Irish property market in 2015. A good time to buy?

Donegal Dan

Will it go up? Will it go down?

Two things are for certain:

A) The Indo will continue to talk sh*te about it and try talk up prices, and
Rent will definitely rise at least 8%.

I think the market is being propped up on hype at the moment and when reality sets in prices will fall upto 10% and 20% in some rural parts of the country.

kneemos

Donegal Dan wrote: »

Will it go up? Will it go down?

Two things are for certain:

A) The Indo will continue to talk sh*te about it and try talk up prices, and
Rent will definitely rise at least 8%.

I think the market is being propped up on hype at the moment and when reality sets in prices will fall upto 10% and 20% in some rural parts of the country.

Rural prices haven't risen so Wont drop.City prices will maintain due to lack of supply.

Zonda999

I think Dublin will roughly stay the same and the rest of the country will rise slightly, with large regional variation of course

Donegal Dan

The Indo and their usual "paid for, but not paid for advertisement article"

http://www.independent.ie/business/personal-finance/property-mortgages/return-of-property-porn-as-prices-go-through-the-roof-30857063.html

the_monkey

Dublin will rise, rest of country will rise ... and the whole fiasco will happen AGAIN.


Even Greece, Portugal and Spain won't let it happen again, but good old paddyland - going for crash #2 in 10 years !!!

Highflyer13

No not a time to buy. Supply is low at the moment therefore prices are sky high. You would be a fool not to see it. Give it a few years.

Highflyer13

the_monkey wrote: »

Dublin will rise, rest of country will rise ... and the whole fiasco will happen AGAIN.


Even Greece, Portugal and Spain won't let it happen again, but good old paddyland - going for crash #2 in 10 years !!!

I actually couldn't agree more. Thats why we could do with getting these fcuktards and their cronies out of Govt ASAP. A lot of vested interests around milking the ****e out of the poor auld workforce for everything they have.

Montroseee

the_monkey wrote: »

Dublin will rise, rest of country will rise ... and the whole fiasco will happen AGAIN.


Even Greece, Portugal and Spain won't let it happen again, but good old paddyland - going for crash #2 in 10 years !!!

Clearly you haven't tried getting a mortgage in the last few years, you wouldn't be spouting this rubbish otherwise. Properties are being paid for with cash this time, the people that have to borrow are much more restricted compared to 8 yrs ago.

I think next year price rises will only be small, especially in Dublin.

alias no.9

Only you can decide if it's the right time to buy, if you can find the right house, or better still the right house for life, and can afford to buy or finance the purchase then it could be right for you. If you see this being home for less than 20 years, are uncertain about the house or your ability to meet repayments, then it's probably not.

You could wait and find that even though prices fall, the right house doesn't become more affordable or more to the point attainable, because other factors change too. Why didn't more people buy in 2010/11/12 when prices were close to a 10 year low? Was it because they expected things to go lower or were they just not in a position to buy, a deliberate choice or circumstance? If more people had been in a position to buy, would things have picked up sooner? Supply was pretty **** back then too.

You could wait and find that prices fall in general but the right house is just not for sale.

There's always the doomsday scenario where you buy and your circumstances change leaving you unable to meet payments but this is unlikely to ever be related to house prices going up or down in price.

Equity, positive or negative, means nothing unless you're buying or selling. You can be thousands in negative equity but the repayments could be lower than when you bought with your income unchanged, leaving you in a better cashflow posit. Similarly, values can go up but you suffer job loss or a pay cut forcing you into arrears and even if you sell, any gains could be wiped out in penalties and costs.

In summary, don't base your decision to buy or not buy on the macro trend of the market, don't buy in expectation of gains or wait in expectation of savings. Base it on the suitability of the property for you long term and the affordability of it to you but be prudent in this.

Rightwing

Highflyer13 wrote: »

I actually couldn't agree more. Thats why we could do with getting these fcuktards and their cronies out of Govt ASAP. A lot of vested interests around milking the ****e out of the poor auld workforce for everything they have.

....have to start taking responsibility, and not be blaming others.

donegaLroad

Donegal Dan wrote: »

Will it go up? Will it go down?

Two things are for certain:

A) The Indo will continue to talk sh*te about it and try talk up prices, and
Rent will definitely rise at least 8%.

I think the market is being propped up on hype at the moment and when reality sets in prices will fall upto 10% and 20% in some rural parts of the country.

I heard it said that some estate agents in Letterkenny are 'more busy than usual' because people that have been working abroad, have saved a few quid and are looking to buy now before the 20% deposit law comes in (if it is introduced).

Donegal Dan

alias no.9 wrote: »

Only you can decide if it's the right time to buy

True.

happysunnydays

I hope there is another massive crash once the prices go sky high, another opportunity to ride the lightening and make some easy money.

Addle

What about taking advantage of the current mortgage interest rates?

The One Doctor

Highflyer13 wrote: »

I actually couldn't agree more. Thats why we could do with getting these fcuktards and their cronies out of Govt ASAP. A lot of vested interests around milking the ****e out of the poor auld workforce for everything they have.

And FF/SF would do things better? Dream on.

Donegal Dan

happysunnydays wrote: »

I hope there is another massive crash once the prices go sky high, another opportunity to ride the lightening and make some easy money.

Are you for real?