Marius34 wrote: » To get to this logic you need to have a rough figure how many second hand properties state is buying a year. I'm not sure you have knowledge on how many second hand properties state has bought?
PropQueries wrote: » It’s not cash rich investors or other buyers. It’s the state. Back in July 2020, the housing minister said: “The Airbnb properties that are now not being used – is there an opportunity for the state to buy more of them? It’s something that I’m looking at, absolutely. It is something that I want to do frankly,” said O’Brien.” Dublin City Council also said recently they’re in negotiations to buy or rent c. 4,000 properties in the city. Basically, if you’re one of the few people actually bidding for properties these days, your counter bidder is more than likely the state. Good luck with your bidding, but if you do win, you’re also more than likely paying c. 50% more than you would have paid if the state wasn’t also involved in the bidding process and driving up the price IMO Link to his interview in TheJournal.ie here: https://www.thejournal.ie/darragh-o-brien-housing-minister-5146915-Jul2020/
PropQueries wrote: » It’s not “cash rich investors”. It’s the state. Back in July 2020, the housing minister said: “The Airbnb properties that are now not being used – is there an opportunity for the state to buy more of them? It’s something that I’m looking at, absolutely. It is something that I want to do frankly,” said O’Brien.” Dublin City Council also said recently they’re in negotiations to buy or rent c. 4,000 properties in the city. Basically, if you’re one of the few people actually bidding for properties these days, your counter bidder is more than likely the state. Good luck with your bidding, but if you do win, you’re also more than likely paying c. 50% more than you would have paid if the state wasn’t also involved the bidding process and driving up the price IMO Link to his interview in TheJournal.ie here: https://www.thejournal.ie/darragh-o-brien-housing-minister-5146915-Jul2020/
Marius34 wrote: » Looking at this thread it seems it happened the opposite. 15 years ago, average price were around or over 10 times the wage, nationally, and appears it was normal, people didn't see it as a boom. Today nationally it's less than 10 times the wage, and so many here see it as a boom.
theballz wrote: » Property market is nuts these days. I was bidding on an apartment, that has gone for 50k over asking price. It’s definitely not worth it. People sitting on cash now and it’s driving prices back up. It’ll end in tears I feel
schmittel wrote: » 15 years ago we thought 10 times average wage was the sign of a boom, now we seem have normalised it!
drogon. wrote: Curious what is the program called ? Would be interested to watch it
drogon. wrote: » Curious what is the program called ? Would be interested to watch it
Villa05 wrote: » Watched a program on amazon prime last night that claimed Bush junior borrowed more than all the previous presidents combined As did Obama I'm sure that trump and now Biden will carry on that trend. The thesis of the program was that this borrowing was blowing asset price bubbles globally Hard to argue with it
combat14 wrote: more concerned by all the PUP and HAP payments at the moment, HAP in particular is only keeping rents extortionately high
combat14 wrote: 423 million spent on HAP alone in 2019
Villa05 wrote: » intresting to step back and see how things worked out in the past October 2003Primetime Housing Debate Part 1Primetime Housing Debate Part 2 Imagine the pain that could have been spared if appropiate action was taken back then rather than pouring more fuel on the demand side as what happened back then. Can you spot the similarities of the arguments between late 2003 and now
Wanderer78 wrote: » the average family home in the dublin region is now 10 times the average industrial wage, and growing, we re already in serious trouble!
Villa05 wrote: » Im not disputing the median salary, and credit to you for doing the calculations, My issue is the proportion of family household units that actually earn that income and of the data from my home, if you have it, can you share with us the proportion of properties for sale that have 3 bedrooms or higher. Im going with 3 beds because the avg FTB is now mid 30's an interesting account from a 2 teacher couple from Dublin who would be well above the median income We are in trouble if this combination of income earners are finding it very difficult to find a place to live close to their place of work
fliball123 wrote: » no in my example they have 72k combined salary or just below the median wage in the country. The median salary in Ireland in 2018 was just over 36k. I am not doing the sums again. Look up the median wage if you dont believe me. There is a severe supply problem there is no doubt about that but what I could show was that currently on myhome even with a severe supply problem there was over half the available properties for sale at under the 275k mark which is a price point that those on and above the median salary could afford.
Danzy wrote: » Private sector, public spending, Central Banks. Everyone is gushing money out. It's more than a concern.
Wanderer78 wrote: » the majority of the money supply comes from the private sector in the form of credit, credit bubbles create asset bubbles such as housing bubbles!
schmittel wrote: » The problem the councils have is they are committed to paying open market rent, or a % of market rent. As long as RPZ rules are in place, and landlords are preferring to keep units vacant or come up with three months rent free wheezes, rather than reduce the rent, market rents will remain as they are. Councils may wish to trim the rental budget but the leases say otherwise!
PropQueries wrote: » While pulling in the purse strings will have a big impact on the local councils ability to keep renting and buying property and therefore property prices (I'm expecting the purse strings to be pulled in before the end of the year)
[Deleted User] wrote: » Banks leaving/closing branches.Third bank anounced changes. It does not look that economy will recover and there will be bussiness as usual. The banks representatives could say what they want but things does not look good. Very bad signs.
PropQueries wrote: "You can argue all you want that the world should be organised in a different way, that financial markets should not wield the power that they do, that government budgets should not be subject to the forces of financial capitalism – but until you get around to changing it (and, sincerely, good luck with that), you will have to deal with the world as it is."
Wanderer78 wrote: » We have to get away from dangerous ideas such as fiscal conservatism, public debt is just the public entity of the money supply, by not having deficits, we are largely reliant on the private sector entity of the supply, credit, and all the problems that entails
PropQueries wrote: Interesting opinion piece by Pat Leahy in the Irish Times today titled: "Return to austerity would be bonkers, but so is idea deficits do not matter".
Hubertj wrote: » Yep. When you have public servants spending tax payer money with no accountability what do you expect? Instead of accountability you get an automatic pay rise irrespective of how you perform in your job. Infuriating. What I find interesting is housing is a big issue and was in the election. However, with the balls government have made of things over last few months SF support has plateaued. Even if they get into government are they going to take on the task of reforming public services? They can’t get rid of people who aren’t performing (and I mean dismiss them, not disappear them). If you have a policy and people can’t execute it Because they aren’t able to (I mean execute a policy not someone) what can you do?
