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Property Market 2019

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  • Registered Users Posts: 9,810 ✭✭✭Charlie


    Not downplaying it, but renting on your own in a city has always been a stretch in Ireland. At least for the last 20 years.


  • Closed Accounts Posts: 3,502 ✭✭✭ Rex Disgusting Tariff


    BBFAN wrote: »
    I disagree that affordability is only an issue in the capital. I live next to the Cork/Tipperary border and pay rent of 650, would love to move closer to Cork but the cheapest available is 850 and those cheapest ones are absolute kips.

    To get a decent place you're talking 1000, for a single person that's purely unaffordable.

    Sorry I meant from a purchasing perspective.


  • Registered Users Posts: 419 ✭✭mkdon


    Sorry I meant from a purchasing perspective.


    http://en.brinkwire.com/news/germany-looks-set-to-enter-a-recession-after-unexpected-collapse/

    interestingly seems Germany is entering into recession ..not sure if this will affect Ireland but sure in some form considering our links to the powerhouse


  • Registered Users Posts: 861 ✭✭✭Zenify


    Has anybody been to property viewings since the start of the year? Have the exemptions started lifting the market back up? I know it's still a little early to tell, just wanted to hear people's experiences and what location.


  • Registered Users Posts: 419 ✭✭mkdon


    Zenify wrote: »
    Has anybody been to property viewings since the start of the year? Have the exemptions started lifting the market back up? I know it's still a little early to tell, just wanted to hear people's experiences and what location.

    what exemptions are you referring to?


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  • Registered Users Posts: 861 ✭✭✭Zenify


    mkdon wrote: »

    what exemptions are you referring to?

    The mortgage exemptions, some believe they are having an impact on prices. More exemptions at start of year equals price gains. Less exemptions at end of year resulting in slowdown.

    January is usually a busy time for property and I wanted to see how this January was getting on. I haven't been able to go to viewings this january but have been for the last 2 years. That's why I'm asking.

    There seems to be a normal amount of properties coming up for south Dublin but I'm not sure how busy the viewings are. There's less 'open viewings' and I was thinking that might be a bit of a sign too.


  • Registered Users Posts: 12,920 ✭✭✭✭Interested Observer


    Zenify wrote: »
    Has anybody been to property viewings since the start of the year? Have the exemptions started lifting the market back up? I know it's still a little early to tell, just wanted to hear people's experiences and what location.

    I've been to a few. Certainly feels quieter than early last year.


  • Registered Users Posts: 289 ✭✭tomfoolery60


    I imagine (hope?) the banks will be better at managing their exemptions this year now they have had a few years worth of experience with them.


  • Closed Accounts Posts: 4,042 ✭✭✭ Peter Muscular Quirk


    I imagine (hope?) the banks will be better at managing their exemptions this year now they have had a few years worth of experience with them.

    Wouldn't be betting on that. The banks seem consistently incompetent


  • Closed Accounts Posts: 3,502 ✭✭✭ Rex Disgusting Tariff


    Banks only started meeting apllicants last week but brokers have already been telling hopeful purchasers that exemptions won't be a problem. Early days.


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  • Registered Users Posts: 5 CarlOMartin


    Zenify wrote: »
    Has anybody been to property viewings since the start of the year? Have the exemptions started lifting the market back up? I know it's still a little early to tell, just wanted to hear people's experiences and what location.

    Only limited anecdotal evidence, of course, but I've been to few and numbers are (expectedly) definitely higher than Nov and Dec. Can't compare on last Jan.

    Also, to comment on the last post "Banks only started meeting applicants last week but brokers have already been telling hopeful purchasers that exemptions won't be a problem. Early days." We went to get the AIP late last year (around Nov,Dec) and the guy asked us do we want to take the exemption. He said by the time we provide all the documents and are able to draw the money down it will be 2019 already. So don't count on some quiet period - the exemptions are here already.


  • Registered Users Posts: 4 Frankie2019


    We have been following a property since July 2018. One offer which was 25K less that asking price rejected by sellers. No other offers. We have approved exemption to make the asking price but are concerned we are just buying negative equity from outset. Sellers have been waiting for new batch of exemptions to kick in which I think is just distorting the true market value and encouraging sellers to maintain high prices. If CBI eliminate exemptions there's a good chance we couldn't sell at this price; even if not eliminated the pool of possible buyers is reduced.


  • Closed Accounts Posts: 3,502 ✭✭✭ Rex Disgusting Tariff


    We have been following a property since July 2018. One offer which was 25K less that asking price rejected by sellers. No other offers. We have approved exemption to make the asking price but are concerned we are just buying negative equity from outset. Sellers have been waiting for new batch of exemptions to kick in which I think is just distorting the true market value and encouraging sellers to maintain high prices. If CBI eliminate exemptions there's a good chance we couldn't sell at this price; even if not eliminated the pool of possible buyers is reduced.

    It's only negative equity if you do the opposite of the current owner - sell it for less than you want for it.

    If you are happy to pay the asking for it, that's it's market value on the day the transaction takes place.


  • Registered Users Posts: 1,171 ✭✭✭dor843088


    We have been following a property since July 2018. One offer which was 25K less that asking price rejected by sellers. No other offers. We have approved exemption to make the asking price but are concerned we are just buying negative equity from outset. Sellers have been waiting for new batch of exemptions to kick in which I think is just distorting the true market value and encouraging sellers to maintain high prices. If CBI eliminate exemptions there's a good chance we couldn't sell at this price; even if not eliminated the pool of possible buyers is reduced.

    Sounds like market value and the owners expectations are not at the same figure. Seems to be becoming more and more common.


  • Registered Users Posts: 10,905 ✭✭✭✭Bob24


    If CBI eliminate exemptions there's a good chance we couldn't sell at this price; even if not eliminated the pool of possible buyers is reduced.

    The CBI could also increase the number of exemptions or the LTI/LTV ratios which would push prices higher (would be a bad idea in my book and in the one of many followers of this thread, but it certainly is what the government and a good share of the general public would like them to do).

    But to be honest I'm not sure I would buy trying to guess what they will do as it is simply impossible. And the good news is that at leave for the past few years they seem to have maintained a certain stability in the regulation.


  • Registered Users Posts: 4 Frankie2019


    dor843088 wrote: »
    Sounds like market value and the owners expectations are not at the same figure. Seems to be becoming more and more common.

    One thing we have noticed is that there's a definite increase in number of houses back on the market that were removed in late 2018 waiting for exemptions to kick-in. If all these sellers are chasing the same "exemption money" - there's potential for a deflationary effect in the market.


  • Closed Accounts Posts: 173 ✭✭beaz2018


    I think people may be over estimating the impact of these exemptions on the market. Firstly, they are only worth 10% of the banks loan books. Secondly, many people are very reluctant to take them. The average mortgage issued in 2018 was well below the 3.5 limit. I think only 30% were between 3.25-3.5 range.


  • Closed Accounts Posts: 4,042 ✭✭✭ Peter Muscular Quirk


    Was having a bit of a browse of daft there for my home town. Would be considered a commuter town to Dublin. There are a lot of new houses gone in there in the last year, but they don't seem to be able to shift them at all. There are at least 5 new developments of 50 plus houses that all have some units left. There are also at least 3 more currently under construction. I wonder if it's a function of affordability or desire to be closer to Dublin that is making them sit on the market?

    On the other hand, the second hand market seems to be creeping up. Prices definitely seem higher there than they were 18 months ago. Just some anecdotal observations.


  • Registered Users Posts: 236 ✭✭Moonjet


    Was having a bit of a browse of daft there for my home town. Would be considered a commuter town to Dublin. There are a lot of new houses gone in there in the last year, but they don't seem to be able to shift them at all. There are at least 5 new developments of 50 plus houses that all have some units left. There are also at least 3 more currently under construction. I wonder if it's a function of affordability or desire to be closer to Dublin that is making them sit on the market?

    On the other hand, the second hand market seems to be creeping up. Prices definitely seem higher there than they were 18 months ago. Just some anecdotal observations.


    Interesting observations. I remember an article from last month in the Indo outlining how supply is increasing but not in the right areas and not the right type of property. Demand is highest for apartments in urban areas and that's where the focus should be on building.



    https://www.independent.ie/irish-news/new-housing-crisis-on-horizon-as-supply-comes-on-stream-in-wrong-areas-37666390.html


  • Closed Accounts Posts: 4,042 ✭✭✭ Peter Muscular Quirk


    Moonjet wrote: »
    Interesting observations. I remember an article from last month in the Indo outlining how supply is increasing but not in the right areas and not the right type of property. Demand is highest for apartments in urban areas and that's where the focus should be on building.



    https://www.independent.ie/irish-news/new-housing-crisis-on-horizon-as-supply-comes-on-stream-in-wrong-areas-37666390.html

    Seems to tally with my observations. Makes sense too. In an ideal world I'd buy a three bed apartment in Dublin that's kid friendly. Apartments in Ireland are a bit of a roll of the dice unfortunately


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  • Registered Users Posts: 591 ✭✭✭the butcher


    https://www.rte.ie/news/business/2019/0116/1023567-residential-property-prices/
    Residential property prices nationally fell on a monthly basis by 0.5% in November, new Central Statistics Office figures reveal, while property prices increased by 7.1% nationally in the year to November.

    Today's CSO figures show that residential property prices in Dublin rose by 5% in the year to November, with house prices rising by 4.6% and apartments by 6.5%.

    The highest house price growth in Dublin was in Dún Laoghaire-Rathdown at 6.8%, while the lowest growth was in Fingal at 3.9%.

    Meanwhile, property prices outside of Dublin increased by 9.3% in the year to November - the first time the rate of growth has fallen below 10% since late 2016.

    House prices outside of Dublin rose by 8.8% and apartments by 14.5% in November.

    The region outside of Dublin that saw the largest rise in property prices was the Mid-West with increases of 20.7%, while the smallest rise was recorded in the Border region at 6.1%.


  • Registered Users Posts: 591 ✭✭✭the butcher


    Moonjet wrote: »
    Interesting observations. I remember an article from last month in the Indo outlining how supply is increasing but not in the right areas and not the right type of property. Demand is highest for apartments in urban areas and that's where the focus should be on building.



    https://www.independent.ie/irish-news/new-housing-crisis-on-horizon-as-supply-comes-on-stream-in-wrong-areas-37666390.html

    Apartments? Perhaps in the city centres. Properly sized 2/3/4 beds I would agree with. Not the shoeboxes they want to squeeze everyone into currently. I don't like the idea of going down this apartment route as the only option available to us plebs, even with building these ****ty apartment blocks outside the cities while the rich play grand designs elsewhere.


  • Registered Users Posts: 8,239 ✭✭✭Pussyhands




  • Registered Users Posts: 7,670 ✭✭✭Bluefoam


    Pussyhands wrote: »
    It's begun.

    Holy ****e!!! Property prices rose massively, just not as massively as the previous short period of time!!! The market is about to implode, they won't be able to give 3 bed semis away soon!!!!

    PANIC!!!!


  • Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Bluefoam wrote: »
    Holy ****e!!! Property prices rose massively, just not as massively as the previous short period of time!!! The market is about to implode, they won't be able to give 3 bed semis away soon!!!!

    PANIC!!!!

    https://www.bloomberg.com//news/articles/2019-01-16/u-s-home-sales-plunged-in-december-price-growth-at-6-year-low?srnd=markets-vp

    Hope you haven't bought at the near highs.


  • Administrators Posts: 53,127 Admin ✭✭✭✭✭awec




  • Registered Users Posts: 7,670 ✭✭✭Bluefoam


    Pussyhands wrote: »
    Bluefoam wrote: »
    Holy ****e!!! Property prices rose massively, just not as massively as the previous short period of time!!! The market is about to implode, they won't be able to give 3 bed semis away soon!!!!

    PANIC!!!!

    https://www.bloomberg.com//news/articles/2019-01-16/u-s-home-sales-plunged-in-december-price-growth-at-6-year-low?srnd=markets-vp

    Hope you haven't bought at the near highs.
    Yawn


  • Registered Users Posts: 255 ✭✭bluelamp


    Looking at the cso residential property index, prices fell both inside and outside Dublin for the first time since 2016 it looks like - although it's very slight.


  • Registered Users Posts: 5,245 ✭✭✭myshirt


    All the more reason for the State to lock in the prices now for property tax purposes. Of course we will see a fudge again though which will effectively be tax relief for the 45+'s and a tax increase for the 35's and less.


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  • Registered Users Posts: 419 ✭✭mkdon


    I am a little confused here ... so in dublin the average house sold for 0.5% in november in comparison to october ? is that the figures you are referring to? when shall decembers and january's figures be available ?... they will be more telling and be able to draw a clearer picture...


This discussion has been closed.
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