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Property Market 2017

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  • Registered Users Posts: 2,479 ✭✭✭Kamili


    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:


  • Registered Users Posts: 5,245 ✭✭✭myshirt


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

    :eek:

    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.


  • Registered Users Posts: 9,454 ✭✭✭mloc123


    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.


  • Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    mloc123 wrote: »
    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.

    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.


  • Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    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.

    Out of 52 houses in Clondalkin currently listed on Daft only 8 are priced (slightly) below 200k.


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  • Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    Graham wrote: »
    Out of 52 houses in Clondalkin currently listed on Daft only 8 are priced (slightly) below 200k.

    Things are crazier than I thought so.


  • Registered Users Posts: 434 ✭✭AsianDub


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


  • Registered Users Posts: 3,128 ✭✭✭Ms2011


    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.


  • Registered Users Posts: 214 ✭✭Henbabani


    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


  • Registered Users Posts: 651 ✭✭✭Nika Bolokov


    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.

    It's a crazy price given there are new builds going up a few minutes walk away for not a lot more !!


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  • Moderators, Society & Culture Moderators Posts: 32,283 Mod ✭✭✭✭The_Conductor


    It's a crazy price given there are new builds going up a few minutes walk away for not a lot more !!

    Depends.
    Obviously someone thought it was worth it.
    Perhaps they have family in the area and the cash to buy this.
    Lets not speculate whether, or not, its ill gotten gains- thats not pertinent to this forum. If the Gardaí imagine its funded with ill-gotten gains- CAB can claim it with an appropriate case to a Judge.

    Personally- I do think the price is nuts- but I think the price of much of West Dublin is nuts- only the prices wouldn't be what they are, if a large cohort of people didn't agree with me (sorry for the double negative).


  • Registered Users Posts: 3,128 ✭✭✭Ms2011


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

    It sold immediately 25k over the asking.


  • Registered Users Posts: 535 ✭✭✭theboringfox


    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.


  • Moderators, Society & Culture Moderators Posts: 32,283 Mod ✭✭✭✭The_Conductor


    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.

    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...........


  • Registered Users Posts: 535 ✭✭✭theboringfox


    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.


  • Registered Users Posts: 5,245 ✭✭✭myshirt


    I'm waiting to see a clear out of people getting large gifts from their parents and families. Once you see that, it will go some way to helping prices normalise and level out.

    Pent up demand existed across all buyer types, but we still haven't hosed down and cleared out the pipeline of those with a lot of wealth behind them. When there isn't enough houses for the rich kids, what can you expect for the great unwashed?


  • Registered Users Posts: 434 ✭✭AsianDub


    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.


  • Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    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?


  • Registered Users Posts: 214 ✭✭Henbabani


    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]


  • Registered Users Posts: 861 ✭✭✭Zenify


    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 can't open the report on my device. Was there a drop in South Dublin prices for the quarter? what was it?


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  • Registered Users Posts: 434 ✭✭AsianDub


    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.


  • Registered Users Posts: 214 ✭✭Henbabani


    [font=Arial, sans-serif]"The figures from this latest Daft.ie House Price Report show only modest price increases around the country between June and September. Compared to the 4.3% quarterly increases seen in the first two quarters of this year, the average list price nationally rose by just 0.3% in the third quarter of 2017."[/font]
    [font=Arial, sans-serif]i guess it's sum everything.[/font]


  • Registered Users Posts: 78 ✭✭Galwayforliam


    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


  • Registered Users Posts: 2 EducatedMonkey


    This wont last.

    I will give it 6 more months of madness before reality sinks in.

    Shortages or not, prices are artificial.


  • Closed Accounts Posts: 4,294 ✭✭✭LiamoSail


    This wont last.

    I will give it 6 more months of madness before reality sinks in.

    Shortages or not, prices are artificial.

    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?


  • Registered Users Posts: 452 ✭✭__..__


    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 know of a couple of people waiting til the new year to put property on the market purely because rightly or wrongly they think the exemptions will play a part.
    I know others who arent selling now because they think CGT is too high and will wait for a fall.


  • Registered Users Posts: 1,253 ✭✭✭The Student


    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.


  • Closed Accounts Posts: 2 edcbA123


    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.


  • Registered Users Posts: 1,253 ✭✭✭The Student


    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.


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  • Registered Users Posts: 434 ✭✭AsianDub


    What will happen if Central Bank relaxes either or both rules?

    More houses released from the second hand market due to second time buyers only needing 10%? But this will also bring more people into the market?

    Relaxation of income multiple would surely drive up prices too?


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