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Are Landlords really getting these prices

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Comments

  • #62
    Godge
    Closed Accounts Posts: 21,727 ✭✭✭✭Godge


    gerryo777 wrote: »
    How low do people on here think property prices will go? Do you think that they will go back to the 70's or 80's prices? Do you think that you will be able to buy in Dublin for 50 or 60k??? COP ON TO YOURSELVES! We're in a recession, but we are not heading back to the dark ages!


    Simple answer to your question. When prices and rents in Dublin fall back to the levels of a small provincial European city, think Montpelier, Turin, Newcastle etc, then we will have reached the bottom. And prices outside Dublin will need to be less than that.

    Remember all those comparisons in the Irish Times and Sunday Times where they showed you what €1m could buy in France or Spain as compared to Dublin e.g. a villa on 20 acres in France for the price of a 2-bed apartment in Ringsend. When those comparisons look reasonable the EU/IMF will be happy we have reached the bottom.


  • #63
    Benedict
    Registered Users Posts: 684 ✭✭✭Benedict


    The crucial question is this - forget the asking prices, how much are sellers actually accepting?


  • #64
    magneticimpulse
    Registered Users Posts: 1,952 ✭✭✭magneticimpulse


    gerryo777 wrote: »
    How low do people on here think property prices will go? Do you think that they will go back to the 70's or 80's prices? Do you think that you will be able to buy in Dublin for 50 or 60k??? COP ON TO YOURSELVES! We're in a recession, but we are not heading back to the dark ages!

    Yeah I do think we ABSOLUTELY will be able to buy at these prices. Because the prices of the 80's were based on 1 person income and now...we have a similar situation where in a "couple" just 1 person might be working. Also peoples salaries didnt increase that much since the 80's like the price of property. So things will have to stablise to reflect someones income for 20 plus year mortgage. I mean the way unemployment is going, its not stable to lump someone with a 40+ year mortgage because we cannot guarantee jobs.

    At the moment Ireland's economy is mainly solely based on the Pharmaceutical Manufactering bringing the country an income...any of these companies can up and leave tomorrow and start to manufacture in China/India for 4 times less.....it will be like what the sewing clothes industry was like in the 70's for Ireland!!! So yes, Ireland has a fickle economy. With the masses of "educated" young people leaving, Ireland wont have much to sell besides a few tacky souvenirs (which are imported from China). We will be rightly screwed if the likes of Pfizer, Intel, hp etc decide to pull out over the next 5 years. We already saw it with Dell. Pfizer seems really unstable at the moment...only about a month ago they closed a full site in the UK....Pfizer took over Wyeth last year and Merck took over Schering Plough last year as well...merging the companies together and these are now the 2 main players in Ireland instead of the previous 4!!! Also most of these Pharma companies have their drug patents coming to an end, meaning anyone in China can make Viagra!!! Viagra is currently made in Ireland...but im sure the patent is up soon...this is not good news because the drug companies are discovery very little at the moment. Ireland has once again put all its eggs in the one basket. You might have thought the constructing industry going bust was bad...but this is only the tip of the ice berg. I can guarentee at least some of these companies will find it cheaper to manufacture in Asia compared to Ireland....we have only seen the beginning.

    Yes you could consider Ireland is going back to the dark ages...we might not depend on potatoes now, but we certainly are still depending on one thing and currently that is manufactering of pharma and IT components.

    Jobs/Business/Exports = Economy...neither of these = Bust = Worthless housing prices

    You CAN find property on daft.ie for 60k NOW. Not just an appartment but a 4 bed detached house in places across Ireland. So I think thats an indicator for the direction house prices are going in. There are many different types of property in Dublin and I think the "Corporation" area's will be down below that price. I could imagine people getting a "Corpo" house for 40k at the most the way things are going.

    You wont even be able to compare Ireland to other economies in Europe (house prices in Europe), because France and Germany are fairly stable. France is wrapped up in Administration ....but at least they have a few Car companies and Airbus and Cosmetic/Beauty stuff. Germany has its car industry which even that wasnt doing so well a few years ago and lead to the low interest rates across europe, helping Ireland's fickle economy.


  • #65
    kevin99
    Closed Accounts Posts: 315 ✭✭kevin99


    Let's look at it another way.

    What specific jobs will be created over the next five years to get the 450k people back to work?
    Not everybody has a third level degree. Not everyone completed their leaving cert.
    So where will the jobs come from?
    That's the big question.

    In relation to the property market prices will fall further. However, it depends where in Dublin you want to sell or buy. Location, location is still the determining factor in persuading people to buy or sell. If you are seeking a house in an affluent area of Dublin, close to all amentities, then you will still be paying a preimum price.
    Take Sandymount or indeed anywhere along the DART or LUAS lines, sellers will get more for their properties and renters will have to pay more.
    But if you live in west or north west Dublin you will get less for your property and you will pay less to rent a property.

    Properties prices will fall again this year but by not as much in the areas along the east coast of Dublin.

    So, if someone is considering selling this year, I would suggest selling immediately, don't wait for the summer or late Spring 'cos they prices will start falling back by then.

    There should be a NAMAesque debt forgiveness for people who bought their homes during the boom. I'm not talking about investment homes but homes first time buyers bought.


  • #66
    Omega28
    Registered Users Posts: 1,322 ✭✭✭Omega28


    I'm 24, on rent allowance cause I'm entitled to it for disability, my disability is that i'v had 2 open heart surgeries.

    I haven't stopped looking for a flat of decent standard for about 6 months now.
    I email landlords, ring them etc and they won't even consider rent allowance, its a pain:mad:

    i think that landlords stereotype people on rent allowance, and its not fair on people like myself that are trying their best to find a flat.

    The places out there for around 600euro are shocking. I go visit places that even priced at 700euro and I think there better of demolishing it and rebuilding, never mind letting a human living it.

    I personally think there chancers...


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  • #67
    axer
    Registered Users Posts: 5,517 ✭✭✭axer


    kevin99 wrote: »
    There should be a NAMAesque debt forgiveness for people who bought their homes during the boom. I'm not talking about investment homes but homes first time buyers bought.
    Any debt forgiveness as such should come with very strict conditions e.g. that the government effectively own some of the house or something like that. Under no circumstances should the owners fair out better than renters and under no circumstances should the owners be allowed to make a profit on their home in the future.


  • #68
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    kevin99 wrote: »
    There should be a NAMAesque debt forgiveness for people who bought their homes during the boom. I'm not talking about investment homes but homes first time buyers bought.

    Diminishing personal responsibility and disregard of financial prudence are some of the main factors that contributed to the current state of Ireland.
    Further rewarding it will not solve one single problem.


  • #69
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    Dylanmc111 wrote: »
    I'm 24, on rent allowance cause I'm entitled to it for disability, my disability is that i'v had 2 open heart surgeries.

    I haven't stopped looking for a flat of decent standard for about 6 months now.
    I email landlords, ring them etc and they won't even consider rent allowance, its a pain:mad:

    i think that landlords stereotype people on rent allowance, and its not fair on people like myself that are trying their best to find a flat.

    The places out there for around 600euro are shocking. I go visit places that even priced at 700euro and I think there better of demolishing it and rebuilding, never mind letting a human living it.

    I personally think there chancers...
    And there are tens of thousands of brand new, empty properties being deliberately kept off the market by NAMA, the tax-payer owned banks, and the developers. :mad:


  • #70
    Amhran Nua
    Closed Accounts Posts: 4,124 ✭✭✭Amhran Nua


    gerryo777 wrote: »
    Do you think that you will be able to buy in Dublin for 50 or 60k???
    There's a Temple Bar flat for €80k here.


  • #71
    Omega28
    Registered Users Posts: 1,322 ✭✭✭Omega28


    Monty Burnz wrote: »
    And there are tens of thousands of brand new, empty properties being deliberately kept off the market by NAMA, the tax-payer owned banks, and the developers. :mad:

    I know! this is what really gets to me:mad:

    I'd love to find my own little place, its not like I'm looking for anythin special, just something comfortable.

    I'm sick of going to view tiny ****holes with huge rent.


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  • #72
    jmayo
    Registered Users Posts: 13,078 ✭✭✭✭jmayo


    OMD wrote: »
    This is the point I was making earlier. Supply of rental properties is not going up but demand is so prices will rise. 2 posters have now backed this up with personal experience. just for balance, since Christmas, how many people have had their rent reduced or have seen neighbouring properties drop their rents?

    I do think you are right that demand is close to supply in some areas.
    I know someone trying to rent house in north Wicklow and loads of properties disappeared just after new year.
    When they went to one house there were three or four couples viewing it.

    Now saying that, there are some properties that have been for rent for the last few months and they are getting no one becuase the rent being asked is ridiculous.
    You also find a fair few properties for rent that the owners couldn't sell.

    Now IMHO this is all short term because long term the market is going to change hugely.

    Things which have major bearing on property prices and rental market include:
    • Interest rates are going to increase.
    • Sooner or later the rent allowance scheme is going to be cut as spending will have to be cut.
    • Sooner or later the glut of property held back from the market by NAMA and banks not repossessing will have to be released and property prices will tumble.
    • Emigation and migration of foreign workers home.
    kevin99 wrote: »
    ....
    There should be a NAMAesque debt forgiveness for people who bought their homes during the boom. I'm not talking about investment homes but homes first time buyers bought.

    No no no and no again.
    Some of the so called FTBs were young singles or indeed young couples who just wanted to get a foot on the so called property ladder, the ladder to riches.
    They often were not even living in the properties, but living at home with mammy and daddy.
    They bought apartments, townhouses, etc in the believe that they could trade up in a few years.
    I do feel sorry for young couples with children who felt they needed to buy, but that is it.
    They could be accomodated with lower repayments for x number of years, but no debt forgiveness.

    Why should those who did not enter into the madness pay for the poor or unlucky decisions made by others.

    If you want to go down that road then should you not pay for my failed bets on the grand national or the hit I took on my pension which had invested in bank shares ?

    There should never have been any bailouts.
    The only banks that should have been in any way saved were AIB and BOI as they were truly systemic.


  • #73
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    The other thing that will effect it, is peoples salaries reducing, and unemployment increasing.


  • #74
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    jmayo wrote: »
    The only banks that should have been in any way saved were AIB and BOI as they were truly systemic.
    Even then, they should not have been 'saved' in a bailout sense, but basically those who lent them the money should have taken ownership, with the shareholders (of which I was one) totally wiped out. That would have meant that we still had banks, but it wouldn't have cost the taxpayer a penny.


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