Irish Property Market chat II - *read mod note post #1 before posting*

200 brand new homes at the edge of Bray to be bought up for social housing.

What an absolute con the whole housing market is for working people. I have a job interview for a transfer within my company to another European country later this week; the only way to avoid this farce is to leave the country at this stage.

"Demand is solid" = demand is being manipulated to remain artificially high.

"This time it's different" = individuals aren't over leveraged to the same extent but the taxpayer will still be on the hook for the inevitable bust.

I'm afraid all the European countries are the same governed by the ECB that have got inflation so wrong its actually frightening. Ireland is a special case though a real special case in how to sell its honest decent hard working people out. Ireland, oppressed by the English, got Independency and became oppressed by the Catholic church, then became oppressed by the troika now we are oppressed by the Multinationals and the Investment firms that control our government that sold us out.

This is what some people are looking for the government to do….have social housing and stop paying HAP….

It's fuc$king scandalous.

Seriously though, how can this keep going on? Where is the money coming from? Is there any chance the imminent collapse of the Russian economy will help to turn off the free money tap for the government?

Any chance of a significant rate rise that would lock investors out?

You can only get secure housing here if you're long term state dependent or in the top 15% of earners. Before anyone tells me there's a 1970's dog box in Leitrim for 200k; those of us that work need to be within commuting distance.

At this stage anyone I know, 25-40yrs old, who hasn't been lucky enough to buy, is praying HARD for a recession, job losses and economic hardship or not...it's a better bet than what we currently have to contend with! What's the point in working hard for nothing only to fund other peoples security and quality of life??? At least if we all lose our jobs and end up on the dole we won't have to worry about rent.

Luxembourg? Schweiz!

And we have done our research, Switzerland isn't as bad as Ireland. There is housing available at different price points and you can compromise on a city lifestyle to get cheaper housing, but you aren't actually cut off as public transport is incredible and its punctuality even competes with the Japanese. The funny thing is, with a CHF to EUR conversion, on average rents are lower in Switzerland but the big selling point is that income tax is a lot lower than here and wages are higher with the net effect that you are far better off financially in Switzerland than Ireland. And thinking Ireland is on par with Switzerland is to really live in a bubble.

Wages are higher there because the cost of living is higher buy you would have more disposable income as long as you don't have kids and not eating out all the time. Been in Zurich a few times with work and have a few friends in Geneva and it's childcare costs that they found to be the killer paying over 4k a month for 2 kids. Best of luck with the interview I would do the same if I was in your shoes and had the opportunity

I agree that housing is too expensive at the moment. I agree that it’s unfair that working people have worse housing than those who don’t/can’t work. But I just don’t buy the narrative that only those in the top 10% can buy. Average income in Q3 was 44k. Yes that’s mean not median but it also includes people working part time. Median income was 36k in 2018 (around 4K less than mean at that time). This also includes those not working full time. A couple on 40k each can get a mortgage for 280k. With a deposit of 32k (~10%) they can buy property worth 312k. Yes that’s a lot to save on that income, but totally achievable over a couple of years, especially without dependants. Normal people always had to save hard for their first house. There are over 3.5k 3-bed properties on daft under 300k. Some are even in Dublin.

I live in a 3-bed semi-d in Galway city. It’s a crappy outdated house in a decent location. My neighbours with young families who’ve bought in the last few years include childcare workers, teachers, nurses, catering staff, local shop owners, physios, factory workers, engineers, builders and electricians. Normal people in normal jobs. It can be done.

There’s a narrative going around that we’re all victims of the system and there’s nothing we can do about it so we shouldn’t even try. It’s tedious and it’s not true.

Try buying that 320k house now, it's gone up at least 20-30%. Try bidding on anything for that price in Dublin and see the bidding go 100k over asking in a couple of days. Try bidding against a fund or a council with a money tree, see how you get on. Try saving that deposit while paying over 50% of your take home pay on rent-it'd take nearly a decade.

You don't understand because you're not in it and you got in there on time. Confirmation bias.

It's not just Dublin. This is happening in the other cities and the larger towns also. I've seen houses in Gorey shoot 50k over the asking price. The only houses that seem to sell for their asking prices are rural houses that are too remote to be suitable for most people.

I agree that there is a confirmation bias. Relatives will send me houses from time to time that are listed at the limit of what my budget would be. I know that they mean well, but they just don't understand what's happening. I've even stopped reading these messages. What's the point in wasting time seeing these houses that, in many cases, I don't even want to live in?

As I said above, I don't WANT a crash to happen, but as time goes by, I'm realising that I don't have a lot to lose.

Pretty much the same with me. Other countries may be notionally more expensive but at least they are functional.

I have some magic beans to sell you if you like?

Do sure, if they grow I might be able to build a tree house :)

Its going to be an interesting year in the housing market. One thing for sure is the tax payer will be shafted.

Of course. I’m not saying accept the current situation as being good or right. But for your own sake you need to accept that this is how it is and try to do the best for yourself.

There is a narrative online and in the media that encourages people to be outraged and do nothing to help themselves. Be outraged. But also, figure out how to get what you want. It’s rarely been easy to buy your first house. My own parents and aunts and uncles all made huge sacrifices and compromises but they live in lovely houses in the end.

Maybe people are waiting for others to stop making things more difficult for them. The vast majority of working people aspire to meet there own shelter needs, if an entity is taking their money to drive up the price of shelter, we have a big problem

Euro Jumps As ECB Accelerates Wind-Down Of Asset-Purchases