Property Market 2020

JimmyVik wrote: »

I was talking to someone just yesterday who was sale agreed on a trade up house and also sale agreed on his own house.


His buyer asked for €30k off last month. He went to the person he is buying from and asked same. That person just decided to pull the house from the market instead of negotiate. Whole chain has collapsed now.
The person I was talking to has decided to just take the house off the market and stay in it for a few years to see how it pans out.


Im sure thats a common theme the last few weeks.

Augeo wrote: »

Air travel tax is a great idea, it's not really a punitive one. It's almost a universal one too, you get a few quid off scobes heading away on their little excursions etc. Fantastic.

combat14 wrote:

property taxes, carbon taxes, wealth taxes, windfall taxes and probably a few more

c.p.w.g.w wrote: »

Well in Limerick, a few houses have been removed from daft/my home. I'd imagine as they don't want to be dealing with people low balling (in fairness the houses were up for at least 10-15% more than they are probably worth)

SozBbz wrote: »

Why would you think Adverts (which granted is full of melters) would be indicitave of selling a house?

Were you planning on going without an agent?

Demand for rundown do-up villas in Auckland seems as great as ever post-lockdown.

Clarke and Kelsey Baker have just spent $1.14 million on this Kingsland fixer-upper that's just three doors along from their existing home in the same street.

And they were the "lucky ones". Tim Hawes of Ray White Kingsland says he had nine offers on the property

James 007 wrote: »

Over 2 weeks ago I posted regarding this house. To me its only worth half of its value, some posters mentioned to compare it to a one bed apartment in the area. For me my bug bear was no windows,view and no proper garden. The tree trunk to the front was its only pride and joy.

https://www.daft.ie/dublin/bungalows-for-sale/rathgar/125-rathgar-road-rathgar-dublin-2477742/

Since then I guess Covid-19 has taken hold in this area, but closeby there are 3no. houses located not too far that I would probably jump with before the heap of a shed above. I know the shed is Terenure and the other houses listed below are probably Tempalogue.

https://www.daft.ie/dublin/houses-for-sale/terenure/7-wainsfort-crescent-terenure-dublin-2438275/

https://www.daft.ie/dublin/houses-for-sale/terenure/12-wainsfort-crescent-terenure-terenure-dublin-2377740/

https://www.daft.ie/dublin/houses-for-sale/terenure/11-wainsfort-crescent-terenure-dublin-2477708/

Any thoughts

Deleted User wrote: »

If we have a significant recession, job losses, less lending, less money in the economy, paycuts, higher taxes etc then it's hard to see anything other than a fall in house prices here.

I fail to understand how it could be any other way.

cnocbui wrote: »

I think there might be a modest price fall for less desirable properties or those subject to forced sale, but owners of decent properties won't go to market. I, will put mine up, but it will be at around current values. The REA and buying public might be annoyed, but it will be interesting for me.

But if there is a decline, it won't be by much, or for very long, because the supply of houses is way below demand, and only some of the demand is going away. This is why I am so interested in looking at what's happening in some overseas housing markets, like Oz, NZ and the US, where I keep seeing the same severe lack of supply staving off the expected severe price falls some were anticipating.

A lot of buyers over the last decade have bought for cash. Public servants comprise about a fifth of those employed and they are relatively wealthy and over paid. Lots of potential buyers won't be financially impacted, only a sub-set.

Cyrus wrote: »

Jesus public servants are unlikely to prop up the Dublin high end market to be fair

cunnifferous wrote: »

Where did you get these figures from? The most recent figures I've seen from 2018, the public sector made up 14.8% of the workforce which is lower than many OECD countries.

Also I can't see many people on CO/EO/AO/nurse/gardai salaries, who make up the bulk of the public sector, propping up the current prices.

Public sector workers get paid 40pc more on average than their private sector counterparts, a report claims.

By contrast, in the UK public sector pay is almost on a par with the private sector, with Ireland’s public/private pay gap high by European standards, the paper states.

The study by Davy Stockbrokers argues that any future growth in public sector pay should at most only match pay rises in the private sector.

“Ideally, the pay gap should close over time,” wrote Davy economist Conall Mac Coille, author of the report.

“Public sector pay rises should also be conditional on the on-going performance of the economy and tax revenues, guarding against the risks from Brexit, corporate tax reform and other economic uncertainties.”

The report notes the average public sector wage last year here was €47,400 – 40pc higher than in the private sector.

Around half of this pay gap can be attributed to differences in education, experience and qualifications, the paper said.

But in the UK, average public sector pay is £26,200 (€30,200) – almost exactly that of the private sector. Davy said Ireland’s public/private pay gap is on a par with southern European countries such as Italy, Greece, Portugal and Spain.

“The public sector also enjoys retirement benefits that need to be taken into consideration,” the report states.

“On our calculations, a private sector worker would need to save a €590,000 pension to match the same €23,000 paid per annum to public sector workers when they retire on a career-average salary scheme. The figures are higher for those with defined benefit pensions linked to their final salary.”

Graham wrote: »

Relevant now, or when they were published in 2016 and 2018?

Deub wrote: »

By saying the part above, does it mean you don’t expect a recession in the coming months?