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

Same, I mostly keep an eye on Limerick, prices mostly in the 300k range, that was the 200k range a year ago, no price collapse down here yet anyway.

About time and add defaulting on 2 mortgages,

Only way to achieve the numbers required is to plan a brand new city in the middle of the country properly and build infrastructure first and then houses. There is not a hope of ever catching up with the demand trying to build in Dublin or even the other cities.

Im selling my property I had rented for years. It was ready to put on the market in November but all of the EAs I spoke too said keep it until the last week in Feb and then put it up as that was when the market starts to look again. I decided not to wait til the end of Feb but waited til this week and it went up on Monday.

Already got 4 bids on it over the asking price. The highest by far is a bid from the council, which is over 10% higher than the highest of the other bids. The EA says give it another 2 weeks, get more bids in and go back to the council and ask for another 10% over the highest bid at that point. EA seems to think leaving it any more than 3 weeks on the market is just wasting time as whoever buys it will have been through the door at that point and not likely to get a lot of new interest after that. They did say the councils are mad for property at the moment. Apparently they were told to stop renting and start buying. He reckons the council will go another 10 to 20% easily.

I really didnt think there would be such interest so fast, but we'll see how it goes. I actually thought the asking price was high before I saw the bidding. Its mad refreshing the page and watching the number of views go up.

No its not dont be absurd.

Whats needed are apartments - mid rise apartments, 2 and 3bed apartments with enough space you could actually raise a family in. The space is there in the cities, the infrastructure is there too - the NIMBYism unfortunately, is also there. And for some perverse reason, even with land costs, its more profitable to make semi Ds than apartments on well-located sites.

That is another issue that needs addressed, how to make build prices cheaper for apartments.

Correct its in Dublin. Swords to be precise.

Not to ask too an intrusive a question but at what level are the council buying houses at? 300k? 400k?

Lol. I am happy for you but even as someone who thinks it is better they buy than rent this is annoying. If you ever want to watch someone really waste money find someone who is shopping that never earned the money they're spending.

There must be a money tree somewhere. Christ, its one thing buying a house, its another buying one way above asking. Im sure most people would be happy to sell to them at asking (guaranteed to go through, no chain etc).

Asking price is just a guide though. Obviously there are advantages to selling where there's no chain and less uncertainty, but I'm not sure every seller will take a lower bid just because of that. As the other poster said, their EA is still expecting other prospective buyers to outbid the council (which suggests the EA knowingly set a low asking price with the assumption it would go up with bidding, as most properties do in my experience)

I find that strange. Why would they overbid on your apartment for over 300k when there are plenty of 3 bedroom houses for sale in Finglas for like 250-270k, same in Coolock, Balymun. Why wouldn't they save their money and buy cheaper properties in areas of council estates.

I find that very strange.

If the OP mentioned Swords it is probably Fingal County Council doing the bidding so they have no jurisdiction to buy properties in the cheaper Dublin City Council suburbs you mention. Although I'm sure there are properties within Blanchardstown and Balbriggan (both in Fingal)that are cheaper. It frustrates me too that taxpayer money is spent this way on pricier properties when cheaper ones are available. If less posh neighbourhoods are suitable for tax paying mortgage holders, why can't they be suitable for council tenants?

If you had to borrow 60% of the price of a 300k house for 12 months it would add nearly 22k to the cost.