Current public sentiment towards the housing market?

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Bedsit said:
True, but this discussion has a bearing on the overall market. The bottom line being that most of these Non-EU nationals will not want to go back to their countries of origin. They are here to stay and are buying houses in large numbers. However once things go pear shaped (as most of us think they will) we will have a problem on our hands.
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Thats not the bottom line as I see it. In fact I see the exact opposite. :D
 
Thanks for the feedback phoenix_n - so the 750k would have been a realistic May price - it will therefore be intertesting to see how things develop on that one...

As I stated in a previous post I'm keeping tabs on a local commuter village development that I have a unique perspective on and I'm also keeping tabs on a house in the North of the city.. Between my few observations in the coming weeks and your input and if a handful of other people put in some realistic facts, we could start developing a bit of a genuine sentiment...
 
whathome said:
Government measures to squeeze out speculation...?

RTE TV news at 1 interviewed Noel Ahern today - he said that he would be working with Dept of Finance on introducing measures to "squeeze out speculators", emphasised that property should be for genuine buyers not just people trying to profit on a growing market.

I think this is well overdue - should allow genuine first time buyers to have a better chance of buying new builds.
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Absolutely incredible, talk about closing the stable door after the hourse has bolted!

I could actually foresee such a measure instigating volatility in the property market. E.g, if the property market goes into decline, a tax is introduced on speculators which will cause them to exist the market en masse. Then, a flood of rental properties will come onto the market, combined with record completion levels this year. Hundreds of thousands of houses with desperate sellers, thus causing a house price crash.
 
whathome said:
There are a few posters on this thread that go on-and-on-and-on with a private mini-discussion - why don't you PM each other?
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Name of discussion: Current public sentiment towards the housing market?

Topic being discussed: The sentiment of members of the public who also happen to be foreigners, and the impact of said sentiment on the housing market.
 
tententwenty said:
Name of discussion: Current public sentiment towards the housing market?

Topic being discussed: The sentiment of members of the public who also happen to be foreigners, and the impact of said sentiment on the housing market.
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Point proven :) you're at it again!
 
delboy159 said:
Thanks for the feedback phoenix_n - so the 750k would have been a realistic May price - it will therefore be intertesting to see how things develop on that one...

As I stated in a previous post I'm keeping tabs on a local commuter village development that I have a unique perspective on and I'm also keeping tabs on a house in the North of the city.. Between my few observations in the coming weeks and your input and if a handful of other people put in some realistic facts, we could start developing a bit of a genuine sentiment...
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I noticed a second round price drop for the first time today. 4 bed semi in Raheny. Original price 850k in May, reduced to 820k in July, reduced to 790k this week. 850 was a silly season price but a 60k drop is pretty severe IMO.
 
Persius said:
Honestly I think the demographics will result in static prices (on average) in nominal terms over the next 10 or so years. I do think prices will fall somewhat in less desirable areas. And I think they could still rise somewhat in prime areas.
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This is pretty much my feeling on how things will go. It still makes buying a house now a spectacularly bad investment.
 
whathome said:
I noticed a second round price drop for the first time today. 4 bed semi in Raheny. Original price 850k in May, reduced to 820k in July, reduced to 790k this week. 850 was a silly season price but a 60k drop is pretty severe IMO.
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7% drop in asking price. Thats the kind of figures i am getting aswell.
 
punt in an offer of €730k , if the EA actually TALKS to you and engages you then its a sign that they consider a buyer at €790k is a dream.

If the EA ignores you (and they should :D ) its a sign they are confident of the €790k price and that its correctly priced.
 
whathome said:
I noticed a second round price drop for the first time today. 4 bed semi in Raheny. Original price 850k in May, reduced to 820k in July, reduced to 790k this week. 850 was a silly season price but a 60k drop is pretty severe IMO.
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Suppose they entertained an offer of 750K. Thats 40K short of current asking price. Not too unreasonable.

But thats 100K less than the original asking price.
 
Too late for anti speculator laws at this stage in cycle, when the market corrects then that is the time to set up a new well regulated housing and rental market. The market will begin to correct to fundamentals at some stage and im betting its within 16 months max.
 
you can bring in one aspect today, stamp duty increments of 0.1% instead of full percents.
 
bearishbull said:
Too late for anti speculator laws at this stage in cycle, when the market corrects then that is the time to set up a new well regulated housing and rental market. The market will begin to correct to fundamentals at some stage and im betting its within 16 months max.
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Will this change that the dept will introduce on the urgings of Noel Ahern (though I am dubious whether it will transpire) not cause a further weakening of sentiment among builders who fearing that there won't be as many buyers for the new apartment blocks start to price them accordingly (i.e. cheaper) thus causing a knock on effect among other property classes?

Can any of these changes be made retrospective whereby houses which have already being built but are unoccupied be subject to the same punitive conditions to new builds?
 
I really miss David McWilliams's commentry (www.davidmcwilliams.ie). It will be interesting to see what he has to say on return from his holidays!

I emailed him and told him about this thread - no response :( I'm behaving like a teenage groupie I know!
 
beattie said:
Will this change that the dept will introduce on the urgings of Noel Ahern (though I am dubious whether it will transpire) not cause a further weakening of sentiment among builders who fearing that there won't be as many buyers for the new apartment blocks start to price them accordingly (i.e. cheaper) thus causing a knock on effect among other property classes?

Can any of these changes be made retrospective whereby houses which have already being built but are unoccupied be subject to the same punitive conditions to new builds?
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What institute educated you, mate?
 
Raskolnikov said:
Completely ludicrous statement.
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Ah yes, you are correct, the average wage is actually €40 a week. I was thinking about the 26% of the country below the poverty line of €9 a week. Still compares very poorly to minimum wage in Ireland, however. And underscores my point that a few years in any sort of a job in Ireland could set you up for life in India, meaning they would be more likely to move home than stay here and slave in their minimum wage job, and similar for most immigrants.

Hence no effect on the housing market.

Edit: I just checked that, and as insane as it may sound, the poverty level for India in 2004 was 540 rupees a MONTH, not per week. So thats about two or three quid a week. Yikes.
 
We only have to look across the water and see how many of the people who came there in the 60s and 70s went back. Todays report clearly states that a lot of non-EU nationals have bought property over the past number of years. The problem will be that if the market falls, they might be left holding an asset which is less than what they paid for, or they may not be able to sell at all if it is in commuterland etc.


tententwenty said:
Ah yes, you are correct, the average wage is actually €40 a week. I was thinking about the 26% of the country below the poverty line of €9 a week. Still compares very poorly to minimum wage in Ireland, however. And underscores my point that a few years in any sort of a job in Ireland could set you up for life in India, meaning they would be more likely to move home than stay here and slave in their minimum wage job, and similar for most immigrants.

Hence no effect on the housing market.
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