Current public sentiment towards the housing market?

Status
Not open for further replies.

The problem is that we are (some believe) in a bubble, so whether an area is nice or has infrastructural improvements coming down the road is irrelevent, because house prices are hugely overvalued. E.g. if you have a car worth 10k and someone offers to buy it for 20k. If that other buyer adds fancy new wheels to the car which will add 1k in value to it, is it now worth 21k or 11k?

Personally I think the "I had to buy because otherwise I'd never be able to" was naive reasoning and may prove costly - sorry. If you are happy to live there for 10 years and can afford the mortgage you can ride out anything that may (or may not) happen, but I wouldn't assume that increases in your own house price will enable you to buy the bigger place.
 
BEN 10:

Just because a few shops and a tram line will coming knocking your way by 2010 at the earliest doesnt' mean that your apartment will be still worth 500k. Thats assuming it was worth 500k when you bought it !!
 
ben10 said:
I have bought an appartment in what seems to be Dublin’s new mass development area of carrickmines, paying almost 500,000 for a large 2 bed apt (900 sqft, with excellent views).
Click to expand...
ben10 said:

but surely areas such as this & possibly newbridge where infrastructure is increasing along with property development, house prices should at least keep their value.
Click to expand...


Nowhere will necessarily 'keep their value'. But as far as I'm concerned, the most NB aspect of the purchase is the location. If you buy in your preferred location then you should be ok.
If prices fall a small amount, your desired trade-up property will be similarly affected and it still might be feasible for you to move in 5 years;
if prices crash and you face neg equity at least you're living in your preferred area;
if prices keep rising at least your current property keeps pace (in % terms) with your desired property - you just have to hope your wage inflation makes up the difference!

As for Newbridge - isn't that where everyone is up in arms about the lack of schools?
 

I personally think Carrickmines is a great area. It's still an apartment in the suburbs, but the fact that it's in Carrickmines means it will probably ride the storm better than one in say, Adamstown or Clonsilla. There are good buys and bad buys no matter what stage of the market cycle you buy in, and I reckon an apartment in Carrickmines for 500k would be on the upper end of the good-buy/bad-buy spectrum. Mind you, I haven't seen the apartment, this is just my quick opinion.

But if you've come here looking for reassurance, I think you should probably close your eyes as you're in the wrong place!
 
So fecking what...they're the most up to date figures available. Figures, fact, concrete, not the speculation we are engaged in.
To be fair CelloPoint, I think the shoeshine comment wasn't meant to be offensive. Both are good yardsticks for "the word on the street"
 
CelloPoint said:
Hey! Taxi drivers are not akin to shoe-shine boys! I'll bet your average driver makes more money than your average professional multi-national worker.
Click to expand...

I think ajpale was referring to the JFK's father (grandfather?) who sold his shares before the 1929 crash. His argument was that once the shoe-shine boys were giving out stock tips the boom was over....
 

You're mistaking value and price.

Infrastructure adds value to your property, but only relative to the rest of the market.
 

Yes but those "figures, fact, concrete" are 3/4 months old when things were just starting to slow!

I dont think the many examples seen here of price drops is speculation. Its FACT!!
 
It is slightly worrying when a taxi man starts telling you about his 1 Bed in Alicante which "washes its face"
 
On the one hand we have actual data...on the other we have anecdotes, speculation and our own disparate views.
 
Andy Doof said:
On the one hand we have actual data...on the other we have anecdotes, speculation and our own disparate views.
Click to expand...

Ironic, considering the vested interests tried to justify that data by excluding auction results.

Anyway, I'm sure the point about this data being 3/4 months old was to counteract your assertion that nobody buys in the run-up to Christmas.
 
Which suggests that judging the overall situation on what's happening in the mouth of Christmas isn't prudent...
 
conor_mc said:
Anyway, I'm sure the point about this data being 3/4 months old was to counteract your assertion that nobody buys in the run-up to Christmas.
Click to expand...
I'm a bit confused as to when people are supposed to buy. Nobody buys over the Summer, nobody buys when approaching the budget, nobody buys in the runup to Christmas.
 
Brick workers facing 'temporary' lay-off

http://www.unison.ie/stories.php3?ca=9&si=1711864&issue_id=14803

"Workers at one of the largest brick makers in the country have been told that production at the plant will cease for at least two months as supply has exceeded demand."

"Workers were informed earlier this week that production at the plant will come to a halt at the end of December due to a downturn in sales and over-stocking of the factory yard."

Estate agents are twiddling their thumbs, brick makers are getting laid off, enough said.
 
ben10 said:
My question here is do other posters think I would be able to sustain my 500, 000 should the bubble burst
Click to expand...

My own opinion (and of course I could be way wrong, just like all the other bears) is that if a capital and interest 25-year mortgage on your apartment is roughly equivalent to the rental cost, then you're safe. If not, I believe it's value will drop until it's affordable by the above criteria.
 
Lol...good point. Christmas would be the only real no-no for me. I'd happily buy in the Summer, long evenings and good weather to move stuff/paint etc
 
Why do you think that Soma?
Makes sense when talking about investors but not homeowners
 
Thanks for the input, you have confirmed what i have already been thinking. But i am still optimistic about not loosing equity (otherwise i'd go mad). But i have resigned myself to not getting the pay day that i would have expected had i bought the place 3-4 years ago. I would be happy to stay here for many years to come, just hope i dont have triplets any time soon (maybe when the ECB increase rates again!)
I realise that a few shops & a tram line will not add hundreds of thousands but hopefully it will mean i will be able to sell quicker than most if need be!
 

Nothing surprises me anymore. And another crack becomes visible - how can we patch this one up? Some poor hack is probably already busy trying to gloss over this news snippet.
 
Status
Not open for further replies.
Menu
Log in
Register