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Property Market 2018

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    #2372
    power pants
    Registered Users Posts: 2,907 ✭✭✭power pants


    Thought the max was 3k and not 5k?


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    #2373
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,057 Mod ✭✭✭✭AlmightyCushion


    cruizer101 wrote: »
    But it 25% of you savings you get up to a max top up of 5k, so that is 20k savings to give you the 5k, which at 200 a month is 100 months or 8 and a bit years.

    I can't find it now but the impression I got from he article I read was that the max you could save is 3,000 and you would get 25% of it.
    power pants wrote: »
    Thought the max was 3k and not 5k?

    The article was comparing it to a similar thing set up in the UK which has a limit of £3000. I don't recall it talking about the limit that would/could be applied here.


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    #2374
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    AlmightyCushion wrote: »
    I can't find it now but the impression I got from he article I read was that the max you could save is 3,000 and you would get 25% of it.

    If what we are taking about is 750 euros (25% of 3000), it is honestly just a political communication exercise and will have pretty much no practical impact (which I don’t mind as I don’t think grants to purchase property are ever a good idea, but if such a big deal is been made of 750 euros in the context of a once off property purchase I’m falling off my chair :-)).


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    #2375
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    AlmightyCushion wrote: »
    You can save 200 a month up to a total value of 5000. That would take 25 months to save up that amount.

    No, OP above said it's a 25% cash top up to a max cash top up of 5k...meaning to get the 5k top up you need to have 20k saved.


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    #2376
    FixdePitchmark
    Registered Users Posts: 20,808 ✭✭✭✭FixdePitchmark


    Notice about 5 to 10 % reduction in asking price in my area.

    Strange because price is still going up in market - even if small increase ?

    I was told buyers are now holding off expecting something in budget ?


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    #2377
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Pussyhands wrote: »
    3 bed semi near me for sale for 420k in a commuter town. Place wedged with cars for open viewings the other night.
    donkeyoaty0099 wrote: »
    Is it nicely finished? Always amazes me what people will pay for a fresh coat of paint

    It is nicely furnished alright.

    It's actually 425k...

    30km west of the IFSC


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    #2378
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,057 Mod ✭✭✭✭AlmightyCushion


    Pussyhands wrote: »
    No, OP above said it's a 25% cash top up to a max cash top up of 5k...meaning to get the 5k top up you need to have 20k saved.

    I was basing my answer on the article I seen earlier.

    https://www.independent.ie/business/budget/firsttime-buyers-to-get-savings-topup-in-budget-housing-plan-37383408.html
    A special savings scheme to help first-time buyers is being considered as part of Budget 2019, the Irish Independent can reveal.

    Finance Minister Paschal Donohoe is examining how such a scheme might work on foot of demands from Fianna Fáil. The initiative would see house hunters entitled to open a savings account for their deposit which the Government would top up with a generous donation when they go to buy a house.

    Sources in both Fine Gael and Fianna Fáil confirmed the idea is a real prospect with just five days until the Budget.

    A similar scheme in the UK, called the 'Help To Buy ISA', pays an interest rate of 25pc.

    This means for every £200 (€225) saved, the government adds £50 up to a maximum of £3,000.

    It never mentioned what the potential figures here would/could be. If the max top up is €5,000 then the monthly limit would have to be higher.


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    #2379
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    All for a similar scheme to the help to buy ISA tbh.


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    #2380
    Reversal
    Registered Users Posts: 402 ✭✭Reversal


    Heard an interesting proposal on the BBC this morning for the UK. If landlords sell their property to the tenants, they'd be exempt from capital gains tax on the property. Tenants must be renting the property for 3 years or more. Would that work here?


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    #2381
    drunkmonkey
    Registered Users Posts: 28,120 ✭✭✭✭drunkmonkey


    No your encouraging landlords to get out of property they can't raise the rent on. It just gives them more buying power to purchase a property they can up the rent on.
    It'll drive up prices.


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    #2382
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    I’m not the property porn type, but just saw this and thought it is of interest as one of them is in an area I know very well: https://www.irishtimes.com/life-and-style/homes-and-property/what-sold-for-560k-in-ringsend-ballsbridge-marino-and-skerries-1.3643640

    Shows that price stabilisation and gaps between asking and selling prices can greatly vary depending on location.

    Some people on the thread might remember I’ve been following the GCD market for a few years, and I can guarantee that the renovated 2 beds in a late 90s development (Charlotte Quay Dock) which they mention just sold for 560k (14% above asking) wouldn’t have reached near that level 12 months ago. Reaching 500k would have been *very* good then (as a matter of fact I remember a very similar apartment but 3 beds in the same building facing the same side and also higher floor which sold for around 500k in the summer of 2017 - just checked the register: it is 168 The George which sold for 495k). So looks like to me price moderation isn’t something which is happening on that specific market segment.


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    #2383
    drunkmonkey
    Registered Users Posts: 28,120 ✭✭✭✭drunkmonkey


    How is it worth 200k more than one closer to the city centre. Seems nuts you wouldn't by buying to let at that price, you'd be taking a massive gamble on values rising. It won't be worth a fraction of that price in 20yrs.


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    #2384
    M.Cribben
    Registered Users Posts: 325 ✭✭M.Cribben


    drunkmonkey wrote: »
    It won't be worth a fraction of that price in 20yrs.
    Why? That has never happened in the history of the State. Pick any year in the last 100 years, go back 20 years from that date and I can guarantee you property prices were significantly lower.


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    #2385
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Those prices are scary!


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    #2386
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    drunkmonkey wrote: »
    How is it worth 200k more than one closer to the city centre.

    Depends what you are comparing it to.

    You could get a much nicer apartment in a newer development on Foley Street for a lot less money and within a few minutes walk of O’Connel bridge (the Steelworks to name what I have In mind). But usually there are reasons for these things (in this case the street is a crime hub), and as a place to live I would pick Charlotte Quay over a nicer apartment in the Steelworks anytime.

    Also while I agree it’s a risky investment and prices are going mad, location matters and Charlotte Quay Dock is literally just accross the street from Google’s new offices which are currently under construction and will host between 2-3000 new employees - investors are probably factoring this in the price as a positive sign for future demand.


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    #2387
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Latest CSO figures are out: https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexaugust2018/


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    #2388
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Bob24 wrote: »
    Latest CSO figures are out: https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexaugust2018/

    Boy they saw me coming when I bought in 2006.


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    #2389
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Samuel T. Cogley wrote: »
    Boy they saw me coming when I bought in 2006.

    :-(

    Not sure it’s good news for the country, but at least the good news for you is that we are almost back to early 2006 levels (and apartments in Dublin are still rising strongly, which if I remember well is what you have).


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    #2390
    Marius34
    Registered Users Posts: 1,173 ✭✭✭Marius34


    Marius34 wrote: »
    handlemaster wrote: »
    Marius34 wrote: »
    Meanwhile in Dublin, it can be seen slowdown due to higher supply and affordability. I believe we should see annual increase falling to one digit in Dublin in 3-4 months from now.
    not a chance. will continue for at least another two/3years
    I'll get back with this on the 09/10/2018 for CSO August 2018 Report. Add to your calendar to check it back. :-)

    And I'm back, it's 6,1%:
    https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexaugust2018/
    "In Dublin, residential property prices increased by 6.1% in the year to August"
    As I said previously, CSO data represents more than 3 months old market situation. The market of April-July, is seen only in todays report.


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    #2391
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Samuel T. Cogley wrote: »
    Boy they saw me coming when I bought in 2006.

    Peak (according to the CSO) was Feb 2007- and while it doesn't necessarily mean anything whatsoever- we are now 30% below the peak levels (though we have surpassed the Jan 2005 levels- which calibrate the graph at 100).

    There are plenty of folk out there whose property has yet to attain the prices they originally paid for it.


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    #2392
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    The_Conductor wrote: »
    Peak (according to the CSO) was Feb 2007- and while it doesn't necessarily mean anything whatsoever- we are now 30% below the peak levels (though we have surpassed the Jan 2005 levels- which calibrate the graph at 100).

    There are plenty of folk out there whose property has yet to attain the prices they originally paid for it.


    I massively overpaid bering the main issue - an I mean over paid even given the mental prices of the time.


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    #2393
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    The_Conductor wrote: »
    Peak (according to the CSO) was Feb 2007- and while it doesn't necessarily mean anything whatsoever- we are now 30% below the peak levels (though we have surpassed the Jan 2005 levels- which calibrate the graph at 100).

    There are plenty of folk out there whose property has yet to attain the prices they originally paid for it.

    Yes if you look at the chart for Dublin, basically the index was higher than what it is today between August 2005 and December 2008 so most people who bought in that timeframe are probably still bellow what they paid.

    Having said that while it is not a small number and I am not saying those people don’t exist, in the grand scheme of things it’s probably not a massive percentage of all homeowners. Those are essentially people who bought between August 2005 and mid 2007 (I assume very few people bought after that time), which can’t be a massive number in such a short timespan, even in boom times. Of course they are very over represented in specific age range though (early 30s to early 40s) and someone from that generation will likely know a lot more people in that situation that other generations do.


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    #2394
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Got a valuation done last week and the EA cheerfully stated that prices in Dublin are topping out. Some in Rathfarnham are dropping.


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    #2395
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    gaius c wrote: »
    Got a valuation done last week and the EA cheerfully stated that prices in Dublin are topping out. Some in Rathfarnham are dropping.

    Top end is. Bottom end of the market is still pretty buoyant.


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    #2396
    theboringfox
    Registered Users Posts: 521 ✭✭✭theboringfox


    gaius c wrote: »
    Got a valuation done last week and the EA cheerfully stated that prices in Dublin are topping out. Some in Rathfarnham are dropping.

    Hope so. I will believe it come Q1 next year. We have a seasonal market now due to exceptions so I will be interested to see impact.

    But would be great to see growth flatline out.


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    #2397
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    Samuel T. Cogley wrote: »
    Top end is. Bottom end of the market is still pretty buoyant.

    What's the top end, above what sort of price?


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    #2398
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Samuel T. Cogley wrote: »
    Top end is. Bottom end of the market is still pretty buoyant.

    Yes, and even at the top it’s not uniform. For exemple I guess many people would consider Dun Laoghaire to be middle/top end, and prices there are still up 9% per year (which is crazy as in absolute value at 9% rise today it is probably close to what a 15% rise would have been 5 years ago, so if we talk absolute value rather than percentage, there is definitely no slowdown there, and maybe even an acceleration).


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    #2399
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note:

    Discussions on salaries and affordability moved into a separate thread.


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    #2400
    TSQ
    Registered Users Posts: 283 ✭✭TSQ


    theboringfox wrote: »
    Hope so. I will believe it come Q1 next year. We have a seasonal market now due to exceptions so I will be interested to see impact.

    But would be great to see growth flatline out.

    I have heard that only KBC and Ulsterbank are still giving out mortgages at the moment.. Do you think there will be a resumption of lending (and perhaps price increases) in early 2019, when the banks can resume issuing (some) mortgages in excess of the CBI limits on loan to value and loan to income?


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    #2401
    KevinCavan
    Closed Accounts Posts: 612 ✭✭✭KevinCavan


    TSQ wrote: »
    I have heard that only KBC and Ulsterbank are still giving out mortgages at the moment.. Do you think there will be a resumption of lending (and perhaps price increases) in early 2019, when the banks can resume issuing (some) mortgages in excess of the CBI limits on loan to value and loan to income?

    If you were one of the first with your snout in the trough in Jan/February 2019 you would have a good chance of the bigger mortgage allowance..


This discussion has been closed.
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