2021 Irish Property Market chat - *mod warnings post 1*

Cyrus wrote: »

im not sure thats the case, pre covid that houses that were selling quickly and for decent money were the renovated ones, and it was the nothing done for 25 years houses that were languishing.

Have to disagree.
When I was searching for a house I was specifically looking for a fixer upper.
There were far more renovated ones available at all times.

Villa05 wrote: »

It seems odd that you understand so much that is completely dysfunctional about the property market and yet continually claim that housing is affordable

All the above Drive prices well above the equilibrium and by definition make the market unaffordable to the majority of new entrants, FTB, renters etc. These are the people that have to pay for the policies that drive up prices locking them out of home ownership and captured by rent takers ensuring their hosing costs are much greater

Most of the lefties are focused on costs of housing and supply side measures,
The current measures are very much owned by the parties of government despite advise to the contrary by independent experts

I have put up the math why I think that housing is affordable on the current median wage a couple buying and that there is currently over half the supply available (on myhome) for under the amount I calculated currently. We have a chronic supply issue at the moment which is not the same as an affordability issue. Why is your contention that everyone should be able to buy a mansion over looking the sea there in Howth thats just not possible, people like yourself need to understand that if they want to live in a highly desirable place with A1 energy ratings and without the need to pump money into the property there is a premium that will need to be paid as is the case everywhere in the world. This is what you and others like you dont seem to comprehend when it comes to property. Whats the old crack about whats the top 3 words people think about when it comes to property ?? Location location location. as has been the case through out the globe and throughout the history of people buying and selling property and I cant see it changing. Maybe the problem is that some people don't see Dublin and/or Ireland as a desirable place to live in but that is all opinion.

Well lets see how it plays out when Sinn Fein get in and start building and we will see how they handle the perma government and the Eurocrats and how they have so many loopholes and policies that someone building have to adhere to. I was half listening to newstalk this morning and someone was on about how the process of actually trying to build social housing is marred in bureaucracy, red tape and Nimbyism and the tendering process and the powers that be who are responsible for building social housing trying to find the most socially economic measure for all of those who tender and that for every new build they have ready to go this process has to start from scratch, they cannot just use someone who has done a good job at a decent or cheaper price than the rest and those who have made an a$$ of a job cannot be blacklisted as the threat of a high court challenge in Europe hangs over them. I was only half listening to it but was laughing thinking bout Propsqueries contention about building cheaper in this country. Its just not that simple when the state gets involved in anything. I wish it was easy to do what you and Sinn Fein are planning but there is too much vested interest and too much red tape.

Mic 1972 wrote: »

Prices have already gone up a lot in the last 2-3 months as experienced by anyone who has been bidding lately. It will be interesting to see the actual % increase over 12 months.
I would say an 8-10% increase YOY is not unlikely.

That’s probably because you’re bidding against the state. Each time you add €10k to your bid, the estate agent brings your new bid to the council and they obviously match it and add €5k.

Then the estate agent goes back to you and you then raise your bid again (little realising you’re bidding against the state and have little chance of ever winning) and it keeps going until you eventually pull out and the state gets the house you were bidding on for your last bid plus €5k.

PropQueries wrote: »

That’s probably because you’re bidding against the state. Each time you add €10k to your bid, the estate agent brings your new bid to the council and they obviously match it and add €5k.

Then the estate agent goes back to you and you then raise your bid again (little realising you’re bidding against the state and have little chance of ever winning) and it keeps going until you eventually pull out and the state gets the house you were bidding on for your last bid plus €5k.

You sure are bidding against the state and REITS and vulture funds but also against a lot of people who have been putting off buying for the last number of years due to Brexit, Covid and listening to the anti-Delboy approach of this time next year the crash is coming. Case in point McWilliams in 2017 we are in a bubble. Hindsight is a wonderful thing mr McWilliams.

decreds wrote: »

They'd have my vote.

They would have mine too didnt Eddie hobbs and a few others create one a few years ago and it got no where? I was hoping it would get some traction but never seemed to go anywhere

fliball123 wrote: »

Yeah I think the market is a little flawed in some respects .. If you pump say a 100k into a gaff and have it done up to the nines and you and your next door neighbour are putting up at the same time and they have done nothing to the house the premium you get for your add-ons is p1ss poor

I take the complimentary view: If a property needs remedial work (or has some other liability) it gets subtracted from the asking price. Textbook asset depreciation. Too many vested interests for this to ever be fixed.

Villa05 wrote: »

I think your couple in your sample had a combined income of 80k. Can you tell me what proportion of households have an income of 80k or higher.

If the remainder have to be housed and many subsidised by Mr and Mrs average. It is in the interests of the entire population to have sufficient supply in various price points where possible using different housing models that have achieved it elsewhere.

If supply is suppressed and housing is provided predominantly by the private market, as night follows day a supply issue leads to an affordability issue



That is not my contention and I do not understand why you are associating that ideology with me. seen as I have strongly opposed the state paying silly money for housing units in upmarket areas.
You on the other hand seemed passive on the topic,

There are alternatives such as co operative housing at a reasonable distance to work

Ref A1 rated homes, makes sense to do it when building. The cost could be spread out over a number of years by a tax that matches the savings of having an A1 rated house or better. Simple solution, net zero cost

From my own experience, I dont know any couple both working who have an income lower than €80k. Now if only one is working then I know a few, especially since the pandemic started.

JimmyVik wrote: »

From my own experience, I dont know any couple both working who have an income lower than €80k. Now if only one is working then I know a few, especially since the pandemic started.

Few years out of date but CSO data would indicate 22.6% of households earn over €80k per annum. Since from 2016 would probably fair to assume a little higher now.

Don't think this is one where personal experience is much value as everyone's experience will probably be highly dependent on their own financial situation.

https://www.cso.ie/en/releasesandpublications/ep/p-gpii/geographicalprofilesofincomeinireland2016/incomeinireland/

decreds wrote: »

Some construction projects are being built as we speak and we will see ramped up supply once construction resumes for all projects.


We will see more supply being added between 2020-2024 than all of 2012-2020, despite the lockdowns.

Have you looked at the population of the country over the same period?? or to make it easy for you, You have a week where your selling apples and on day one you have 10 apples but 20 people want an apple you have a supply problem basically not enough supply to meet demand so on day 2 you have upped to 20 apples but now 40 people want an apple you still have the same supply problem even do you have increased it. How do you like them apples

PommieBast wrote: »

I take the complimentary view: If a property needs remedial work (or has some other liability) it gets subtracted from the asking price. Textbook asset depreciation. Too many vested interests for this to ever be fixed.

Is that working like that in the market right now?

https://m.independent.ie/news/state-faces-legal-challenge-to-discriminatory-covid-19-construction-restrictions-40162601.html

They may actually have a good case here

The state were a bit naive sperating social housing construction and private housing construction