Property Market 2019

Bigmac1euro

voluntary wrote: »

You live in Europe. Europe has 'hundreds of cities and towns worth living in". You should really compare Ireland to maybe one of the states.

So do you think the average Irish person moves around Europe 11 times in their life.
Purchasing a home now does require it to be a forever home most of the time. I may move once in my life but I reckon it’s unlikely with the way things are it’s too difficult.

beauf

Seems to me more people these days expect to be able to live and work in Ireland more than they used to. It was just assumed in older generations you'd have to emigrate. Most of my peers emigrated at some point, some came back, a lot didn't.

padz

anecdotally from personal conversation recently, there's a lot of people saving, bedding down before planning on leaving, have a lot of forign non EU aqetances too who have said they've saved enough or sent enough home to India (they've enough for a villa) And are leaving, just sharing, definitely feels like Ireland's on the slide in that regard, I'm sure sales will happen but could become repo's in a year or two If banks aren't careful

Edit... I'm sure you all know the term pump and dump, I was joking with forign friends who feel Yes theyve made enough from Ireland and are ready to dump, it's an unfortunate thing of having an open economy but this is what you get

padz

Follow up post, unfortunately you'll end up with the people who you want to leave won't leave and the rest paying mortgages and the state supporting the REITs, unfortunately this is the worst of All outcomes for an Irish home owner, I hope everyone does well but I feel ireland has spread itself too thin and hyped property too much, people forget it's easy to leave

Wanderer78

padz wrote:

Follow up post, unfortunately you'll end up with the people who you want to leave won't leave and the rest paying mortgages and the state supporting the REITs, unfortunately this is the worst of All outcomes for an Irish home owner, I hope everyone does well but I feel ireland has spread itself too thin and hyped property too much, people forget it's easy to leave

Its probably easier for the capital or money to leave

tobsey

padz wrote: »

anecdotally from personal conversation recently, there's a lot of people saving, bedding down before planning on leaving, have a lot of forign non EU aqetances too who have said they've saved enough or sent enough home to India (they've enough for a villa) And are leaving, just sharing, definitely feels like Ireland's on the slide in that regard, I'm sure sales will happen but could become repo's in a year or two If banks aren't careful

Edit... I'm sure you all know the term pump and dump, I was joking with forign friends who feel Yes theyve made enough from Ireland and are ready to dump, it's an unfortunate thing of having an open economy but this is what you get

I’ve been involved in a few recruitment campaigns in the IT sector recently and judging by the amount of applications from India there’s plenty more coming to replace them.

Blueshoe

tobsey wrote: »

I’ve been involved in a few recruitment campaigns in the IT sector recently and judging by the amount of applications from India there’s plenty more coming to replace them.

That's a shame. Are there no suitable Irish candidates?

Sunrise_Sunset

Average time to close a sale after going sale agreed? I realise this varies but if no issues arise and things are quite straight forward, what would be the current average closing time when in a chain? 8-10 weeks?

UsBus

Sunrise_Sunset wrote: »

Average time to close a sale after going sale agreed? I realise this varies but if no issues arise and things are quite straight forward, what would be the current average closing time when in a chain? 8-10 weeks?

I've yet to experience a straight forward sale.
After going sale agreed, you need two solicitors to communicate regularly and efficiently with each other which I find they have difficulty in doing.
Usually the fax machine still gets the blame...🥴

tobsey

Blueshoe wrote: »

That's a shame. Are there no suitable Irish candidates?

To be honest the candidates still based in India aren’t usually great. We got a few already based here who are good. I’d say Irish people are making up maybe 20% of the applicants and while they’re not usually the worst, they’re not always the best. We’d regularly get 100 applicants, 20% irish, we’d interview around 12 and maybe 3 or 4 are Irish. Often we can’t even fill the role. Of those maybe 2 will get an offer, sometimes 1 or none, then they’ve got a better offer elsewhere anyway.

Blueshoe

tobsey wrote: »

To be honest the candidates still based in India aren’t usually great. We got a few already based here who are good. I’d say Irish people are making up maybe 20% of the applicants and while they’re not usually the worst, they’re not always the best. We’d regularly get 100 applicants, 20% irish, we’d interview around 12 and maybe 3 or 4 are Irish. Often we can’t even fill the role. Of those maybe 2 will get an offer, sometimes 1 or none, then they’ve got a better offer elsewhere anyway.

Did I read that correctly. You advertise a role and only 20% of the applicants are Irish!

snotboogie

padz wrote: »

anecdotally from personal conversation recently, there's a lot of people saving, bedding down before planning on leaving, have a lot of forign non EU aqetances too who have said they've saved enough or sent enough home to India (they've enough for a villa) And are leaving, just sharing, definitely feels like Ireland's on the slide in that regard, I'm sure sales will happen but could become repo's in a year or two If banks aren't careful

Edit... I'm sure you all know the term pump and dump, I was joking with forign friends who feel Yes theyve made enough from Ireland and are ready to dump, it's an unfortunate thing of having an open economy but this is what you get

Non anecdotally net migration figures are going through the roof.

tobsey

Blueshoe wrote: »

Did I read that correctly. You advertise a role and only 20% of the applicants are Irish!

Yeah give or take. They’re high skilled IT positions. We don’t produce enough graduates, and haven’t over the years. Often though we do find that when we have it whittled down to the last few you’re likely to have close to 50/50 ratio of Irish to no Irish. That’s a lot to do with the fact they understand where they stand in relation to the position. We rarely see under qualified Irish apply, but we’d see much higher numbers in the non-Irish applicants.

OwlsZat

padz wrote: »

anecdotally from personal conversation recently, there's a lot of people saving, bedding down before planning on leaving, have a lot of forign non EU aqetances too who have said they've saved enough or sent enough home to India (they've enough for a villa) And are leaving, just sharing, definitely feels like Ireland's on the slide in that regard, I'm sure sales will happen but could become repo's in a year or two If banks aren't careful

Edit... I'm sure you all know the term pump and dump, I was joking with forign friends who feel Yes theyve made enough from Ireland and are ready to dump, it's an unfortunate thing of having an open economy but this is what you get

Gas literally this week my barber said she was heading back to Poland after 7 years. Said everything is too expensive and the time was right to return.

Fan of Netflix

OwlsZat wrote: »

Gas literally this week my barber said she was heading back to Poland after 7 years. Said everything is too expensive and the time was right to return.

Polish economy is improving these days. There isn't many Eastern Europeans coming in anymore. Mostly non EU migration. When Brexit happens, and also the Balkan countries join the EU (due 2025) that will change again I'd imagine.

Wanderer78

Fan of Netflix wrote: »

Polish economy is improving these days. There isn't many Eastern Europeans coming in anymore. Mostly non EU migration. When Brexit happens, and also the Balkan countries join the EU (due 2025) that will change again I'd imagine.

will the eu still exist at that stage?

JJJackal

Wanderer78 wrote: »

will the eu still exist at that stage?

Brexit may not go well for Britain - indeed it may go very badly - in which case the EU will definitely exist

Wanderer78

JJJackal wrote: »

Brexit may not go well for Britain - indeed it may go very badly - in which case the EU will definitely exist

with the economies of a couple of fairly major eu countries not looking too hot, particularly italy, lets also not forget the rise of the right in another few eu countries, the eu isnt looking all that stable

Fan of Netflix

Wanderer78 wrote: »

will the eu still exist at that stage?

Yes it definitely will, economically there is no other way for Europe to compete against the likes of China, India and of course the USA.

snotboogie

Fan of Netflix wrote: »

Polish economy is improving these days. There isn't many Eastern Europeans coming in anymore. Mostly non EU migration. When Brexit happens, and also the Balkan countries join the EU (due 2025) that will change again I'd imagine.

2018 was an insane year for “rest of the world” it will be interesting to see if it holds up. EU 15 migration has also quietly been steadily increasing, I don’t have the country breakdown but I’d imagine the Southern European countries are driving it. Despite anecdotal evidence here EU 13 migration had it’s strongest year since the recession in 2018. The April 2019 population stats will be very interesting when they are released in September. I predict another spike from 64k net to about 90k net but I’m an amateur and the actual numbers will be out soon...

Roberto_gas

Still waiting on other side of the fence..I love having flexibility to immigrate if a big downturn comes and probably buy at some stage hopefully in cash and come back over !!

Remember downturn is an opportunity in a lifetime and although you cannot time market at least you can make the most of it...missed it last time not making same mistake again !!

ECO_Mental

My two cents....(From a Cork perspective)

There is deffo a cooling off down here. I'm planning to sell this August/September and build a house next year and from talking to all estate agents down here they are saying things arent moving as quickly as a year ago. Also anything over 400k is VERY slow to shift...

IMO the market between 400-550 there isnt much value here (and not a lot out there) the quality of houses priced in this range are not very good also. Mostly old family homes that will need 100k+ to modernize and people over reaching with their asking prices. I'm looking for a 4 bed bigger house and the one or two that have been priced reasonably are snapped up though.

Facts are I live in a big housing estate with type A, B, C etc houses. One of these Type C houses (a 3 bed semi) went for 395k late last year it was decorated very well. But my neighbour now has his house on sale and he has only one offer of €340k....I know they are not decorated as nicely but still that's a big difference.

I think I missed the boat again:o:o considering I bought this place in 2006 I am still down big time. But hey its my family home and not an investment property

Bbborris

We just had an offer accepted for a house in West Dublin, 45k below original asking. Mature well sought after area. Probably was a tad over priced originally, but in my opinion shows the market has peaked.

hots

Bbborris wrote: »

We just had an offer accepted for a house in West Dublin, 45k below original asking. Mature well sought after area. Probably was a tad over priced originally, but in my opinion shows the market has peaked.

Must be Castleknock or similar, people got very excited there with some of the APs and anyone within a million miles of the village were expecting to hit mad prices.

Wildly Boaring

Bbborris wrote: »

We just had an offer accepted for a house in West Dublin, 45k below original asking. Mature well sought after area. Probably was a tad over priced originally, but in my opinion shows the market has peaked.

We had an offer 20k over asking on our place.

Asking prices and their relationship to actual prices have no bearing on peaks

4ensic15

Wildly Boaring wrote: »

We had an offer 20k over asking on our place.

Asking prices and their relationship to actual prices have no bearing on peaks

I heard that before. In 2006!

JJJackal

4ensic15 wrote: »

I heard that before. In 2006!

If all asking prices were going up it would be a disaster.

A healthy market should have most selling plus or minus 5%.

smurgen

ECO_Mental wrote: »

My two cents....(From a Cork perspective)

There is deffo a cooling off down here. I'm planning to sell this August/September and build a house next year and from talking to all estate agents down here they are saying things arent moving as quickly as a year ago. Also anything over 400k is VERY slow to shift...

IMO the market between 400-550 there isnt much value here (and not a lot out there) the quality of houses priced in this range are not very good also. Mostly old family homes that will need 100k+ to modernize and people over reaching with their asking prices. I'm looking for a 4 bed bigger house and the one or two that have been priced reasonably are snapped up though.

Facts are I live in a big housing estate with type A, B, C etc houses. One of these Type C houses (a 3 bed semi) went for 395k late last year it was decorated very well. But my neighbour now has his house on sale and he has only one offer of €340k....I know they are not decorated as nicely but still that's a big difference.

I think I missed the boat again:o:o considering I bought this place in 2006 I am still down big time. But hey its my family home and not an investment property

As someone with the means to buy i think I'll keeo renting.noticing a big cooling off also in cork and I'll save myself a bomb in the longer term.

Bluefoam

smurgen wrote: »

As someone with the means to buy i think I'll keeo renting.noticing a big cooling off also in cork and I'll save myself a bomb in the longer term.

I actually agree with you point of view... not thet I think you are right, I just agree that you can hold that point of view and do as you wish.

However, I find a certain smugness in the way you put it... Each to their own...

Eric Cartman

awec wrote: »

What sort of cooling off are you seeing in Cork?

many have accepted that a lot of properties have now hit the cap that the central bank limits (for once something done right) allow for. See a lot of properties put up for ambitious prices in recent months being shown with 20-40k drops beside them on daft. Particularly larger detached houses outside cities where they arent a great rental investment. I wouldnt necissarily use the word 'cooling' but we're certainly hitting the ceiling now. Many people playing a wage inflation game to try and get over those limits but its just not happening, wage stagnation and those central bank rules are holding us pretty firm here for a while yet.