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Irish Property Market 2020 Part 2

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    #1322
    awec
    Administrators Posts: 53,384 Admin ✭✭✭✭✭awec


    MacronvFrugals wrote: »
    Quick question, the covid mortgage breaks are they given out even if the bank can see your normal salary coming in?

    My da's a builder but the last 2 months hes flat out with kitchens/ wooden floors this type of work and most people took the break and added few quid they saved to get some work done.

    Yes, you could take the break as a "precaution" if you wanted, which was when you had no income reduction but still wanted the break.

    Seems that some took it as a chance to bank 3 months worth of mortgage payments to have cash on hand just in case, and were happy to pay the added interest over the term of the mortgage.


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    #1323
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    awec wrote: »
    Yes, you could take the break as a "precaution" if you wanted, which was when you had no income reduction but still wanted the break.

    Seems that some took it as a chance to bank 3 months worth of mortgage payments to have cash on hand just in case, and were happy to pay the added interest over the term of the mortgage.

    Makes sense thanks.


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    #1324
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    awec wrote: »
    What are today's numbers?

    33 changes...I count 26 falls 7 rises.

    Also, new listings are more realistic....in line or lower than recent equivalent sales.

    The market is at a cusp.


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    #1325
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    hi! wrote: »
    At 18 when I started training as a nurse I wasn’t thinking about my ‘poorly’ paid job. I was thinking about a job I had always wanted to do. I suppose maybe that was naive of me.
    I’m not even trying to buy in Dublin- trying in North Kildare but still priced out of most places.

    Also a lot of the big teaching hospitals keep people close to Dublin too.


    There is a good book, "Bull**** Jobs", it goes into all this. Basically, our society severely undervalues the things it needs most while overvaluing the things it needs the least.

    The idea that nurses and teachers should clear out of Dublin is so stupid that the fact that it actually is "common sense", which a previous poster ascerted and I have to agree with, shows that this is a broken society.


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    #1326
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    A lady that lives close to me got her house valued last year 390k - its beautiful and had 180k worth of work including a double extension and redecoration.

    The same estate agent told her 320k is the price now last week.

    Thats D7 though because i know other posters were mentioning other areas are doing better than ever.

    Personally i'm looking at D11 and prices have dropped 5% in the last 3 months according to myhome.ie


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    #1327
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Cantstandsya wrote: »
    There is a good book "Bull**** Jobs", it goes into all this. Basically our society severely undervalues the things it needs most while overvaluing the things it needs the least.

    The idea that nurses and teachers should clear out of Dublin is so stupid that the fact that it actually is "common sense", which a previous poster ascerted and I have to agree with, shows that this is a broken society.

    If you want to.pay higher tax to virtue signal....go for it.

    Nursing and teaching do not deserve higher salaries because they attract more than enough entrants at current salaries.


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    #1328
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    The effect of pumping money into the economy is inflation.
    With inflation rising we can expect house prices to rise too.
    House prices havent given in at all since January, despite recession, Covid and jobs lost


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    #1329
    Marius34
    Registered Users Posts: 1,173 ✭✭✭Marius34


    Pelezico wrote: »
    33 changes...I count 26 falls 7 rises.

    Also, new listings are more realistic....in line or lower than recent equivalent sales.

    The market is at a cusp.
    Pelezico wrote: »
    This is not correct. The number of falls has accelerated in the last few months.

    I now expect 100 falls per week. A few years ago, it was circa 20.

    As for falling supply, this always falls in Summer months. Come September, supply will start to increase.

    I asked already, where do you get those stats what was few years ago? You keep repeating your stats, but not answering.
    It does sound suspicions, that there are such a big change in trends.


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    #1330
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    MacronvFrugals wrote: »
    A lady that lives close to me got her house valued last year 390k - its beautiful and had 180k worth of work including a double extension and redecoration.

    The same estate agent told her 320k is the price now last week.

    Thats D7 though because i know other posters were mentioning other areas are doing better than ever.

    Personally i'm looking at D11 and prices have dropped 5% in the last 3 months according to myhome.ie

    Dont buy yet....that is what I am telling my son.
    Accumulate a larger deposit and wait for the pain.

    Twenty percent fall will reduce your repayments for 25 years.


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    #1331
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    MacronvFrugals wrote: »
    A lady that lives close to me got her house valued last year 390k - its beautiful and had 180k worth of work including a double extension and redecoration.

    The same estate agent told her 320k is the price now last week.

    Thats D7 though because i know other posters were mentioning other areas are doing better than ever.

    Personally i'm looking at D11 and prices have dropped 5% in the last 3 months according to myhome.ie


    D7 is Stoney Battery and Smithfield, very definitely expensive areas considering how old the buildings are
    Asking prices for 1beds are through the roof, that applies to the latest additions last week


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    #1332
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Pelezico wrote: »
    We have the deepest deflationary shock in history.

    People are highly geared and the government is highly geared. Just look at today's deficit.

    Big tax rises coming soon.

    So yes...we have a credit bubble.

    No, people are not highly geared given the central bank rules thankfully.


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    #1333
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    Mic 1972 wrote: »
    The effect of pumping money into the economy is inflation.
    With inflation on the rise we can expect house prices to rise too. Nobody knows which way the market is going to go despite recession being so close.


    Not necessarily, just ask the Japanese.


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    #1334
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Pelezico wrote: »
    Dont buy yet....that is what I am telling my son.
    Accumulate a larger deposit and wait for the pain.


    Totally agree with this logic. Always buy with as little mortage as possible.
    But a 20% price fall is highly unlikely to me


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    #1335
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Marius34 wrote: »
    I asked already, where do you get those stats what was few years ago? It does sound suspicions, that there are such a big change in trends.

    Not suspicious...alarming for some.


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    #1336
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Mic 1972 wrote: »
    D7 is Stoney Battery and Smithfield, very definitely expensive areas considering how old the buildings are
    Asking prices for 1beds are through the roof, that applies to the latest additions last week

    The example i gave was in Cabra, personally i think she'll get more than 320k when people see it in person but thought the EAs opinion was interesting.


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    #1337
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    Pelezico wrote: »
    If you want to.pay higher tax to virtue signal....go for it.

    Nursing and teaching do not deserve higher salaries because they attract more than enough entrants at current salaries.

    How is it virtue signalling?

    Can Dublin function without teachers or nurses?


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    #1338
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Cantstandsya wrote: »
    Not necessarily, just ask the Japanese.


    Japan has a deflation, that's the opposite to inflation
    You are right, that's what happens when there is a deflation. Prices drop
    Here in Ireland we are looking at the opposite dynamic


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    #1339
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    Mic 1972 wrote: »
    Japan has a deflation, that's the opposite to inflation
    You are right, that's what happens when there is a deflation. Prices drop
    Here in Ireland we are looking at the opposite dynamic

    You mention printing money as the cause of inflation, Japan prints money and spends it on nonsense public works like bullet trains to minor towns or investing billions protecting every minor hill against landslides...yet they have deflation.


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    #1340
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    MacronvFrugals wrote: »
    The example i gave was in Cabra, personally i think she'll get more than 320k when people see it in person but thought the EAs opinion was interesting.


    Ok, Cabra is a completely different reality then. Prices were going down in Cabra already last year


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    #1341
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Cantstandsya wrote: »
    You mention printing money as the cause of inflation, Japan prints money and spends it on nonsense public works like bullet trains to minor towns or investing billions protecting every minor hill against landslides...yet they have deflation.


    Deflation can exist even when the government is printing money.

    From what i understand here in Europe and US we are talking about printing lots more money than before and pump it into the system to keep things going.


    This is a risky dynamic in the long term as the currency will lose a lot of its value


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    #1342
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Cantstandsya wrote: »
    How is it virtue signalling?

    Can Dublin function without teachers or nurses?

    Can people survive without shop assistants, guards, bus drivers and a host of other jobs?

    Nurses are particular subjects for virtue signalling.


    The hard working nurse is deified in UK...as lo g as we dont have to pay her.


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    #1343
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Mic 1972 wrote: »
    Ok, Cabra is a completely different reality then. Prices were going down in Cabra already last year

    I haven't been following the Cabra that long tbh, apart from other areas being nicer is it just a demand thing that Cabra is falling and Stoneybatter rising/ holding?

    I seem to remember houses in Cabra being bid up to 40k over asking price in the 3rd quarter of 2019.


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    #1344
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    Pelezico wrote: »
    Can people survive without shop assistants, guards, bus drivers and a host of other jobs?

    Nurses are particular subjects for virtue signalling.


    The hard working nurse is deified in UK...as lo g as we dont have to pay her.


    I only said nurses and teachers as they were the two mentioned previously.

    I believe a city needs all of these people mentioned and that is why I believe in affordable housing and think the fact that nurses and teachers (and the rest) should clear out of Dublin to have a decent life is a sign of a dysfunctional society.


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    #1345
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    MacronvFrugals wrote: »
    I haven't been following the Cabra that long tbh, apart from other areas being nicer is it just a demand thing that Cabra is falling and Stoneybatter rising/ holding?

    I seem to remember houses in Cabra being bid up to 40k over asking price in the 3rd quarter of 2019.


    Cabra bounced back when they got the Luas, that had a nice effect on property prices but the area isn't very attractive. Houses are small, most of them are 3 beds converted in 2 beds where the 3rd room was used as bathroom.
    Then you need to consider how rough the area still looks.


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    #1346
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Cantstandsya wrote: »
    I only said nurses and teachers as they were the two mentioned previously.

    I believe a city needs all of these people mentioned and that is why I believe in affordable housing and think the fact that nurses and teachers (and the rest) should clear out of Dublin to have a decent life is a sign of a dysfunctional society.

    How does the likes of New York and London and Paris and Sydney function with the same dynamics


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    #1347
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    fliball123 wrote: »
    How does the likes of New York and London and Paris and Sydney function with the same dynamics

    There is always somewhere to live.


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    #1348
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Mic 1972 wrote: »
    Cabra bounced back when they got the Luas, that had a nice effect on property prices but the area isn't very attractive. Houses are small, most of them are 3 beds converted in 2 beds where the 3rd room was used as bathroom.
    Then you need to consider how rough the area still looks.

    All fair points, definitely prices are taking a major hit there although its probably a leveling out after the Luas bounce.


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    #1349
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Pelezico wrote: »
    There is always somewhere to live.

    Well same goes with Dublin there are places to live


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    #1350
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Really surprised at how crazy the market is in Cork. We only starting looking again recently as off the covid payment and most areas recently up for sale on daft are already sale agreed.

    Some Auctioneers have said what they price was when it hits asking etc.


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    #1351
    smurgen
    Registered Users Posts: 6,933 ✭✭✭smurgen


    Mic 1972 wrote: »
    Japan has a deflation, that's the opposite to inflation
    You are right, that's what happens when there is a deflation. Prices drop
    Here in Ireland we are looking at the opposite dynamic

    No we don't. We're facing into a prolonged deflation period. I stand by my claim at the start of the pandemic that we're facing medium and long term falls in property prices.I stand by my claim that prices will be lower for at least ten years.


This discussion has been closed.
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