Current public sentiment towards the housing market?

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Calina said:
Oh Marie, I totally agree with you. Along with the handy tenant friendly legislation and decent security of tenure of course, I really do feel that 380E to live on my own in the centre of Frankfurt is a far better deal than oh 1100E to live on my own in the centre of Dublin.
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If ya read the blurb on that frankfurt studio, it seems to be on the motorway belt around frankfurt, although I concede that it is only 15mins by train to the city centre.

The rent talk is futile as many a survey have shown that rents in Dublin are in fact very average for European cities.

"Compared with a two bed ex-Corpo in West Dublin at an asking rent of Euro800 p.m. per person."

Where is this advertised?? Unlikely that this will be rented, as its not hard to rent whole houses for €1,100 in decent areas. Most guys in work seem to pay about €500 to share spanky new apartments in Dublin, not by any stretch expensive.

Anyway, this is way off topic...
 
BedSit said:
Looks like the boys from DAFT (the Fallon brothers) are monitoring this site. One criteria I used to use to look at price drops was to change the max price to 100K. Up till a few days ago this used to return in the region of 2300 hits with most of these quoting "Price on Application". This figure has now dropped to about 700.
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Well done for spotting it. I concurr that it is no coincidence that stats are changing so abruptly. Those boys are smart - they didn't win all those awards for nothing you know! Fair play to them all the same. In business there are no morals - if you don't bend the play, then someone will do it for you! I would also say that they've increased the turnover of properties on the site - the effects of this would be two-fold: i) the property market looks stable as there are only ever about 18,000 properties for sale nationally and ii) desperate sellers pay more often for an advert that stays on the site for a shorter period of time. <cue cash register sound>. Of course this is all suspicion on my part (I'm very suspicious). Anybody got any first hand experience/evidence to suggest that there is a shorter advertising period on daft, compared to say 6 months ago?

BedSit said:
Also I wonder if they will now try and offload the site to some mug especially after being featured in the Herald last night. Methinks its too late, but good luck to them if they can ...
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Who would buy them out? Funda maybe? IMO, daft looks to be a good business model in that it doesn't really matter how much the houses cost because it's a flat-rate fee unrelated to the house price (unlike rival estate agencies who must have swanky offices and glossy brochures). All daft need is an active market to maintain profitability. And besides, people are dying all the time, estates get broken up and (recently) people are forced in to selling (divorces/friends/families/girlfriends/boyfriends with property ventures going sour).
 
plaudit said:
The immigrants will arrive with no work available so they will have to leave again.
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IMO the immigrants will stay and if times are tough expensive irish workers will be let go and these guys hired for minimum wages. For the immigrants minimum wages will be enough however for irish people 400 euros a week does not leave alot left over for jumbo mortgages.

As a irish skilled tradesman in London pointed out to me there will be a lot less well paid jobs in the Olympics for ex Irish construction workers as London is overloaded with eastern europeans who work for £300 to £400 a 6 day week. Historically the Irish had less competition for this work in Uk but the EU accession has changed that. The historical safety valve is not generous as it was.
 
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madisona said:
Originally Posted by paddyd http://www.askaboutmoney.com/showthread.php?p=284006#post284006
I've yet to see evidence of a price drop on a 3-bed semi.




I think that he was referring to a price reduction from that that was attained from a comparable property and not a drop in asking price.
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That would be easy to do in e.g. UK, US and Canada where there is more openness in their property markets.

In Ireland, information on actual sales price has been put beyond the freedom of information act and so is concealed from the public.

Very convenient, eh?
 
CelloPoint said:
IMO, daft looks to be a good business model in that it doesn't really matter how much the houses cost because it's a flat-rate fee unrelated to the house price (unlike rival estate agencies who must have swanky offices and glossy brochures). All daft need is an active market to maintain profitability. And besides, people are dying all the time, estates get broken up and (recently) people are forced in to selling (divorces/friends/families/girlfriends/boyfriends with property ventures going sour).
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In fact, these guys could make a very decent profit out of a crash. A ramp up in inventory is great for them. They care not a whit whether the house gets sold or for how much.
 
JayDub said:
If anybody has been to Mullingar take a drive through Belvedere Hills, nice 4 bedroom semi detached houses, under €315,000. The problem is half of the housing estate remains unsold, the houses are 100% ready to move in but there no takers. I drove though last week and there must be over 20 occupied houses with FOR SALE signs.
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Pictures would be very telling indeed...
 
mollser said:
If ya read the blurb on that frankfurt studio, it seems to be on the motorway belt around frankfurt, although I concede that it is only 15mins by train to the city centre.

The rent talk is futile as many a survey have shown that rents in Dublin are in fact very average for European cities.

"Compared with a two bed ex-Corpo in West Dublin at an asking rent of Euro800 p.m. per person."

Where is this advertised?? Unlikely that this will be rented, as its not hard to rent whole houses for €1,100 in decent areas. Most guys in work seem to pay about €500 to share spanky new apartments in Dublin, not by any stretch expensive.

Anyway, this is way off topic...
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Rents ARE cheap in Dublin, that is, relative to incomes (which are high by international standards) and especially relative to property prices.

While on the anecdotes I'll add my own. In Vancouver today you can expect to pay at the low-end $650/mth for a reasonable unfurnished 1-bed apt. in a decent area, close to downtown. That's €458/mth. And of course renting is totally different experience there. Rental units are a real business in Canada with whole blocks run by stock market listed management companies, strong tenant laws and life-long tenants who can paint their walls and have pets etc.
 
On the benefits (or not) for the Daft.ie team in the event of a change in buyer sentiment:

A sales crash would probably be great for them as it would drive up rental demand.

In London post-1991, there was a very healthy 5-6 year period of rental demand following the crash because "you'd be mad to buy" was the general viewpoint of many FTB's.

Of course, there was a very, very small BTL market then so most properties for rent were offered by long-term professional landlords who were making profits on their income from their property rather than relying on capital appreciation.
 
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conor_mc said:
In fact, these guys could make a very decent profit out of a crash. A ramp up in inventory is great for them. They care not a whit whether the house gets sold or for how much.
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They are a young startup company and having seen Myhome.ie sell for 50m they would surely love to get a slice of that action instead off having to live of the small peanuts that they would get from rental ads for the rest of their lives.
 
Marie said:
It's all relative I agree! Compared with a two bed ex-Corpo in West Dublin 'furnished' with Argos flat-packs, 'boasting' (!) a court-yard-style garden (translate - space for a rotary clothes-line) at an asking rent of Euro800 p.m. per person a spacious contemporary fully-tiled studio apartment with underfloor heating in the centre of Frankfurt for Euro 380 seems to me the better deal!........but I may be over-endowed by experience of life and standards in other countries.
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€380 for a 500sq ft studio flat in Frankfurt.

€750 for a (what looks smaller) studio in Dublin.

http://www.daft.ie/searchrental.daft?search=rental&id=420054

I like that studio in Dublin, you fall out of bed and are in the kitchen, perfect if you have an attack of the midnight munchies. :D
 
Bedsit said:
They are a young startup company and having seen Myhome.ie sell for 50m they would surely love to get a slice of that action instead off having to live of the small peanuts that they would get from rental ads for the rest of their lives.
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True, wasn't really commenting on the pros and cons of selling up. Just that they're probably one of the only property-related businesses I can think of that would do well out of a crash.
 
ncs said:
Where exactly is the "Spacious Living Area" ??? Outside, I assume.
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But I suppose you wouldn't have to spend too much time looking for the 'Spacious Living Area' with the flat being that small and such. Check out the photo of the loo, no toilet seat cover and a pad missing from the toilet seat, classy.
:rolleyes:
 
"The elasticity of the supply money means that interest rate increases will continue to have little impact on the Irish property market..."

Bulls, you are missing out on some superb reasoning from the [highlight]HOK[/highlight] property review (todays IT) as to why this bull run will continue for the forseeable future...

Attention Walk2Dewater, HOK reckon that there is a [highlight]maximum[/highlight] of 4 interest rate hikes to go, "worst case" and that so far there has been no impact from the increase in rates on the housing market here.

Therefore we have nothing to worry about... :rolleyes:

Not a cautionary note in there anyway. There are many more fantasticly positive arguments in their review... :cool:
 
mollser said:
Bulls, you are missing out on some superb reasoning from the [highlight]HOK[/highlight] property review (todays IT) as to why this bull run will continue for the forseeable future...
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Turkey's don't vote for christmas !
 
Duplex said:
€380 for a 500sq ft studio flat in Frankfurt.

€750 for a (what looks smaller) studio in Dublin.

http://www.daft.ie/searchrental.daft?search=rental&id=420054

I like that studio in Dublin, you fall out of bed and are in the kitchen, perfect if you have an attack of the midnight munchies. :D
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Think the rent is a bit cheeky for a bedsit, I easily found a 1 bed apt last year for 850/month in Beaumont. It looks like rents have gone up by about 100euro since then however. But I pity anyone who pays 750euro for that place...
 
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A severe shortage of family homes according to HOK?. Very glossy publication with the obligatory photograph of a group of agents quaffing champers.
 
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