The_Brood wrote: » This is insane. Any house we are placing bids on in Dublin (matching the asking price) sky rockets dramatically high, it's like we have endless competition of people loaded up to their eyeballs with money buying up everywhere. Insanely disappointing because you get a mortgage, you look at prices that match that, but the listed prices mean absolutely nothing as demand is off the charts and the houses are going for way higher than what they are listed as.
Iceman29 wrote: » haha not what i'm seeing.... can you provide evidence of such claims? I can give plenty of examples of houses going for well under the asking
The_Brood wrote: » What evidence? I am sharing my experiences. We have bid on 10 different houses now in different areas and not only have we been outbid every time but the final sale price is dramatically above the asking.
fliball123 wrote: » I am finding that as well. Its crazy prices seem to going sale agreed well above asking prices
random_banter wrote: » Viewed a house in Goatstown on Saturday. First day of viewings. A steady stream of people all day from 9.30AM according to the EA. By the time we got there at lunch time there were 3 bids in already and it was at 20k over asking. Lovely house, great standard inside, did feel the asking was a little low for what it was, compared to prices in the area. So knew it would go for a little more, but very interested to see where the bidding goes to. It certainly feels like there are a lot of people pushing to get into houses with pent up demand from lockdown.
strmin wrote: » Viewed a house on Saturday. It was the first viewing. Wanted to offer asking today just to find out that there are multiple bidders already and a current offer is 20k above asking. House is around 600k. Madness. Where are all those experts who predicted property crash due to Covid19?
brisan wrote: » early days into the recession Prices took 4 years to flatten in 2008 House prices have never held steady anywhere in the world during a recession Maybe Ireland will buck the trend
fliball123 wrote: » yeah but the last recession didnt have a steep upward curve before dropping. We are now 4/5 months into the corona virus and prices seem to be going up
Assetbacked wrote: » . I don't know too many people who can afford a one bed at 1790 and even paying 1160 to share a place with someone is a lot; you wouldn't be far off paying a mortgage for the same price as renting a room in a Dublin apartment!
GreeBo wrote: » I got a valuation last week for a mortgage switch and we are +50K in just under a year, including a slight dip from Covid. south dublin area.
brisan wrote: » Prices rose quite a bit in 06-07. As this is a different type of recession and the Government is basically putting the economy on life support the telling times will be when that life support stops.
GreeBo wrote: » It doesnt need too many people though, its just needs 1 more than the supply.
Assetbacked wrote: » But the market is constrained by State intervention I would argue which means that, yes it is true, we only need one person to pay it to justify it. But there is no objective barometer which measures this as sustainable for the working renter to be told to work for their salary and cough up such a large chunk of it in rent, as well as losing 50% in tax over a pretty low entry point. Hyper growth at all costs, measured by GDP, is a race to the bottom and demands constant immigration in order to achieve the GDP gains. The longer one spends in the system, the more frustrating the situation becomes, which is why I find a lot of people only coming to Ireland for a few years and then moving on. If you stripped away the demand, as covid is attempting to do, very quickly these types of rents will plummet in my view, for the reason being that they do not align with the salaries of the workers upon whom they are reliant. Owen's graphic somewhat aligns with what I saw and posted in the other thread; rent drops of 10-15% in the space of 4 months of covid, this is substantial and trends towards 30% lower by next year, which is looking like the earliest travel resumes, people are returning to the office full time etc.
guyfawkes5 wrote: » Usually the valuation will include links to other properties to justify the value increase. Were these properties sold before or after lockdown, if you don't mind me asking?
Assetbacked wrote: » https://media-exp1.licdn.com/dms/image/C4E22AQEG-r_haUcBxA/feedshare-shrink_2048_1536/0?e=1598486400&v=beta&t=-6_vzEjOwWzl3OW_sxM86aoKVU1dbdOx-1cL8SE1G_M Is this viewable? It is Owen O'Reilly's Q2 rental market graphic. He is an estate agent who seems to operate to arrange for tenants in the D2/D4 areas. Q2 2020 compared to Q2 2019, from his report;1 bed apartments 4% lower to rent (1790 p/m). 2 bed apartments 15% lower to rent (2320 p/m). 3 bed apartments 14% higher to rent (3450 p/m). Agreed rental values 10.2% lower and household salaries 23% lower. Nationalities of tenants; Irish 26%, European 25%, American 19%, South African 19%, Middle East 10%, Indian 2%, South African 1% and company let 1%. Obviously, Owen's figures would be based on D2/D4 rentals but even on good salaries, I think those rental prices have to come down by more. I don't know too many people who can afford a one bed at 1790 and even paying 1160 to share a place with someone is a lot; you wouldn't be far off paying a mortgage for the same price as renting a room in a Dublin apartment! In fact, looking at this 1 bed in the Docklands, paying the monthly mortgage (borrowing 270k, 30k deposit) would be the same as renting a room in a shared place https://www.daft.ie/dublin/apartments-for-sale/ifsc/block-d-203-castleforbes-square-ifsc-dublin-2365652/
Graham wrote: » Where are you getting those stats Iceman29? Are they actual sale prices, or changes in asking prices?
Graham wrote: » From the property price register?
Iceman29 wrote: » Just took a random list of houses and compared them to the asking in the last month.........It seems to be really conflicting with a few people in here...... 18 THE BEECHES Donaghmede ASKING 369 SOLD 380 DIFF 11 4 BROC HALL ORIGINAL ASKING 325 NEW ASKING 295 SOLD 267 DIFF-28 1 CYPRESS PARK ASKING 595 SOLD 570 -25 214 KILDARE RD ASKING 299 SOLD 272 -27 22 BRENNANSTOWN AVENUE ASKING 699 SOLD 650 -49 26 TALLOW HALL ASKING 225 SOLD 240 15 99 HOWTH RD ASKING 450 SOLD 432 -18 ASHFORD COTTAGE ORIGINAL ASKING 1000000 ASKING 975 SOLD 950 -25 37 HOWTH LODGE ORIGINAL ASKING 625 ASKING 595 550 -45 44 ST HELEN'S ROAD ASKING 925 SOLD 850 -75
Cyrus wrote: » random? and they all showed what you wanted them to show? well colour me shocked :pac: we have had this debate with you before, it tells very little, if prices are dropping itll show up on the PPR. Properties achieving more or less than asking prices isnt good data. we were selling an apartment 3.5 years ago and were encouraged to put it on below a certain price to garner interest even though we werent prepared to sell for less than that price +65k.
