Irish Property Market 2020 Part 2

optogirl

Lads this is hard work. Looked at a house last week in D7. Asking price 265k. No bids in for 5 days so we put in one at asking price. Came back today to say current highest offer is at 310. Yikes.

stefanovich

optogirl wrote: »

Lads this is hard work. Looked at a house last week in D7. Asking price 265k. No bids in for 5 days so we put in one at asking price. Came back today to say current highest offer is at 310. Yikes.

Do you believe the estate agent? Some just make up offers to inflate the price.

Have a budget and stick to it. Call the estate agents bluff.

Moving!

optogirl wrote: »

Lads this is hard work. Looked at a house last week in D7. Asking price 265k. No bids in for 5 days so we put in one at asking price. Came back today to say current highest offer is at 310. Yikes.

I'm seeing a lot of this. The COVID-savings plus low supply are driving sale prices ridiculously high.

cnocbui

stefanovich wrote: »

Yes, liquidate all your assets into cash. Stick it in a 0% interest rate deposit account while they devalue the currency.

That's, a strategy, except make it the stock market and not banks. Anyone who bought bitcoin below €9K this year is laughing today.

optogirl

stefanovich wrote: »

Do you believe the estate agent? Some just make up offers to inflate the price.

Have a budget and stick to it. Call the estate agents bluff.

Is this really a thing? I don't want to believe it is but I feel naive for saying that.....I think we might just leave it there and hope something else comes up in the area.

combat14

At this rate it looks there will be alot of retailers and renters not able to pay their rent/mortgages next year ...

Hard to see banks here giving another 6 months of forbearance.....

Once businesses start going bust there will be a domino affect the likes of which we havent seen so far yet


Government fears Nphet will seek new lockdown after Christmas break

https://www.irishtimes.com/news/health/government-fears-nphet-will-seek-new-lockdown-after-christmas-break-1.4386974?mode=amp

stefanovich

optogirl wrote: »

Is this really a thing? I don't want to believe it is but I feel naive for saying that.....I think we might just leave it there and hope something else comes up in the area.

Yes, happened to me.

stefanovich

cnocbui wrote: »

That's, a strategy, except make it the stock market and not banks. Anyone who bought bitcoin below €9K this year is laughing today.

I'm being sarcastic! ANYTHING BUT CASH

Shelga

optogirl wrote: »

Lads this is hard work. Looked at a house last week in D7. Asking price 265k. No bids in for 5 days so we put in one at asking price. Came back today to say current highest offer is at 310. Yikes.

I bet that's the same house I was looking at, in Cabra? I think the issue there is that the EA significantly underpriced it to begin with, if you look at what similar properties have sold for there recently. Whether this was through incompetence or by design, who knows.

Smouse156

Gotta feel for the poor fella (in number 18) that lost 260k in a year (not realised yes) or could have got the house 260k cheaper. 15/16/17/18 identical and with Glenveagh’s price drops, 15 & 17 sold for 260k less:

https://propertypriceregisterireland.com/?action=search&county=6&property_type=0&date_from=2010-01-01&date_to=2020-10-21&price_from=0&price_to=0&address=Proby+place

And before anyone asks, this website includes the VAT on new builds!

https://glenveagh.ie/download/proby-place-brochure/?wpdmdl=449&ind=1529594520885

Anyway, with poor/slow sales can’t see anything but decent drops to come in the high end of the Dublin market.

However, anything under 500k qualifying for help the Brickie should rise.

optogirl

Shelga wrote: »

I bet that's the same house I was looking at, in Cabra? I think the issue there is that the EA significantly underpriced it to begin with, if you look at what similar properties have sold for there recently. Whether this was through incompetence or by design, who knows.

Yep. Hard to understand why it was priced at 265. To get some interest in it?

Hubertj

Smouse156 wrote: »

Gotta feel for the poor fella (in number 18) that lost 260k in a year (not realised yes) or could have got the house 260k cheaper. 15/16/17/18 identical and with Glenveagh’s price drops, 15 & 17 sold for 260k less:

https://propertypriceregisterireland.com/?action=search&county=6&property_type=0&date_from=2010-01-01&date_to=2020-10-21&price_from=0&price_to=0&address=Proby+place

And before anyone asks, this website includes the VAT on new builds!

https://glenveagh.ie/download/proby-place-brochure/?wpdmdl=449&ind=1529594520885

Anyway, with poor/slow sales can’t see anything but decent drops to come in the high end of the Dublin market.

However, anything under 500k qualifying for help the Brickie should rise.

ugly looking houses for that kind of money! An interesting comparison would be 2nd hand homes in that price bracket in the area. Surely you could get a much nicer home in Blackrock at the €1.2M range.
Also, 3 story would be a no no for me. I lived in a house share once and it was a pain in the hoop up and down all the stairs!

Shelga

optogirl wrote: »

Yep. Hard to understand why it was priced at 265. To get some interest in it?

I was wondering that too, I really don't know. Because they just wasted your time and mine- don't know about you but I certainly can't afford €310k. Before I viewed it I looked at what other houses very near there had sold for on the property register, and they were all €290k+, for houses that weren't even as nice as that one, and smaller.

It's really annoying actually. Maybe they want to be able to say "this house sold for €40k more than asking", even though the asking price was not reflective of reality? Or to encourage a bidding war?

TheSheriff

salamiii wrote: »

unemployment will keep rising.more houses will come on market.more rentals will come out as people move out due to high rents

you looking at the next six months for this to happen


you need to save up cash as the rainy day is coming

Is that you neutralguy?

HotDudeLife

stefanovich wrote: »

I'm being sarcastic! ANYTHING BUT CASH

In fairness there is zero chance of inflation in the short term (1-2years).


I think those sitting on a decent amount of cash (200k mark) will be in a good position to purchase in the next 18months.

HotDudeLife

TheSheriff wrote: »

Is that you neutralguy?

lol, whoever it is, they are making sense, some people on here and people in general will be in for a serious reality check when the economy tanks and the stock market no longer gives decent returns as it is due for a massive correction.

TheSheriff

HotDudeLife wrote: »

lol, whoever it is, they are making sense, some people on here and people in general will be in for a serious reality check when the economy tanks and the stock market no longer gives decent returns as it is due for a massive correction.

Everything has been due for a massive correction for years now to be honest. I'd hedge my bets that in six months we'll be in the same state of static movement we've been in the past year.

This 'massive correction' you keep referring too sure is taking it's time for something so massive.

Marius34

HotDudeLife wrote: »

lol, whoever it is, they are making sense, some people on here and people in general will be in for a serious reality check when the economy tanks and the stock market no longer gives decent returns as it is due for a massive correction.

With such expertise you can make a fortune by shorting stocks.

Computer Science Student

Quick question, what is the most complete resource to get every property sold in Ireland in the last 5 years ? (in any format)

Marius34

Computer Science Student wrote: »

Quick question, what is the most complete resource to get every property sold in Ireland in the last 5 years ? (in any format)

https://www.propertypriceregister.ie/
You can download csv file.
It has last 10 years of data.
I have done number of analytics on that dataset, in case you have any queries.

Timing belt

HotDudeLife wrote: »

lol, whoever it is, they are making sense, some people on here and people in general will be in for a serious reality check when the economy tanks and the stock market no longer gives decent returns as it is due for a massive correction.

Interest rates will be zero on deposits for years to come and I also think stock markets will crash as logic is gone out the window with valuations but don’t see house prices going through the floor and think we will see inflation in the economy but it will be on food and transport.

Donald Trump

Marius34 wrote: »

With such expertise you can make a fortune by shorting stocks.

The timing is the important thing. If you want to short the market then you can do so, but if you get the timing wrong, you'll lose your shirt.



That said, saying that a crash is coming is also a meaningless prediction without giving a timeframe...........I can say that a crash is coming and I will be almost surely correct within my lifetime that there will be some form of a crash.


Is there a bubble in the market - likely yes. When will it burst? It might not do so for a relatively long time. It will depend on the supply of money into it. Central banks might keep pumping in liquidity if they can't reach their target inflation. People with money will want to put it somewhere if rates are low (or zero). Japan has had a problem of deflation and negative rates at the short end for a long time now.

Timing belt

Donald Trump wrote: »

The timing is the important thing. If you want to short the market then you can do so, but if you get the timing wrong, you'll lose your shirt.



That said, saying that a crash is coming is also a meaningless prediction without giving a timeframe...........I can say that a crash is coming and I will be almost surely correct within my lifetime that there will be some form of a crash.


Is there a bubble in the market - likely yes. When will it burst? It might not do so for a relatively long time. It will depend on the supply of money into it. Central banks might keep pumping in liquidity if they can't reach their target inflation. People with money will want to put it somewhere if rates are low (or zero). Japan has had a problem of deflation and negative rates at the short end for a long time now.

End of November Is my prediction for a stock market crash

Donald Trump

Timing belt wrote: »

End of November Is my prediction for a stock market crash

Markets in November will have more chance of affected by the outcome of the US election.



Are you talking about a global crash or European or Irish?


Brexit will of course be a factor on the latter two.

Timing belt

Donald Trump wrote: »

Markets in November will have more chance of affected by the outcome of the US election.



Are you talking about a global crash or European or Irish?

Mainly tech stocks in US

Donald Trump

Timing belt wrote: »

Mainly tech stocks in US

ok. Fair play to you for giving an actual prediction! I don't have one myself. I'm not keeping on top of things enough to do that

Timing belt

Donald Trump wrote: »

ok. Fair play to you for giving an actual prediction! I don't have one myself. I'm not keeping on top of things enough to do that

Logic behind it is that big players are moving out whilst individuals are buying and I think they are massively overvalued and all it takes is a disputed election result to tip it as there will be no stimulus while that happens.

Marius34

Timing belt wrote: »

End of November Is my prediction for a stock market crash

You maid a mistake by posting this.
Because I will remind you this :-)

Hope you will not disappear, as most guys who predicting crash with certainty disappear... :-)

Timing belt

Marius34 wrote: »

You maid a mistake by posting this.
Because I will remind you this :-)

Hope you will not disappear, as most guys who predicting crash with certainty disappear... :-)

I will be here I might be wrong but that is what I see in the stock market. Won’t impact houses prices in Ireland tho :-)

pearcider

HotDudeLife wrote: »

In fairness there is zero chance of inflation in the short term (1-2years).


I think those sitting on a decent amount of cash (200k mark) will be in a good position to purchase in the next 18months.

Zero chance of inflation in the next two years that’s not what the markets are saying. The fact is inflation is rising dramatically in things you need like food. Airline tickets are down but who wants to fly? Copper is at a 5 year high as are soybeans. Wheat is at a 6 year high. Silver is at a 10 year and that great harbinger of inflation gold is at all time highs. Zero chance of inflation. I think not. Article below shows a major bull market beginning in commodities.

https://www.barrons.com/articles/soybeans-corn-and-wheat-prices-are-set-to-rise-in-2021-51602851401