Current public sentiment towards the housing market?

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CelloPoint said:
Especially when you read all about it in a publication like the Sunday Independent.
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Absolutely horrible newspaper, an editorial type peice yesterday wrote about how not allowing those two Asian lads on the plane in Spain was acceptable given the actions of their compatriots.
 
Have been a long time lurker here on this site and am very curious about this topic.
One thing I noticed the last time I was down the country, at a house party, was the amount of young guys and gals, <25, driving new BMW's and GTI's, living in 3 bed semi D's, with powerboats and jetskis in the drive. One particular house in this estate, in a prosperous provincial town, had a TV that took up the entire bay window of the house.

Now what has me scratching the head is just how these things are financed. All of these people have become home owners in the past few years and they are quite open about saying these big ticket items have been purchased with equity release. The people in question earn reasonable money, but certainly a lot less than other friends of mine who are unable to change the car or take a trip or whatever.

Just how widespread is this 'free money' throughout the country and surely it is unsustainable?
 
That house on clare road would'nt be among the first to fall in value, its a red brick period property not a FTB property, theres still enough people able and willing to buy these types of properties at inflated prices as there arent too many of them around,in saying that i do expect nearly all properties to be hit at some stage in a correction except for the maybe the most exclusive properties in certain parts of the city.
 
A very tongue and cheek article from today's Irish Independent. Unfortunately they do not have a link to it as yet.

Side Line (Pg 25)

Our increasingly unhealthy obsession with property has now reached the point where we can identify Ireland’s number one internet porn site as MyHome.ie.

In home and office across the country, guilty types are snatching furtive moments online, fantasizing over five-bed semis in Malahide or looking for hot n’motivated sellers who are ready and willing to go all the way.

They’re unhappy with their jaded old home of ten years, the thrill has gone and they crave the raw excitement of that wild rollercoaster ride to emotional fulfillment or negative equity.

Frustrated wives are wondering why their husbands no longer seem to be interested in coming to bed at the end of a long day.

“Er – I’ll be with you in just a moment darling, I’ve just got to check something out online”.

While she listlessly leafs through some chick-lit, he’s getting something that she could never give him from an exotic online property agency with a new golf development in the Algarve.

And then she wonders why, in the rare moments of passion, he now calls out “Valderama!”, picturing the handsome latin features of Seve Ballesteros as he buys him a whiskey at the 19th hole.

Of course, some will soon tire of the soft-core property scene and start looking for the harder stuff.

Luckily for these deviants, there is no shortage of estate agents out there who are only too willing to punish and humiliate them for a hefty fee.

But it is a sad and pathetic life to lead. Constantly obsessing about the next property thrill, the next sexy Sunday supplement enthusiastically telling you just how much your home is now worth.

And in the end, when you are left hollow-eyed and spend with nothing to show for your obsession other than monthly repayments that would bankrupt a medium-sized African dictatorship, where do you go?

It seems strange, but we may soon long for those days when healthy young Irish men and women were obsessed with the traditional pastimes of sex and shopping.
 

Would tend to agree. They will fall slightly but family orientated red-brick terraces (as opposed to 2 up 2 down) within walking distance of the city will remain popular. Its the half a million euros 2 bed apts not within walking distance that will get hit first and hit hard aswell.
 
On the Sunday Independent..

The tabloids are where failed journos work.
The Sindo is where failed tabloid journos work.
 

Would tend to disagree. I have seen very little in the way of price drops in FTB properties. Seems to be non-FTB properties that have been hit first - redbricks included. I've searched for evidence of price drops in FTB properties and can find very few but lots of non-FTB price drops.

Many higher-end properties were purchased in the spring with large IO mortgages. There were several reports in the media about a large number of IO mortgages for 1M plus. It takes a lot of confidence in rising prices to do this.

http://www.unison.ie/business/personalfinance/stories.php?ca=259&si=1649768

"The figures also show a sharp rise in the numbers of people taking out €1m-plus mortgages. In the first three months of this year, there was a quadrupling in the number of €1m-plus mortgages"

All properties will be hit in the end anyway - a falling tide lowers all boats but it looks like the trade-up market is being hit first with falling asking prices from what I'm seeing.
 


On perversion:

Perverse is the only word to describe the kind of money that is being made by banks and developers off the back of young, hardworking and honest people (many of whom just want for a modest existence - i.e. a home and a family).

Having said this, the pornography users (those in the game for greed-driven speculative reasons), deserve to be found out. Pornography is not just a passive thing - real people are affected by it.
 
CelloPoint said:
On perversion:

Perverse is the only word to describe the kind of money that is being made by banks and developers off the back of young, hardworking and honest people (many of whom just want for a modest existence - i.e. a home and a family).
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Correct me if I'm wrong....but weren't you one of the ones calling them saps a little while ago??
 

Perhaps but the way i view it is that the money at the top end is holding out and just being conservative. Its , if you like, a soft landing at the middle/top end. The real crash happens to those boats that cant weather the storm.
 
How much of a shock would a bursting property bubble be to the Plain People of Ireland? I know the banks and insiders are aware of the likely outcome that seems to be fast approaching, but how will the man/woman on the street react when the balloon goes up? My guess is that scape goats will be hunted down, herded up and ritually slaughtered to satisfy the Gods of avarice and stupidity.
 
Somebody made the point in earlier about General Elections and the market. I reckon this can be your shortterm guide to the market! If Bertie calls one before the end of the term, you know there is trouble ahead. If he calls it in October then things are really bad, he may hold off until Feb/Mar hoping the the general populace don't get wind of this thread, that way he has the chance to give away a bit in the budget and maybe take some sting out of the ECB rises.
 
CelloPoint said:
I do feel sorry for the poor saps.
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With all due respect it can be said that anyone that did not amass a tidy fortune if they had the means to enter the property market in the last 6 years, could also rightly be called a sap.
 
phoenix_n said:
With all due respect it can be said that anyone that did not amass a tidy fortune if they had the means to enter the property market in the last 6 years, could also rightly be called a sap.
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It always amazes me when people mistake 200k of equity locked up in bricks & mortar, with 200k in the bank.
 
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