being the only major financial institution not in majority public ownership- has factored a further 50% fall in house prices into the equation.

The fact of the matter is ye olde semi-d with a garden and a garage- was in the main not built over the past 15 years. Blocks of apartments were (close on 190k units nationwide, according to the Revenue Commissioners since 1994).

There are few people aspiring to own an apartment in (for argument's sake I'm going to use Swords- as its being bandied about as a suburb of Dublin for some reason). People are in the main- aspiring to their freehold house with a garden, a village green and facilities and amenities for their kids......

Salaries- and indeed standards of living are going to take a nose-dive here- it hasn't happened yet- but even after the tough budgets of the last 2 years- we are still taking in 19 billion less than we're spending- and other than our temporary EU/IMF lifeline- we are incapable of borrowing. Rates on Irish 5 year borrowing reached 12% last Thursday- which would be laughable if it weren't so serious.......

The average wage in 5 years time is going to be a vastly different fish than the current average wage. Normal- is going to be apartment living for hundreds of thousands of family units- no-one is going to escape........

At the moment we're holding a campaign against a few dozen bankers alongside chief executives of state boards, and a handful of civil servants- who are being held up as examples of our avarice and greed- and the public at large are buying this bollox. If we rounded up every single member of state boards- alongside every single civil servant earning more than 65k- and shot them- the savings would be little more than a drop in the ocean against the swinging cuts that are looming on the horizon, and the tax hikes for those lucky enough to have a job. Keep in mind- there is no financial incentive for someone to accept a job paying the average salary at present- our welfare state is out of kilter with the state of our economy- and we certainly can't afford it. So- we're going to chop and burn expenditure- and hike taxes on anyone lucky enough to be in a job........

I can't see a lot of people being hung up over whether they own their own home or not in 5 years time to be honest..........

The only thing that I'm genuinely surprised at- is how/why the Irish public haven't rebelled as have the Greeks, as yet?

magneticimpulse

dev100 wrote: »

Well you are right there are houses for sale at cheap prices down the country. Usually these are places where there isnt much work generally avail. As I work in Dublin commuting from wicklow which is expensive enough . You certainly wont pick up 10 acres of land for 80k here:p. There are houses in wicklow which have came down in price but so has first time buyer s ability to secure a mortgage theres always a catch 22 situation as for getting planning permission forget about it

Yes but your not fully grasping the point. It would not make sense for 90% of the land of Ireland to have houses selling for 60k, while people in Dublin think 300k is still reasonable for a house. Overall at the end of the day, its the same country and such a difference cannot exist. Why should it? Why should Dublin be the only place to live in?

God forbid you might have to change a lightbulb and repaint the house. Sure these house's might not be in perfect cosmetic condition, but im sure they are well built and you will not hear your neighbours through the plaster walls which normally exists in overpriced recent shoeboxes on offer. In alot of cases they are detached houses and have no neighbours. I think people will be willing to carry out abit of DIY and get the unemployed uncle/cousin/friend to do some repairs on a house. Hell I like painting my nails and wearing make up, but Id be more then willing to repaint a house and do some DIY if it meant I saved 100k in the process. Id be more then willing to invest in a "old fashioned" looking house if it meant it was priced around 60k.

As for working in Dublin? I wouldnt fancy that. I think id rather stay abroad in France. Whats the point? If your going to live in Ireland, I think it would be perfect to live in somewhere like Kerry.

Theboinkmaster

magneticimpulse wrote: »

Maybe you should look at daft.ie again, because there are houses on it coming up in Rathfarnham for less then 300k.

My friends live right in Rathfarnham!! Who are you to tell me I dont know the area?? Sure dont I only drink in the Yellow house and The Orchard pub.

You dont have to send me links to houses on daft.ie. It wont change the fact that they bought a 4 bed house with garage in Rathfarnham in 2009 for 300k...why are you insisting they didnt? When the fact is they did!

If you actually knew people buying houses in Rathfarnham you would know this.

Re-read my post - I'm not disputing that they did, just in the cheaper part of Rathfarnham.

magneticimpulse

Theboinkmaster wrote: »

Re-read my post - I'm not disputing that they did, just in the cheaper part of Rathfarnham.

Hmm the "cheaper" part of Rathfarnham. Thats a very educated response.

Theboinkmaster

magneticimpulse wrote: »

Hmm the "cheaper" part of Rathfarnham. Thats a very educated response.

Where exactly did they buy then? There's a big difference in 'Rathfarnham' see this one:

http://www.daft.ie/searchsale.daft?id=544271

4 bed semi d asking €300k

and this one:

http://www.daft.ie/searchsale.daft?id=583986

4 bed semi d asking €650k.

Obviously different houses but it's the area they're in that is mostly affecting the difference in asking price of €350k.

They're both called Rathfarnham.

petroltimer

Theboinkmaster wrote: »

Where exactly did they buy then? There's a big difference in 'Rathfarnham' see this one:

http://www.daft.ie/searchsale.daft?id=544271

4 bed semi d asking €300k

and this one:

http://www.daft.ie/searchsale.daft?id=583986

4 bed semi d asking €650k.

Obviously different houses but it's the area they're in that is mostly affecting the difference in asking price of €350k.

They're both called Rathfarnham.

do you know why the difference? i'm new to south dublin and don't know rathfarnham but i think the cheaper house from the picture is much nicer

tanyabond

petroltimer wrote: »

do you know why the difference? i'm new to south dublin and don't know rathfarnham but i think the cheaper house from the picture is much nicer

Also have no clue about location, but I thought the cheaper house is way more pleasant looking (nothing to do with the price, just by the looks of it)

Ray Palmer

magneticimpulse wrote: »

Yes but your not fully grasping the point. It would not make sense for 90% of the land of Ireland to have houses selling for 60k, while people in Dublin think 300k is still reasonable for a house. Overall at the end of the day, its the same country and such a difference cannot exist. Why should it?etc...

You appear to be semi-delusional.
House prices in Dublin are higher as people in Dublin earn more compared with the rest of the country . That is why house prices will be higher here compared to the rest of the country. The same reason houses in rural France are cheaper than Paris. You might not like to live in a city but many people simply don't have a choice as that is where the work is. You can't wish that away and say the difference can't exist. It does and will exist. Don't expect the fundamentals of supply and demand to disappear.
Personally I don't want to live in a rural area and there are lots of people who don't or can't chose that option to be able to live a good quality of life.
More people live in city areas so house prices are higher and as earning power is higher prices are going to remain higher in the capital. You want to deny that as normal or unique to Ireland and I simply don't get the idea as it has no logic and you don't seem to want to provide any.

Theboinkmaster

petroltimer wrote: »

do you know why the difference? i'm new to south dublin and don't know rathfarnham but i think the cheaper house from the picture is much nicer

Yes the difference is due to location - as i said Rathfarnham is a very large place now. There are houses which are next to Rathgar and houses next to Tallaght, hence the huge disparities in prices.

My point being - some houses in Rathfarnham could fall to €100k but in the better areas i doubt they'll fall less than €300k (for a typical 4 bed semi D).

I plan on perhaps buying there (the more expensive areas) over the next few years so I'd love for them to fall more, i just don't think they will. Still I'd be happy to pay €300k for the more expensive one i linked - so just another 50% fall from asking