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Irish Property Market 2020 Part 2

Graham

Continued from here:

https://www.boards.ie/vbulletin/showthread.php?t=2058041687

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Wanderer78

Bubbaclaus wrote: »

Sounds like a lot on this thread who seem to be praying for a property market collapse and gleefully telling everyone they are sitting on their cash ready to go.

there does seem to be an element of this occurring, its important to spare a thought for those that could, would, and simply will be negatively affected by this, because theres going to be many, including many landlords, this is the potential beginning of a serious downturn, this could go horribly wrong for all of us

bobbyy gee

property crash already started

https://eirigi.org/latestnews/2020/2/7/has-a-2020-property-crash-already-begun

Wanderer78

bobbyy gee wrote: »

property crash already started

https://eirigi.org/latestnews/2020/2/7/has-a-2020-property-crash-already-begun

poor lenihan, he was driven into the grave, poor chap

antimatterx

Theres a house near me that has some massive potential. It was listed at 395K - the current bid is 490K. Insane stuff.

Bubbaclaus

bobbyy gee wrote: »

property crash already started

https://eirigi.org/latestnews/2020/2/7/has-a-2020-property-crash-already-begun

An article from February that appears to be on some sort of loony website. Must be 100% true.

bobbyy gee

handlemaster wrote: »

Don't worry about it your all living in the same **** town. LOL

if she was rich she would have moved to
Dublin 4

antimatterx

Wanderer78 wrote: »

poor lenihan, he was driven into the grave, poor chap

He had a tough end to his life. RIP.

Wanderer78

antimatterx wrote: »

He had a tough end to his life. RIP.

thrown under the bus, poor chap

TheSheriff

antimatterx wrote: »

Theres a house near me that has some massive potential. It was listed at 395K - the current bid is 490K. Insane stuff.

Whereabouts is this ? Was the 395k just a low ball asking to get people sucked in ?

Has happened to us with many properties.

smellyoldboot

Wanderer78 wrote: »

thrown under the bus, poor chap

While never a FF voter/supporter. I despise them tbh. This lad got handed the short straw and was really landed in it.

Wanderer78

smellyoldboot wrote: »

While never a FF voter/supporter. I despise them tbh. This lad got handed the short straw and was really landed in it.

no honor amongst thieves!

handlemaster

bobbyy gee wrote: »

if she was rich she would have moved to
Dublin 4

More like out of Ireland

bobbyy gee

i see Dublin property price have dropped any one know percentage drop
https://www.propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/08/2020%20AND%20%5Bdt_execution_date%5D%3C01/10/2020%20AND%20%5Bdc_county%5D=Dublin&County=Dublin&Year=2020&StartMonth=08&EndMonth=09&Address=

bobbyy gee

TheSheriff wrote: »

Whereabouts is this ? Was the 395k just a low ball asking to get people sucked in ?

Has happened to us with many properties.

most property is over valued by estate agents what it's listed and what its going for is two different things in one part of country were there is lots of abandoned houses and no sales in area since 2018
auctioneer priced a house at 200k
then put it up to 215k now it's 275k

here's Dublin sold houses

https://www.propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/08/2020%20AND%20%5Bdt_execution_date%5D%3C01/10/2020%20AND%20%5Bdc_county%5D=Dublin&County=Dublin&Year=2020&StartMonth=08&EndMonth=09&Address=

Ursabear

1.3% it seems
Number of property deals down over 40% in July - CSO - RTE
https://www.rte.ie/amp/1165534/

[Deleted User]

Pelezico wrote: »

The public sector are delighted with current events. The deeper the recession, the better off they will be.

My father used to tell me 40 years ago to marry a laying hen, a teacher or public sector worker who would keep the money coming in during hard times.

Are there really people like that still around its both vulgar and creepy.

cnocbui

TheSheriff wrote: »

Whereabouts is this ? Was the 395k just a low ball asking to get people sucked in ?

Has happened to us with many properties.

bobbyy gee wrote: »

most property is over valued by estate agents what it's listed and what its going for is two different things in one part of country were there is lots of abandoned houses and no sales in area since 2018
auctioneer priced a house at 200k
then put it up to 215k now it's 275k

here's Dublin sold houses

https://www.propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/08/2020%20AND%20%5Bdt_execution_date%5D%3C01/10/2020%20AND%20%5Bdc_county%5D=Dublin&County=Dublin&Year=2020&StartMonth=08&EndMonth=09&Address=

Funny how property can be both always over valued and yet listed at below value to get people 'sucked in'.

Pelezico

mariaalice wrote: »

Are there really people like that still around its both vulgar and creepy.

The Germans have a name for it ....schadenfreude..joy at someone else's misfortune.

There must surely be nothing more satisfying than buying a house for 300k when your neihhbour paid 450k.

Wanderer78

Pelezico wrote: »

The Germans have a name for it ....schadenfreude..joy at someone else's misfortune.

There must surely be nothing more satisfying than buying a house for 300k when your neihhbour paid 450k.

so whats wrong with the person thats gloating?

coolshannagh28

Wanderer78 wrote: »

oh i completely disagree there, property is one of the main reasons for the rapid rise in both private and public debt, particularly private debt, and its clearly obvious in the data. once again, there also plenty of proof, historically, that rapidly growing private debt causes for more crashes, and far more serious crashes, as we ve recently experienced, yet again!

That's waffle until you back it up with data.

Wanderer78

coolshannagh28 wrote: »

That's waffle until you back it up with data.

.............

Thespoofer

neutral guy wrote: »

God ways unknown.Simply keep holding and increasing your ammount of money and keep looking.

' Luck is when opportunity meets preparation '.

Wanderer78

Thespoofer wrote: »

' Luck is when opportunity meets preparation '.

what about 'asymmetry of information'?

hometruths

Pelezico wrote: »

The Germans have a name for it ....schadenfreude..joy
at someone else's misfortune.

There must surely be nothing more satisfying than buying a house for 300k when your neihhbour paid 450k.

People said that in 2010. Then got new neighbours in 2012 who paid 200k!

Thespoofer

Wanderer78 wrote: »

what about 'asymmetry of information'?

That aswell.

pearcider

bobbyy gee wrote: »

property crash already started

https://eirigi.org/latestnews/2020/2/7/has-a-2020-property-crash-already-begun

Excellent and succinct article. The big boys are long gone leaving the average joe holding the bag. That’s because they are insiders with intimate knowledge of both banking activity and the central banks that govern them. Plus ça change.

TheSheriff

cnocbui wrote: »

Funny how property can be both always over valued and yet listed at below value to get people 'sucked in'.

We see it regularly, moreso since March.

For instance, park in Castleknock, most 3 bed semi's with minor decorative updating on the PPR for for ~420k.

Recently, one went up for 380k and we thought great, prices must be dropping.

We stopped bidding after 410k and i believe it went for 425k, although not yet on register.

Pink11

Went to a viewing last week to a 3 bed terrace. Way smaller than average but very nice area tbf. House needed serious work too.

Asking for 360k. Was in middle of bidding war, was at 420k.

We both just looked at each other in shock and quickly exited! House wouldn’t be worth that money even in a boom! Couldn’t swing a cat

drogon.

Pelezico wrote: »

The Germans have a name for it ....schadenfreude..joy at someone else's misfortune.

There must surely be nothing more satisfying than buying a house for 300k when your neihhbour paid 450k.

I don't get this mentality. Sure person "B" bought the house at 450K, and person "A" might buy a similar house in the area for 300K in few years time. But what about when you include the average rent person "A" is going to spend from now until they can buy the same house for 300K ?

The average rent in Dublin is 2K a month, so in one year person "A" will pay €24,000 in rent alone, rather than paying off a mortgage. Now if Person "B" pays the same amount towards their mortgage they could easily save money on the long run by paying more towards their mortgage and saving on interest.

Mic 1972

The property market is in a boom, for some reasons this isn't registering with people.
Asking prices aren't going up because people aren't ready match the offer, they are going up because houses are being sold at higher prices than last year