Graham wrote: » You think it's better to wait until the supply of second-hand homes increases or enough new-builds are completed to satisfy the demand?
MacronvFrugals wrote: » Anyone buying now would be absolutely mad!Number of second-hand properties listed for sale falls by 70% in 10 yearshttps://www.irishtimes.com/business/economy/number-of-second-hand-properties-listed-for-sale-falls-by-70-in-10-years-1.4538593
fliball123 wrote: » So when this 2nd hand stream comes online can you not equate that every time someone buys one of these 2nd hand houses another will be needed for the seller still no gain in actual housing
combat14 wrote: » house prices up another 3% in feb according to cso.. on another note it looks like the government is turning into santy claus according to this article - massive wage rises on the cards for low earners (if businesses reopen after covid)https://www.irishmirror.ie/news/irish-news/low-paid-workers-ireland-set-23914954
enricoh wrote: » A lot of people got their first experience of our welfare state in the last year n questioning the point in working imo. No childcare, work travel expenses anymore n the odd nixer or two. Anyone renting nowadays that's near minimum wage is probably better off on the dole and hap. Rents have shot up in the last year or two in the cheaper counties that'd have a higher percentage of sub e12/hr jobs. Employers will have to entice staff back with higher wages to pay the higher rents that government policy has increased! A recipe for success!
HotDudeLife wrote: » Having taken a sabbatical from boards after posting my predictions at the start of the year i had planned to not log in until my prediction was realized but given the madness of our times i couldn't resist checking back in. My prediction at the start of the year was that 2nd hand house prices within the 250-400k (FTB) range would drop 10% on the condition that this drop would occur roughly 3 months after fully reopening of the economy, which i predicted as October 2021. This my still occur as people seem to forget how quickly things can change, we're noticing quite a few properties hit the market each day in North Dublin and whilst prices are insane due to sheer fear and panic, i predict we will see an avalanche of 2nd hand properties up for sale this summer (if everything is back open by then, of course). Current prices and historically low supply cannot last forever, we have witnessed the lowest supply in recent history and we're confident the worst of it is over now that restrictions are being lifted. More supply hitting the market plus PUP payments being withdrawn next year and business closures will cause property prices to dip (slightly).
Cyrus wrote: » Drop 10 percent from what though ? Current prices or the prices that prevailed at the time of the prediction?
combat14 wrote: » thats if young people even decide to stay here once international covid restrictions are lifted
MacronvFrugals wrote: » At least wait until restrictions are lifted and we see what the market looks like.. Why panic and feel like a sucker with how bad supply is, an awful lot is only probate from what i have seen.
Graham wrote: » Thanks That makes more sense, I just didn't understand the 'hold off because supply has dropped by 70% in 10 years' angle.
schmittel wrote: » I guess whether it is worth holding off because supply has dropped 70% depends on why supply has collapsed. Certainly it is not totally off the wall to suggest it might be worth waiting even beyond lockdown.
Cyrus wrote: » If I was actively in the market now and I could wait I’d try give it 9-12 months post lifting of all restrictions to see where we are. Knowing my luck prices would rise but intuitively you’d have to expect a softening.
cnocbui wrote: » It's not caused by state purchases in NZ. The three main reasons are very low supply vs high demand, made far, far worse by COVID, as in most countries. The second reason is historically low interest rates making property investment and speculation attractive and the third is that NZ doesn't have CGT, making property investing even more highly attractive for a lot of people. The second, third property has become almost a national sport for a large number of ordinary people. The governmant there has very recently changed the law defining the role of the reserve bank, making it now part of their remit to take the housing market into consideration when setting rates. Serves them right for thumbing their noses at the government saying it's their problem and fault for not taking appropriate measures, when politely asked by the government to consider the housing market. The most recent powerful measure taken in the past couple of weeks was to disallow the claiming of mortgage interest as a cost against rental income interms of tax. The thing the government haven't done to address the problem I believe they should have, is to reform their planning system, which is a very large cost buden and impediment to developers and individuals wishing to buy land and to build on it. In contrast to most Irish people, I see the planning system here as a major problem and impediment.
Mad_maxx wrote: » not surprising , NZ is a very right wing country , extremely hard headed folk
liam7831 wrote: » A property professional said to me he expects prices to rise, simply lack of supply. I just can't see all these properties suddenly appearing on the market when country opens up. Anyone that has property to sell is selling now as prices are high they are hardly going to wait incase prices fall which I doubt would happen anyway.
combat14 wrote: » serious talk of kbc leaving irish market this morning .. with bank of ireland taking over its loan book .. hopefully the competition regulator will do its job and block the sale terrible news for mortgage holders here as bound to drive up interest rates over time due to desperate lack of competition in the mortage market here avant mortages is the only shining light at the moment but how long will that last if there are no competitiors ..they could even pull from here too based on what they see other foreign banks doing
schmittel wrote: » Maybe the competition regulator can bellyache that there is not enough competition in the banking sector but they cannot force KBC to operate in Ireland. If a sale was blocked to BOI and KBC are set on leaving they'll sell to a vulture fund or some other party who is unlikely to be consumer focussed. The reason we don't have enough competition in the banking sector is because we've decided that mortgage payments are to all intents and purposes optional. It is utter madness.
PropQueries wrote: » According to the Irish Times “Housing Minister wants to double affordable and social homes in new developments”. How’s this different to what’s happening on the ground at the moment? Yes, officially 10%, but they do buy more on top of that, enter into 25 long-term lease agreements or rent them by the back-door through HAP etc. Link to Irish Times article here: https://www.irishtimes.com/news/politics/housing-minister-wants-to-double-affordable-and-social-homes-in-new-developments-1.4538751
enricoh wrote: If I was a bank handing out mortgage loans and looking at sinn fein coming over the hill I'd be legging it in good time too!!
ongarite wrote: » The level on capital reserves that banks have to hold in Ireland is 3 times that of EU countries. That’s because of the risk of default/non payment of loans here and the insane difficulty with eviction. See pause on eviction again until July after press, political uproar on Monday. The people by voting for TDs & parties who all are fine with this, have to shoulder some of the blame for 2 banks pulling out in the last year.
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