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Property Market 2019

The_Conductor

As is now becoming a custom- we'll start a new thread to discuss all topics as they pertain to the property market in general, alongside people's predictions and experiences- for the year 2019.

Its going to be an interesting year- with Brexit, if it comes to pass, at the end of March- and to misquote Donald Rumsfeld - the unknown unknowns that are likely to jump out at us, when we least expect them to.

2018 thread is now closed.

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omicron

https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexoctober2019/

Property prices rising at 0.9% annually, less than the CPI which is rising at 1.1%.

DLR houses -7% on the year. Definitely overshot the top there.

Graham

Mod Note

Discusssion of property prices in the 70s and 80s split into a new thread: https://www.boards.ie/vbulletin/showthread.php?p=112021887

paulieeye

Assetbacked wrote: »

How do you know the infrastructure won't evolve? This is necessarily a good development given we are in a crisis.if infrastructure needs to be upgraded, let it follow but it shouldn't hold up badly needed home building.

Because I have seen the detailed plans. There is no plan currently to upgrade the only road that will be access to this development. They plan to put a set of traffic lights there, thats it

riclad

We need apartments all over the city at least 5 storeys high.Many local td,s are objecting to large apartments even thought the government is in favor of them.High rise apartments are green in that they reduce traffic and commuting time ,
People in the city centre can use the luas or bus,s to go to work ,or cycle to work.
living in the centre is convenient , most shops or offices are located there .Theres a new plan to bring in new bus routes, which will involve
cutting down some tree,s and buying out gardens from some people along the route .

dontparkhere

I read recently that in the uk there is an oversupply in student accommodation. I see an awful lot student accommodation going up around Dublin, all “luxury” accommodation too. Bit of a bubble at the prices they are charging. Is short term letting allowed in student complexes during the summer months or what are they used for during the summer months?

L1011

dontparkhere wrote: »

I read recently that in the uk there is an oversupply in student accommodation. I see an awful lot student accommodation going up around Dublin, all “luxury” accommodation too. Bit of a bubble at the prices they are charging. Is short term letting allowed in student complexes during the summer months or what are they used for during the summer months?

Short term summer letting is allowed; and done. Which you would think would be relieving the demand for AirBnB and hotel developments but it seems Dublin will attract as many tourists as it can sleep which is increasingly perverse considering its increasingly expensive.

Somehow they seem to be getting tenants at the huge prices; I worry heavily debt funded either on the student or more likely their parents. Also lots of foreign students prefer that type of accom package to working out the private rental market.

ZX7R

dontparkhere wrote: »

I read recently that in the uk there is an oversupply in student accommodation. I see an awful lot student accommodation going up around Dublin, all “luxury” accommodation too. Bit of a bubble at the prices they are charging. Is short term letting allowed in student complexes during the summer months or what are they used for during the summer months?

Yes most are rented during the summer,and especially to holiday Maker's,
Plenty of companies lease them during the summer for these purposes, I even seen them used as emergency accommodation.
The also get rented to summer students

what_traffic

Purpose Built Student accommodation

It is a condition of planning.
Recent example from Galway City

674 no. bedspaces with commercial/retail space. www.studentaccommodationplanning.nuigalway.ie

here is the ABP direction

NUIG Northern Campus, Dangan, Upper Newcastle, Galway City.
http://www.pleanala.ie/documents/directions/303/S303846.pdf
"
2. The development hereby permitted shall only be occupied as student
accommodation, as defined in section 13(d) of the Planning and Development
(Housing) and Residential Tenancies Act 2016, and shall not be used for any
other purpose, without a prior grant of planning permission for change of use.
Reason: In the interest of residential amenity and to limit the scope of the
proposed development to that for which the application was mad
"

A lot of owners go back for "Change of Use" once it is up and running, often can be less objections/none once a building is actually up and running.

19233974

Sterling has dropped today with reports of Boris looking to legislate that there will be no extension to withdrawal agreement period beyond the year that has been proposed. Which in effect will be him forcing through a no deal in a round-about way if they cant fully agree all the details within one year. (It took europe and canada 7 years to agree all details for example)

May be another year of uncertainty ahead re: hard brexit, which may hold up prices again. Interesting to see how it pans out

Arthur Daley

When we say hold up prices, are people still see-sawing between
Brexit: Loads of millionaire bankers will come from London, we need to open up international schools
and
Brexit: We're all doomed!

Because life is too short I think

19233974

Arthur Daley wrote: »

When we say hold up prices, are people still see-sawing between
Brexit: Loads of millionaire bankers will come from London, we need to open up international schools
and
Brexit: We're all doomed!

Because life is too short I think

I would say yes, if its one thing humans dont like, its uncertainty. If theres a prospect of a no deal again then it will have an impact

[Deleted User]

I bought in April, a few doors down has sold just this month for about 8% more than we paid for ours. Has a slightly better finish but not a whole lot in it. I'm fairly surprised it went for so much considering how prices are generally stablising/dropping.

Zenify

Interested Observer wrote: »

I bought in April, a few doors down has sold just this month for about 8% more than we paid for ours. Has a slightly better finish but not a whole lot in it. I'm fairly surprised it went for so much considering how prices are generally stablising/dropping.

What area and price?

[Deleted User]

Zenify wrote: »

What area and price?

D7, in the 500k+ bracket.

Zenify

Interested Observer wrote: »

D7, in the 500k+ bracket.

Thanks

It's nice to know what areas are going against the tide at the moment.

[Deleted User]

Zenify wrote: »

Thanks

It's nice to know what areas are going against the tide at the moment.

The area really isn't going against the grain. I'm searching in Dublin 7, under 500k though.
Houses not selling for months & months, I see a lot being taken off the market, & some sale agreed ones coming back on.
Houses that are ready to move into are selling though.

Mic 1972

Asking prices in D7 are all pointing downward, i think i counted just one or two up-arrows in the last 3 months

Zenify

bubblypop wrote: »

The area really isn't going against the grain. I'm searching in Dublin 7, under 500k though.
Houses not selling for months & months, I see a lot being taken off the market, & some sale agreed ones coming back on.
Houses that are ready to move into are selling though.

I think you misunderstood. I was referring to a post where the price increased.

riclad

The 8 per cent difference could be accounted by, the house is slightly bigger, the garden is bigger, house has a new kitchen,or a very good ber rating .the house could be closer to the luas or a bustop .
8 per cent on 1 house does not mean much as regards the state of the housing market.

Umaro

+8% could all be down to two parties taking a shine to it and running up the price a bit

19233974

Umaro wrote: »

+8% could all be down to two parties taking a shine to it and running up the price a bit

Yea there is always a random house that seems to sell for more than asking, which has probably resulted from a bit of a bidding war. the overall trend is still down

[Deleted User]

Zenify wrote: »

I think you misunderstood. I was referring to a post where the price increased.

oh I know, but I was just saying that that post is bucking the trend, in Dublin 7 prices are definately not rising

davedub2015

What are peoples predictions for property in Dublin in 2020? Increase in prices or stay as they are?

Marius34

davedub2015 wrote: »

What are peoples predictions for property in Dublin in 2020? Increase in prices or stay as they are?

I believe it much depends on how Brexit goes, if it goes toward smooth withdrawal agreement of No hard border (with Deal) it should go up. Otherwise stay as is or go down abit.

JamesMason

Marius34 wrote: »

I believe it much depends on how Brexit goes, if it goes toward smooth withdrawal agreement of No hard border (with Deal) it should go up. Otherwise stay as is or go down abit.

Brexit or no Brexit, the global economy is slowing down. Germany is in recession and the US will be soon. Ireland is vulnerable to economic shocks. It happened here before...

Marius34

JamesMason wrote: »

Brexit or no Brexit, the global economy is slowing down. Germany is in recession and the US will be soon. Ireland is vulnerable to economic shocks. It happened here before...

There is always uncertainty in global market, and at some point recession comes and goes.. You can discuss this forever.. But no fundamental data shows Ireland entering recession in the near term, as the question is of 2020. I would bet with anyone here that Ireland won't Enter recesion in 2020 in case of No Hard border. 2021 might be a different story..

ionapaul

WOW! Just saw the final price of a house sold in an estate near to ours - think I posted before that two of the small 3-bed houses were for sale there a few months ago, the 90sqm mid-terrace for €450k and the slightly-extended 98sqm end-terrace for €470k.

The mid-terrace was bought for something like €320k a few years ago AFAIK, needed some work. I personally thought paying more than €400k would be madness. And yet...

https://www.myhome.ie/residential/brochure/18-castle-grove-kilgobbin-wood-sandyford-dublin-18/4339168 (the listed size must be incorrect, all of those are approximately 90sqm give or take)

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-9CCD9E98F110802D802584C6004CFE4B?OpenDocument

Some juice left in the D18 market!

nerrad01

Its so annoying on property sites that agents are consistently listing places under the wrong area to try justify a higher price. Lots of places ive looked at are listed as terenure when its clearly perrystown or kimmage, firhouse as knocklyon and knocklyon as templogue. I know its a small thing but very annoying

hmmm

JamesMason wrote: »

Brexit or no Brexit, the global economy is slowing down. Germany is in recession and the US will be soon. Ireland is vulnerable to economic shocks. It happened here before...

Not really, if anything the global outlook has reversed in the past month and a half towards optimism, and Germany has avoided a recession. We'll eventually have a recession, but if you've been sitting on the sidelines waiting for it to happen you might be waiting a lot longer.

https://www.bloomberg.com/news/articles/2019-12-19/yield-curve-hits-steepest-since-2018-as-inflation-risks-eyed

MilaM

Interested Observer wrote: »

I bought in April, a few doors down has sold just this month for about 8% more than we paid for ours. Has a slightly better finish but not a whole lot in it. I'm fairly surprised it went for so much considering how prices are generally stablising/dropping.

We were house hunting from January to September in good few areas in Dublin. Access to good public transport was priority. The prices of houses we are bidding for went up this year, and in many houses we viewed we kept seeing/bidding against same buyers. We have seen big price drops only to houses that need a lot work, poor energy rating E/F/G.

We looked at few areas but for example Goatstown, walkable distance to Luas prices when up for all ready to move in houses we looked at.