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

If it's sold for 250k, it reduces the average price of all homes in Dublin.

It doesnt reduce the price of non-SF homes, but it does reduce the average selling price of homes in Dublin overall.

I'd say the 62k home starts in the last 12 months is evidence of increased construction at a rapid pace, but it needs to be maintained or ideally increased further, certainly.

It won't be a solid 250k. The 250k will be what the person who gets the house will pay, but the actual cost will be more. If they ignore what the state does to subsidise the price, then yes it will lower the average price on paper, but this is just numbers on paper.

This is, of course, assuming that SF get elected and that they can even deliver on this. In my opinion, they will not see power as they have lost their core voters on the matter of immigration along with being historically unpopular among a great many people here.

62k is an increase, that is true. But bear in mind that any affordable housing construction would take away from this number.

Once again, the price is not being reduced. It's just being subsidised. The demand will persist, so the actual prices of housing will continue to grow. This means that those nominally 250k houses will cost more to the state, and the taxpayer will be paying for that.

On your second point, they affordable houses would be coming from that figure. What I would fear is that if SF were to attempt this scheme, they would just bulk purchase housing to be used as affordable housing in addition to whatever social housing is already coming from the pool of new builds.

No pictures of the inside of the house eh? It must be in s**t :/

The average sales price is reduced. We would end up with a two tier system where private 3 beds were selling for 600k and SF 3 beds were selling for 250k. Average sales prices for all 3 beds comes down, but the private homes will actually increase in value, due to lack of supply, as the new supply is diverted toward the SF homes.

I know what you mean about the second point, but the current govt already do that. Numerous examples of high end apartment complexes in DLR that have all gone to social housing.

Indeed. The €90k limit puts their “affordable” homes out of reach for a couple in their 30s in Dublin earning the median wage each.

People need to slow down and consider this.

There’s a bit of a game going on at the moment where we still have delusions out there that household incomes of €100k is major money.

Yep. The SF housing proposal doesnt benefit the average working couple, because they dont qualify for the housing SF are proposing.

The only people that benefit are those on no or low incomes, everyone else will be paying extra for their private homes and average earners will be locked out altogether.

It’s called well meaning but negative unintended consequences. This regularly happens with regulations but when it does, the claim is that it is a conspiratorial often by the same people who demanded it at the time.

Wr should see more of this, LAs forcing owners to sell or refurb and within distince timelines.

Same for commervial property.

Its ridiculous that retail units in wealthy parts of Dublin can sit idle for 10 years. The owners should be taxed into oblivion, forcing them to sell, or renovate and restore to market.

I can see this point, and I wouldn't disagree. However, it's worth noting that in Italy (and I think may European countries), if the buyer breaks the agreement of sale, they will not get their deposit back. If the vendor breaks it, they must give the buyer twice the deposit back. There are nuances to this to allow for structural issues with the property or buyers who act the maggot.

I think something like this in Ireland would not necessarily be a bad idea. It would prevent people bidding on houses that they don't really want to some extent. Obviously it's not going to cool the market, however…

They do. Indeed, if I make a bid on a property and then pull out because I've found another houses, my offer on the said house is void and should be ignored. However, it will not be, and it will serve to drive up the price of the property.

Of course, this is not why house prices are going up. Rather, it's just a symptom of a lack of supply and a gruesome surplus of demand.