Property Market 2017

pilly wrote: »

I can't believe the Clondalkin one sold for 183k?

that gets me too..
Its even registered on the South County Dublin Derelict Site Listing! 183k?!

:eek:

myshirt wrote: »

Someone will be along soon to suggest it is money laundering. The difference between the 183 and what it is worth is the cost of washing the money.

What are houses beside it (not derelict) selling for and how much would it cost to bring up to that standard... if the first figure is higher than the price to buy + renovation, there is your answer.

Depends where in Clondalkin. Its a big area with some areas better than others.
But still overpriced looking at the listings.

Ms2011 wrote: »

pilly wrote: »

I can't see a house in Clondalkin fetching much more than 200k and there's an awful lot more than 17k work to go into that house.

I just sold a 3 bed terrace in Clondalkin (walk in condition) last week for 205k.

how long you waited for a buyer? it was above theasking price?
thanks for the info

http://www.thejournal.ie/daft-report-house-prices-rising-3624408-Oct2017/

link to full report within article. I think there are signs market is quitening. I've definitely noticed in Cork City where I am there's close to a ceiling. I think people across country are starting to reach an affordability ceiling with central bank rules keeping things rationale. In South Dublin and some neighbouring counties there was a slight reduction. I think we'll see continued house price growth for the foreseeable future hut hopefully at more normal rate of inflation of 2% p.a.

The_Conductor wrote: »

I'm not so sure about a sustainable rate of increase of 2%.
Fact of the matter is- for most people- they're not getting a 2% payrise per annum. Certain sectors are doing very well for themselves- but its not across the board by any means. If South Dublin- which has done better economically than pretty much anywhere else- is falling- the writing is on the wall...........

I picked 2% as this is general the target inflation rate for central banks.

It's too simplistic in my opinion to say a marginal reduction in Dublin's wealthiest area means the writing is on the wall (I could be wrong but assume you mean a material fall off in property market is coming by that?).

I simply think it's people hitting an affordability ceiling in the personal market. One quarter too small sample size as market did something similar 2 years ago in Dublin and then grew again.

Soutg Dublin has the highest levels of home mortgage leverage in country and also some of the lowest yields. So if consumerss topping out and yields are low relative to other areas then it makes sense these markets are topping out first.

Hopefully we get some supply growth too in the market as otherwise I'd be fearful that demand will build up and prices will rise again.

They just move to an adjacent area and push up those prices. E.g. Clontarf to Raheny. That's what I seem to be seeing anyway.

http://www.breakingnews.ie/ireland/house-prices-rise-by-more-than-50-per-day-since-last-year-808000.html
i guess you're right
"[font=Lato, sans-serif]The annual rate of inflation in Dublin was 9.9% in the year to September. This is the second quarter in a row where it exceeds the rate in the rest of the country (8.2%).[/font]
[font=Lato, sans-serif]The rate of inflation in Dublin also exceeded the rate seen in each of the four other major cities for the first time since 2014.[/font]

[font=Lato, sans-serif]In Cork, the change in prices over the last year has been 5.1%, its lowest in over three years, while in Galway the figure was 9.2%.[/font]
[font=Lato, sans-serif]In both Limerick and Waterford cities, the rate was close to 8.5%, similar to the rate seen elsewhere in the country."[/font]

[font=Lato, sans-serif]yes, we did saw prices up, but less than what expected, people talked about 12-15%, we far from that and in fact from june we didn't see any increase almost at all.[/font]

Hollister11 wrote: »

AsianDub wrote: »

They just move to an adjacent area and push up those prices. E.g. Clontarf to Raheny. That's what I seem to be seeing anyway.

Clontarf to Raheny would be reducing prices no?

What I mean is they would have no problem bidding to what Clontarf prices were a quarter or two ago in Raheny now as they have been priced out of Clontarf.

TV3 out in Odin's Way today interviewing people coming out of the house re the Daft report - only 2 of 10 houses sold in the phase just launched - too pricey the general consensus starting €610k and I think they were €540k phase 1- will check the register to confirm

LiamoSail wrote: »

Prospective buyers won't take a collective decision and all simultaneously withdraw from the market. So what, in 6 months, is going to adversely impact upon demand to the extent that there is any significant fall in prices?

Supply won't increase significantly in that time
Interest rates are still extremely low
Rents are incredibly high
The new year is approaching and with it, a fresh allocation of Central Bank exemptions for the banks to offer
Huge numbers of mortgage applications being approved

I can see the CGT exemption encouraging greater supply and the possibility that with the 3.5 limit, people are stretched to the max as is, but I don't see what significant factor could potentially come in to play to cause a significant downward price trajectory.

Any siggestions?

I would agree the CGT exemption will be extended otherwise a lot of the investors will flood the market selling rental stock at the same time reducing the number of bed spaces in the tental market.

edcbA123 wrote: »

With more and more people getting mortgages I can't see things decreasing in price anytime soon. I can't post the link but mortgages were 25% up in August compared to the same month last year.

Agree until supply comes on stream prices will not fall. They may level off unless the central bank relax's the income multiples or decreases the deposit requirements. Developers cant increase output until the can access credit. The question remains will the vacant land tax actually be enforced in 2019.