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

On the very same publication.....

If prices are severely unaffordable and rents are worse, that would imply a market in complete dysfunction

I watched one of the councils houses in my block this morning be gutted. The house is immaculate no expense spared the kitchen cost about 10 grand. Why? All the built in units, wardrobes just broken up and dumped. What an absolute waste I was raging over it, its in turnkey condition, vacated about 18 months ago, you could move in tomorrow. It doesn't have a tenant yet, it was council workers and sub contractors in there.

I don't know, does it have to go back to the original spec or some red tape? I asked one of the workers and he just said "none of our business were just told to do it"

It's bad enough that a perfectly good house is lying idle 18 months with the lack of property.

The first paragraph:

During the pandemic, housing in Dublin moved from being “seriously” unaffordable to “severely” unaffordable, according to US think tank Demographia.

Hmm. I wonder how many pandemics in history managed to worsen a shortage of housing.

You always have to read between the lines with any of these reports. I find it hilarious the "we are overvalued but we arent as overvalued as other European Countries" so all is good.

As said, I have been around the block...majority of mainstream media will only predict falling prices when prices have already fallen 20 percent 😂

They got it right at the end of the report when they said the recent rises have been caused by low interest rates. The reverse will be true but its not instant. When people realize this and sentiment shift, falls will be aggressive.

Very difficult to predict. Typically it comes down to how much meddling is done.

But with Central banks handicapped by rising inflation this time around, I expect rates to remain high and property price drops to be significant.

I agree, house prices will drop, they already start dropping. So many sale agreed at the moment who are coming back on the market after being sale agreed for 5 months. This time around, they don't have so many people at the viewing and hardly a bid. We will see a big change by March.

That's predicated on the assumption that the globalist model will continue. We're already seeing quite a bit of push-back against mass immigration, and there's no telling where that will go in the years to come. If we were back in 2015 or so, I'd have no problem believing that the population would continue to balloon, but with declining living standards, high inflation, dwindling resources and an increasingly polarised political situation, I think that an inflection point may well arrive in the coming years.

I'm sure that there are plans on how a select group of people people can profit immensely from the coming tide of human misery, yes.

There is nearly 100k coming in to the country this year, most will be housed by the State.

The housing crisis, rental crisis is only beginning.

Same happened to someone I know who sold their house in Glasnevin. The council bought it and gutted it. Thing is the house had the best of everything in it and very good finish as the family are all trades. Reasoning for gutting was that it might be seen as unfair if a new council tenant got a better spec house than a tenant in another house. All of their stock need to be of a similar (probably basic) standard....crazy logic...but there ya go.

They also gut there own properties when reletting. The main reason is a public liability fear. If they left older non standard fitting in place and someone gets hurt then it costs them. At this stage they bring houses they relet up to Ber rating ''B'' at least as far as I know.

But it's a crazy waste of money when you see all the boarder up council houses. However the reason for this is often they are in an anti social area and they do not want to put tenant's in there until they can clean the area out. However this is crazy as it only spreads the rot elsewhere

I am generally a positive person and one who doesn't like to be dramatic about things. However I honestly think this housing situation is getting worse by the week and house prices are only going one way which is up.

People love to spout about the fact that there is more to housing than supply and demand. This is true but in simple terms how can it change if there is no supply and the said supply is not increasing.

I'm not a homeowner but in the process of it and have no itchy feet whatsoever with how things are going at the minute. This yarn about a sudden bang is nonsense, prices may well come down in a couple of years but it could get worse before it gets better.

It's a terribly sad situation for so many people. It's easy blame politicians but how is there not experts/advisors in the government that could have seen from data that this was coming down the line ten years ago?

The world is gone mad, common sense went out the window years ago and greed replaced it. Rant over.

Oíche maith