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

Pussyhands wrote: »

If you've lived all your life in Dublin then chances of moving I think are nil. Country living is a big change. Even a regular occurance like slurry spreading I think would put city dwellers off.

Your friends are not there.

I'm from the countryside and I don't plan on moving back. Rural Ireland everyone knows your business, terrible amount of begrudgery. Anyone with ambition is seen to have notions.

A simple thing in Dublin like going to the airport requires way more planning and cost.

I'm sure some people will up sticks and move, but it's a massive change of lifestyle.

Have to say I don't agree.

And even were it true, there's still a significant number of people not from Dublin forced to live there by their jobs. A couple of lads on my team, graduated a few years. All 3 not from Dublin and living in house shares. Earning "good money" but still spending absurd percentage of their wage on rent. They've been home for the last 12 months and I can sense their thoughts wandering. Expecting the notice to be handed in any day now as they can move to a rival who's committed to full WFH. Alternatively, if they're smart, they'll use the threat to strong arm us into giving them the same option.

P.S. I don't think I've ever met someone who considers proximity to the airport as a key factor in buying a house. How many holidays do you go on???

DataDude wrote: »

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P.S. I don't think I've ever met someone who considers proximity to the airport as a key factor in buying a house. How many holidays do you go on???

It’s such a ridiculous statement hahahaha. I’d much rather fly out of Knock, Shannon, Cork or Farranfore than I would Dublin. One of the worst airports I’ve been to.

cnocbui wrote: »

Well This a remarkable turn around in attitude. I suggested earlier that people who can't afford to buy in Dublin should perhaps look outside of Dublin where housing is cheaper and i had my head bitten off. Now it's a great and sensible idea. :rolleyes:



https://www.boards.ie/vbulletin/showpost.php?p=116673947&postcount=6470

One of these things is not like the other.

"I think people will have the option to move out of Dublin in future" and "hasn't it occurred to you to just move somewhere cheaper?" are not the same thing.

The deciding factor is work. People need to live where they can work, and it's not altogether clear how that looks yet, so all this remains hypothetical. We're talking about a near future market here, not an existing one.

Discussing possibilities offered by the prospect of WFH - which I've been talking about since being involved in my company's rollout, roughly around this time last year - isn't remotely the same as scolding people for not having already done the things people have very patiently explained to you have not been viable options for some time, based on your misunderstanding of the modern market.

What do you suggest to that nurse? What apartments did you mean in Limerick? How much do you think a phone upgrade costs? How do you propose people get BOI, AIB and KBC'S internal risk appetite guidelines changed so they can get mortgages for derelicts?

Villa05 wrote: »

It's an excuse to give grants to a much favoured sector in the past
The publicans

I'd really question making the pub a workplace in Ireland

There's so many things that could go wrong

All part of the conspiracy as some publicans are also developers. Shock horror

The Spider wrote: »

Completely disagree with this, vast majority in IT and similar office setups will have remote working, big multinationals have already come out and said remote is the way forward and thats who the indigenous companies are competing with.

The very least will be a blended approach 1-2 days on the office and the rest remote, if a company especially in IT wants staff in full time, prepare to lose the talent, most IT staff already have one foot out the door at the best of times, most leave after two to three years if they havent been promoted.

Only option really is if ypu want your staff in the office full time to pay more than twitter and give better benefits, how likely is that?

I think a bigger issue is for all the smaller companies down the country who hae decent teams, now losung staff to the multinational as they can't compete on salary or benefits.

Good luck getting a job in a multinational, based here, in the future so. If they go fully remote there is literally zero incentive for them to hire staff here, of they can be got elsewhere, for the same or less cost and arguably a larger pool of equal talent to choose from. While multinationals INITIALLY may have been all for remote working, that isn't the case at this point as they're starting to see a lot of the negative effects of FT WFH appearing. Very few if any companies will be fully remote and even fewer staff will be. It won't be long before FT WFH start getting serious fomo while their colleagues return at least some of the time to the office. Whether that be social interaction, promotions etc, they absolutely will be missing out at home. These multinationals are also largely staffed by highly mobile immigrants, the absolute last place they're going to be moving to is ballygobackwards.

As I said, very few will be 5 days, WFH, 1 day in the office is pointless and hubs just aren't a reasonable prospect for the vast majority of companies. Multinationals make up a small proportion of our total workforce. They will not be the ones making a noticeable difference to the wider housing market. They may make a dent in the premium rental market in Dublin however.

Pussyhands wrote: »

I'm literally from one of the towns earmarked on news reports today as prime benefactors of this plan....

You are batting well.

What people don't generally realise is that the more a Government financially interferes with an open market the more skewed, ie bubble, that market becomes.
Has anyone asked why big international property funds have seen Dublin as a viable 'build to rent' investment? What do they see?
A long term commitment by multinationals to hire here due to tax reasons?
A Government strategy to create a rent floor based Hap?
A parallel Government strategy to inflate a housing market based on being both a lender to developers and a lender to buyers, thereby putting house ownership further and further away from renters?

Or all of the above?

Villa05 wrote: »

It's an excuse to give grants to a much favoured sector in the past
The publicans

I'd really question making the pub a workplace in Ireland

There's so many things that could go wrong

I assume they would refit the places rather than leave in all the plumbing :rolleyes:

But yes it is basically a sop to a sector that has been abandoned. 18 months with little or no business is going to see a lot of pubs close permanently.

if you live in a small town you can buy a house at a low price,
considering mortgage expense,s, you will have maybe a better quality of life,theres less noise, zero traffic jams,easy to find a parking space.
If you can get a full time job there .
if you are working for certain companys, eg intel,
google, etc you have to live in or close to dublin.
Most big civil service government offices are located in dublin
the government does not help small landlords financially .
the goverment only helps first time buyers mostly.
i think its a great idea in that it will increase investment in rural towns,
it will reduce traffic,
its like they copied wework,
eg use old empty buildings for shared office space
with modern faciltys like high speed internet wifi.
i don,t think the government wants to inflate house prices,
i think they want people on a average wage buy a house.

i think in 2019 the government announced a plan to build 1000,s of
social housing units,
before the covid crisis happened to close down all building sites.

theballz wrote: »

McWilliams was right in latest podcast. Anyone who buys now is mad.

Whilst he was right in identifying a state influenced property market, i think the bubble will go on for a number of years yet.
Put it this way, if i was able to avail of any Government inducements to get on the ladder i would be filling my boots, both in terms of help to buy or shared equity schemes. If the banks are having so much difficulty repossessing homes due to non performing loans then what chance has the State? Imagine the uproar.

Asking prices aren't crazy but people seem to have completely abandoned the idea of having a walk away price in the bidding wars.

Also I'm pretty sure this bid before you view thing is pushing prices up. I'd say a fair few of the people who love to view properties with no intent of buying are now pushing the bids to the max in the knowledge that they're under no obligation to go through with the purchase. Quite a few estate agents I've dealt with have only asked me for proof of funds when the bidding was closed so you could have all sorts of messers.

standardg60 wrote: »

Whilst he was right in identifying a state influenced property market, i think the bubble will go on for a number of years yet.
Put it this way, if i was able to avail of any Government inducements to get on the ladder i would be filling my boots, both in terms of help to buy or shared equity schemes. If the banks are having so much difficulty repossessing homes due to non performing loans then what chance has the State? Imagine the uproar.

The biggest issue is supply.

I’m a first time single buyer, I was bidding on a ground floor apartment a few weeks ago. It went for 70k over asking price (without being able to view it.)

6 months prior, an apartment in the same building top floor went for cheaper.

Rents are falling too. It’s not a time to be buying, the government needs to let construction back or this will be years as you correctly said.