Sam Hain wrote: » That particular apartment must have been on the market for over two years. Not an impressive property by any stretch of the imagination.
Bass Reeves wrote: » Back in April/ May lads were predicting a price collapse in June/July, in July it was early Autumn. in August it was late this year early next year, now we are getting prediction of 1-2 years time.
CertifiedSimp wrote: » Anyone know what the story is when an ad gets put up and a couple days later the ad is gone again?
Hawthorn Tree wrote: » You sound like Donie Cassidy (FF) of Clifden Golfgate fame. He was trying to shift loads of properties in Dublin and he used his position as Leader of the Seanad to convince young people to buy houses when he saw the writing on the wall.April 2008 It is highly unlikely that now is a good time to buy houses. Highly unlikely. Odds are stacked against. The economic impacts of Covid19 will take years to play out. Years. Not weeks or months. Years. For a start, over 500,000 people (could be 600,000) are getting wage subsidies or pandemic unemployment payments from the government. We will not even begin to know where we stand until those payments start to dry up next year. Thats just one example. Tourism is at 10% of capacity at best; when will that get back to 50% of 2019 levels even? Just another example. And then we have the dreaded 2nd wave which could hammer our GDP growth again. We also have a timebomb on our hospital waiting lists and undiagnosed illnesses. I could go on.
Bass Reeves wrote: » Back in April/ May lads were predicting a price collapse in June/July, in July it was early Autumn. in August it was late this year early next year, now we are getting prediction of 1-2 years time. As I have said before I expect prices if they fall to be a max of 10% but the market looks steady at the moment. And this is a huge factor, do people wait 12-18 months to see if this happens, how will this impact on there ability to get a mortgage, do they continue to rent for 6-12-18 months and then be told well house prices will drop 20% in the next 18 months and again rent for that period. Then you are 3-4 years down the road and 40-50K paid in rent over that time period
edjkdkjdhjkd wrote: » Incorrect, may predicted a drop but stated it would take awhile before the it hits the property market. We also didn't know this Covid payment (which is quite literally the only thing keeping this economy breathing) would be extended until 2021. It's been said before, once this Covid payment ends, poverty rates will sky rocket and tens of thousands will also end up on the dole when they find there is no job to return to once restrictions are lifted and countless establishments will go out of business. This economic collapse will be global and severely worse than 2008. But yeah the Irish market will hold strong and flourish :rolleyes:
PropQueries wrote: » FYI if interested. Article in today's Irish Times that the "number of homes available to buy in August falls to lowest level in 14 years". What I found interesting was the line "This was the lowest August total recorded since 2006.". Make what you will of that statement. Link to Irish Times article here: https://www.irishtimes.com/business/economy/number-of-homes-available-to-buy-in-august-falls-to-lowest-level-in-14-years-1.4335625
Hawthorn Tree wrote: » Anyone making predictions based on weeks/months or even a quarter is utterly clueless. The market was essentially broken and there is always going to be significant lag times. House prices started falling in 2008. They bottomed out in 2013. I believe the Unemployment rate peaked in 2012, one year before the bottom of the housing market. I think we will see massive redundancies when the government subsidy/welfare schemes peter out next year.
TheSheriff wrote: » Literally I was on here in Feb, and people were saying by July I'd grab a 2 bed in Drogheda for 20k and a second beach front property in Wexford.
fliball123 wrote: » I have been making this point over and over that the supply side is going down just as quick as people access to funds and pointing out if both supply and demand go down price stays the same but I have been laughed out of it again and again for pointing out whats going on.
edjkdkjdhjkd wrote: » ^ Pretty much this The original poster is making things up, very few claimed prices would crash within weeks/months, the majority stated it would take some time to see the true impact of the upcoming property crash. Agreed, many in our extended social circle have lost their jobs and these would've been considered "Upper middle class/white collar" positions, many who are on the covid sub are not optimistic of having a job to return to either. This is all anecdotal of course but if quite literally, let's say 7/10 people you know around you are losing their jobs or have had their incomes severely impacted it doesn't take an economic genius to figure out what will happen to all aspects of the economy.
Bass Reeves wrote: » As we have pointed out many times before in 2008 we had an over supply of houses this caused a house price collapse. There are no property bulls here thinking prices will climb rather there are some posters pointing out about a collapse that house supply dose not suggest will happen. Yes retail and hospitality is struggling. However most resturants and food bars that are open are doing extremely well at present. Evidence is showing that the tourism season held up by Irish demand not a bumper year but there has been worse. COVID payment will slowly drip away, already the Government is putting in place regulation that employers must show there turnover has dropped 30% to continue to access funds. Every evidence is showing the economy recovering not a V shaped but a gradual slow steady recovery. We have a large amount of tech and pharma multnationals. Most solution being looked at by companies are tech based so we can expect that in general the tech side of the economy will do ok. The real interesting thing is the pharma side. Last week Regeneron in Limerick announced 400 new jobs. The relocation of work to free up space elsewhere to produce a vaccine. In any medical emergency pharma companies will be more profitable. I be more worried about 4-5 years time that the next 1-2 years
brisan wrote: » Any links to prove this. I was in the Bank ON Dame street on Sat and the barman said due to social distancing and having to buy food takings are way down . My local is in the same boat Busy Fri Sat Sun ,dead during the week but even Busy times are no comparison to pre lockdown due to social distancing rules
Pelezico wrote: » The market is not hot. Mortgage approvals down. Mortgage lending down. Number of houses sold down.
Bass Reeves wrote: » I have heard the opposite most Resturants and pubs that specialize in food are doing ok and the state is picking up 70% of wages
beauf wrote: » There banks are backlogged with applications. No one can get anything done.
PropQueries wrote: » Interesting opinion article in the Irish Times today titled “New State body required to build homes and tackle housing crisis”. What grabbed my attention was the line “Spending on HAP increased 563 per cent over the four years. The average monthly rent subsidy in 2019 was €1,872” Hands on heart. Can any of the upper management types here honestly say they could or would be willing to pay this rent along with having a family, bills, car payments, insurance, health costs etc. etc. I don’t believe that this would be the “market rent” if the state wasn’t agreeing to pay it. This is not the fault of the HAP recipients. Irish Times article link here: https://www.irishtimes.com/opinion/new-state-body-required-to-build-homes-and-tackle-housing-crisis-1.4342234 At the same time: “Free GP care for older children on hold indefinitely”. Irish Independent article link here: https://www.independent.ie/irish-news/news/free-gp-care-for-older-children-on-hold-indefinitely-39488829.html
Bass Reeves wrote: » Something wrong in those figures. Mid west single person allowance is 420 euro, family 7-800 euro. Hard to see an average of nearly 1900 with figures like that
Deub wrote: » Are doing ok or extremely well? For an employer to get EWSS, they need to forecast a loss of 30% of their business. So they may be profitable but it would be surprising they are doing better than before.
PropQueries wrote: » True. Maybe it's a misprint. But then again...the Children's Hospital... A neighbour of mines son is receiving HAP support for a one bed studio in the city centre for €1,350. Maybe it's correct.
