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

Starlink is a well marketed joke - geostationary satellites are always preferable for satellite internet than a chain of continuously orbiting stuff.

Konnect yields speeds up to 100Mb down and covers most if not all of ROI

There are many other carriers too, just lesser known. Starlink though was just another big marketing gimmick like most of the stuff Elon Musk comes out with.

They dont require any commitment about whether you can or cant WFH - its irrelevant. I dont think they'll even ask

Talking to a customer of ours an auctioneer, he is absolutely convinced prices are beginning to stabilize and is adamant its the large cash deposits built up over the pandemic that is really driving prices. The 3.5 rule will stop them from going any further, the average salaries people are getting just don't match up.

There is nothing there but scrap for the average working couple of 80-90k joint looking to buy without large cash deposits, This is in the Cork city market that has experienced the largest price growth.

I'm not as optimistic as him though.

If 100 houses were bought by people that were previously working in Dublin that can now work from home in Galway it would account for 10% of the housing stock built in 2020 in Galway city and county. Add on top the fact that they will more than likely have greater purchasing power and it is no wonder that prices are rising.... There are a lot of people that would rather WFH in a house in a beautiful place like Galway rather rent/buy a smaller place in Dublin.

Ahem., Yes it will.

There is just no substitute for fixed line broadband. Especially if you intend to work from home. Even more so if you have multiple people working from home.

Then nowadays all peoples tv watching etc comes through the internet.

3 years ago I used to get by on 50GB cap with 3. Because eir only provided 1mbps for about 3 years and then it went up to 3mbps after that.

We got fiber to the home 3 years ago. Life changing. Now we would easily eat up 800 to 900GB a month. All tvs on it. All working from home on it.

Its magic. I would never go back.

The funny thing is that the FTTH stopped at our house. Next door neighbor 50 meters away is still on the 3mbps eir connection. HE is changing to vodafone where his phone can get about 15mpbs, but there is a cap on it. All the houses further on than him cant get it either. Just now for the craic I put his house into the checker for the national bb pan. Looking like at least 2025 or 2026 for him. He is actually thinking of selling up because it became very apparent that its a problem during lockdown.

I never actually thought about it properly though until a friend pulled out of a sale because of it. That made me think about it.

I dont think they've settled down that much myself.

A friend asked me to go have a look at a 4 bed house in Ashbourne with him last week that they were about to put a bid in on, in my capacity as having renovated a fair few houses and selling them on over the years. The house was previously rented for years and is a total wreck. Everything from the purloins in the roof being rotten to leaks in the bathrooms. Every floor needs replacing. The walls are in bits. Some of the doors and windows dont close properly. Kitchen need total replacement. All the ceilings need new boards and skimming. All the render on the outside of the house had been patched up badly over the years and would need to be fixed at some point.

They were going to bid €530k.

I asked him how much did he think the house was worth. He said €550k But he needed to keep €20k for renovations after he moved in.

I told him that if he got it done at cost he would be paying at least €125k or more for the minimum that needed to be done to that house. But at todays rates he wouldnt have change out of €200k.

So his €530k house is going to end up costing him €750k minimum. And a 4 bed house in Ashbourne is not worth that much.

Some fool is going to go ahead with that though. I reckon even if I was to buy that and do it up myself on my own it would take me months and €70 or 80k, if not more.

I bet a proper survey would uncover even more than i could see going around the house.

And that house pristine would not get me even €600k.

I really dont know what people are at these days.

Why bother adding up when you have Mom & Dad bank to bankroll you.

I think youve been drinking the koolade :)

Reminds me of the add for the vortex niteclub in Dunshaughlin where they used to say 20 mins from Dublin city center. Yes if you were in a helicopter.

I live about 2 km closer on the way to the airport from Ashbourne and it is definitely not 10 minutes to the airport, a trip i make often. And when I was commuting to Harcourt street , which i'll be doing again in a few weeks. it was talking me 1hr 15mins to 1h 30mins in and always over 1h 30mins home.

When you drive in to the city center its minimum 25 mins to Finglas with no traffic at all and then any amount of time you like from there on in because the traffic start building up just inside the M50. Worse coming home.

But thats beside the point. The point here is that a similar house in walk in condition would be around the same as the wreck they were looking at and they didnt realize the cost to get it up to the same condition.

It'll all end in tears

Despite populist politician's wanting "the rules looked at ASAP" it seems the CB think its appropriate to keep the current restrictions

Central Bank mortgage measures built up resilience during pandemic

This seems to crop up every 6/12 months. The people pushing this line must really think that people have short memories.

Commentators appear to be getting scared.

Paul Somerville predicting Stagflation

Newspaper panel last Sunday Brendan o Connor.

Cormac Lucey today on Pat Kenny.

Likening 2021 to 2006 advises potential homebuyers to hold back.

Chris Jones and his buddy on the other hand podcast concerns over stock market valuations