Current public sentiment towards the housing market?

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Rent is quite reasonable. Its a vicious circle. Low interest rates mean larger loans for people earning less, enabling higher house prices (indeed the only thing that does, unless someone found an oil well suddenly in every home in the country), which speculators pay in the hope of capital appreciation and in the process artificially reducing supply, which builders take as licence to vastly increase construction output. Rinse, repeat.

The upshot of which is that a lot of average young families become roadkill when interest rates rise, not to mention over extended speculators. One of these groups I'll be sad for, the other I'll be laughing at.

Stop me if I'm going too fast for you.
 

From another thread (selling house in Dublin).
Signs of change in sentiment?
 
To the person who asked would I be happy if the property market crashed...

Tough question.
Instinct makes me reply with YES, as...
- would be able to get a better quality place for less money (I know this is a point that can be argued, but don't have the steam this evening to back this assertion up)
- government and developers etc. may rethink building strategies (area, size etc) and it should lead to more desireable newbuilds - not lego land)
- hopefully it won't be the norm to have to borrow/take money off parents to buy a place (i really hate the idea of that)
- specuvestors with bad attitudes and smug mugs will take a hit (probably shouldn't feel this way - but can't help it - bitterness eh? )
- normality will return and people will buy places to live in, or investors with means will buy adequate homes to rent out longterm

My head makes me think a crash will really hurt everyone in the country
- unemployment
- social welfare mess
- higher taxes
- hand-wringing
- blame game
- less well-off

Let's wait n see
 

You'll find this report from The Federal Reserve interesting;

http://www.federalreserve.gov/pubs/ifdp/2005/841/ifdp841.pdf
 
I think alot hinges on how many 20-35yr olds are doing cruel commutes to Dublin, in a situation where both need to be working to support themselves. I know plenty in a situation where they could never afford it if one was out of work. I wonder what % these people are. I can only speak about who I know and many consider moving abroad

What is the typical first time buyer and what is their typical purchase etc etc
 

I don't know the % either but I can tell you this, Some of these young couples have already snapped, couldn't take the commuting to dublin hell any longer.

I know of two couples who have acquired visas in the last 2 years and have sold their residences in the midlands areas and upped sticks, brought their kids with them & all. One couple went to canada, the other went to Oz respectively.

Neither of them regret it in the slightest, say that the quality of life and affordability far outstrips any benefits of being home.

It may be only a trickle now, but it may turn into a flood the at the rate the country is going at the moment with rising costs, interest rates, affordability, etc. What makes me laugh is the way that some of the bulls think that young couples are going to put up with this s**t no matter what happens in the future, and that we've nowhere to go, they've got to be completely deluding themselves.

Anyway thats my 2 cents, feel free to savage what I've said.
 
Banking fears wipe €700m off index

The fall was attributed to a Credit Suisse report on Irish financial institutions...

[broken link removed]

"It also warned the level of bad debt in Irish banks could double in the near term as rising interest rates hit overstretched borrowers"
 

I said this 4 months ago on another thread and i was laughed out of the place.If the over 50's think the 20's/30's educated age group are going to turn themselves in financial slaves to keep them in the lives they've become accustomed to their deluding themselves.I know lads already applying for australia.
 
finfacts:
The Irish Times also reports that petrol prices in the Republic should be much lower than they are, with retailers too slow in passing on reductions to consumers, according to a new economic analysis.
Click to expand...

and what about house prices Irish Times ??
 
Phibsboro terrace price decreased from to [broken link removed]

And all the kings horses and all the kings men.....
 
Anecdotal I know.. but there are currently 50 (fifty) properties for sale in Ranelagh on www.myhome.ie - anyone who knows Ranelagh knows it's not exactly a large area.
 
nice one phoenix_n - good find. saying that, it does need a lot work and just over 500 sqft for a 2 bed is a serious squeeze. Realistically if I saw that house drop from 425 to 395 I'd be thinking the max I'd go is 380k....

I might be wrong on my area - I don't live quiet as close to town, but you could get 2 bed mid terrace for under 450k in Drumcondra (a mile or so furher up the road) - bigger than that one and in better condition....

Would you have felt that the 425k was a new price level, because I feel there is better value in the D3 or D9 (possible D7 area - but I don't know it that well)?

Still in the crazy April someone might have paid over 400k for that!
 
delboy159 said:
nice one phoenix_n - good find. saying that, it does need a lot work and just over 500 sqft for a 2 bed is a serious squeeze. Realistically if I saw that house drop from 425 to 395 I'd be thinking the max I'd go is 380k....
Click to expand...

380K. You'd be mad. Seriously!
soma said:
Anecdotal I know.. but there are currently 50 (fifty) properties for sale in Ranelagh on www.myhome.ie - anyone who knows Ranelagh knows it's not exactly a large area.
Click to expand...

Phibsboro now lists 5 pages on myhome. Never remember seeing that many before either.
 
I'm not saying I'd pay 380k - but anyone looking would easily smell blood at 395k - so really 395k is automatically no better than 380k... If it stays at 380k for 6 to 8 weeks 360k or 350k is then on the table.....

Would be a fascinating property to watch...
 
delboy159 said:
nice one phoenix_n - good find. saying that, it does need a lot work and just over 500 sqft for a 2 bed is a serious squeeze. Realistically if I saw that house drop from 425 to 395 I'd be thinking the max I'd go is 380k....
Click to expand...
I think you'd be insane to pay that much. Just to put this in perspective, price per square foot in Manhattan was $970 per square foot last year, which is €763 per square foot at current exchange rates. €380,000 for your 500 square feet comes in at €760 per square foot.

Thats right, the prices in Dublin are as high as the most exclusive areas in New Yawk, New Yawk.
 
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