justfortherecor wrote: » Think a broad plateau or a famous "soft landing" for prices is a reasonable assumption to make at the moment. Wall of money from QE will surely support asset prices and continue their decoupling from the real economy but, on the flip side, I just can't see any meaningful price progression where we have unemployment increasing here to low teens for remainder of 2020/21. Subsidies have done exactly what they were designed to do in supporting incomes and spending (and general confidence in the market, including housing to a large degree). All bets are off if we have a brutal second wave.
TheSheriff wrote: » I think price stability is a good thing to be honest; I doubt many people buying a property to live in want to see massive gains in their valuations, equally they don't want to see a huge drop. It would be nice to just have an asset that gives you security to live in, rather than the boom-bust model we currently have.
Mic 1972 wrote: » are you sure about that?
manniot2 wrote: » This seems a very naive logic - racing to buy an asset that is going to fall in value in 6 months time.
GreeBo wrote: » What about the cost of not buying? And the opportunity lost by not buying?
cnocbui wrote: » My impression is that Galway is pretty expensive. Limerick and it's many satellite towns and villages is cheaper. Traffic in Galway is bad.
cnocbui wrote: » I wouldn't buy property in this country again. I would buy it in either Australia or NZ. Should I manage to sell my property here, I will seriously look into investing the capital and using the returns to offset rent.
c.p.w.g.w wrote: » He was talking about Waterford I believe... Galway is a complete mess
JimmyVik wrote: » Yeah i'll be extremly surprised. Where is the money going to come from? Nothing the government have tried to do in housing in Ireland has ever made things better. Ever. They have made it worse by orders of magnitude though, many times over.
SozBbz wrote: » My advice would be to avoid turnkey properties if you've the stomach for it. Thats where most people will lose their heads. I'm not saying to sacrifice on the fundamentals of what you want, but keep in mind what can be changed and what cannot. When we bought our current home, we wanted it for the site, the location, and the fact its detached and has good wide side access. It has some flaws (layout, 70's extension, we needed to do the roof and kitchen almost straight away) but fundamentally we felt it was a sound proposition and that we'll get it the way we want it in time. You need to be able to focus in on whats important to you - what can be changed and what cannot. Don't be fooled by a house thats immaculately decorated to sell but falls short in other areas. Lots of people want turnkey properties, so you're well off to distance yourself from that cohort.
lomb wrote: » The problem with not buying is you still have to live somewhere . If you rent then your paying a middleman, a bank wanting twice the interest rate and also a greedy government wanting tax on the profit. This is obviously a total waste of money. You also dont have security. Even with mildly declining house prices over the next 10 years its still much much better to own imo.
lcwill wrote: » All these coastal towns and cities are going to be underwater, or at least seriously affected by flooding by the end of the century, and this will start getting reflected in prices and long term plans over the next couple of decades. Ireland needs to move towards the midlands.
lcwill wrote: » Ireland needs to move towards the midlands.
Newbie20 wrote: » This is a good point. Very simple, but some people seem to forget that they are paying rent whilst holding out for a price drop in houses (talking about those that currently have the deposit). I think it comes down to how badly somebody needs a house. If you are at the stage where you have waited for years to buy, I’m not sure I could wait another year or two to see what happens. If a couple decides not to buy at the moment and continues to rent instead at say for example, €1,400 a month, after 2 years they will have spent €33,600 in rent. These people could hold out for 2 years and then be delighted about getting a €30,000 drop in the house price but they’d have spent it anyway in the meantime. Now maybe the house prices will drop massively (who knows) and these people will be proven right in time, but I think it’s worth remembering that you are spending a certain amount of the potential drop anyway while waiting.
Browney7 wrote: » Not necessarily as bad as you paint it but you do have a point. If they have to pay a mortgage payment and other ownership costs of 1400 per month, equivalent to the rental fee you've quoted, realistically maybe half of that will be going towards repaying capital. Of the 33k paid to own the property, 15 grand may go to capital repayment (rate and term dependant), 5k to property ownership costs (insurance, repairs, appliances, taxes etc) and 13k in interest. In this case the 33k paid in rent would have knocked 15k off a mortgage and you'd likely have had a space for 2 years that was bigger and nicer than the place being rented so all comes down to personal choice in the end
Kamili wrote: » Unless you are a native or a resident, you will not be able to purchase in New Zealand - these are new rules due to what they were calling runaway property prices.https://www.cnbc.com/2018/08/16/new-zealand-bans-most-foreigners-from-buying-homes.html
TheSheriff wrote: I think for many who have lost/delayed mortgage approval due to Covid, there is now a whole new wave of people who weren't planning on buying before, but now think there'll be bargains to be had so are jumping on board.
Villa05 wrote: » Fully take your point but, Are we talking about bargain hunters or people who can't afford current price and maybe could were 10 to 20% knocked off the price Forgive me but bargain and Dublin property market are probably 2 words you should not see in the same sentence
19233974 wrote: » One of the most frustrating things for me is the lack of housing stock, and whats out there particularly in dublin isnt very good. So we are caught both ways, so its bitterly disappointing to see a FF/FG govt who will do absolutely nothing to fix the ridiculous housing situation. They have completely failed the people of the country on the housing front. if there was an iota of political will it could be fixed, its not rocket science but would involve putting the citizens of the country ahead of other vested interests.
TheSheriff wrote: » Spoke with a friend this morning I haven't chatted to in nearly a year and mentioned we had been house hunting the past few months. The response was, "oh, we are starting now too, there's gonna be drops over coronavirus" and that they've just got the mortgage AIP. I maintain that when everybody on the street is looking for said bargains it will be even harder to find one.
The_Conductor wrote: » You're kidding- right? Most of the midlands are on a flood plain- I've photographs of me boating around Athlone as a kid- there were regularly thousands of acres on both sides of the county border under water- all the way up to the Dublin road. Ireland is a low lying country- with occasional hills. We had better get used to it (flooding), and suggesting that the midlands will somehow be immune to flooding- when historically much of the midlands was periodically (not every year) inundated with flooding- will mean a lot of people will have wholly unrealistic expectations..........
