Current public sentiment towards the housing market?

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With interest rates on savings improving all year, potential buyers might be encouraged to avoid a weakening property market and save more for a larger deposit instead.

Bank of Scotland (Ireland) now offering 4.5% on a regular savings account!
 
homeowner said:
From what the management company tell us we have to file a director's form (?) with CRO and he wont be listed on the next one we file. We have appointed two more people in place of him and his partner. He cant object, we have a majority and the complex is finished so he has no legal right to be on the board. No one voted him in and he didnt turn up to the AGM. The rules are the same for any Ltd company.
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Still, sounds expensive, and you'll have to pay for it out of your annual fee. Maybe the builder has made his money and now lives in Spain and couldn't be bothered with petty politics of residents' committees.
 
2Pack said:
No, the builder controls the income stream from the property management company as long as the last unit remains ' unsold' . This is a uniquely Irish problem may I add. :(
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Surely a builder would be better off concentrating on building rather than getting involved in property management? They will need to look after the area and chase people up for money, so would the income stream make it worthwhile (especially if you factor in the lost revenue from not selling units that could be sold)?

That said, there is little that could surprise me about the property market at this stage.
 
One auctioneer has resorted to "Price on Application" to hide reductions in asking price.

Original price was €760,000 which can be seen on google's cache of daft
Their own website shows two listings for the same house, one at POA and the other at €740,000

The house has been re-advertised on myhome as POA:
[broken link removed]=
 
whathome said:
With interest rates on savings improving all year, potential buyers might be encouraged to avoid a weakening property market and save more for a larger deposit instead.

Bank of Scotland (Ireland) now offering 4.5% on a regular savings account!
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Thats a bloody good rate and knocks northern rock out of the water!. Its even close to my staff special deposit rate of 5%.
 
whathome said:
One auctioneer has resorted to "Price on Application" to hide reductions in asking price.

Original price was €760,000 which can be seen on google's cache of daft
Their own website shows two listings for the same house, one at POA and the other at €740,000

The house has been re-advertised on myhome as POA:
[broken link removed]
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I think this is where the thread should concentrate on. What is the market saying. I know of a house across from me which still has no offers on it. It would have been snapped up earlier this year.
 
whathome said:
One auctioneer has resorted to "Price on Application" to hide reductions in asking price.

Original price was €760,000 which can be seen on google's cache of daft
Their own website shows two listings for the same house, one at POA and the other at €740,000
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That isnt necessarily a bad thing. If the house at 760K was well over that other houses have sold for in that area then it wont sell. It doesnt mean that prices are declining, maybe 740K is what the last house sold for, so for that road it isnt seen that there is a price decline.

I have gone sale agreed on my apartment and the estate agent put a very conservative asking price on it, considering what other apts in the area were asking for. I queried him about it and he said that it will find its own level in the market. If there is someone out there who wants it they will pay whatever they can to get it. Turns out he was right, it sold for 85K more than what he priced it at. He wasnt saying that the original price was wrong, he just thought that it was a good market price, but you cant account for someone really wanting it and pushing up the bidding.

A drop in an asking price, isnt necessarily a decline in prices for that area.
 
phoenix_n said:
I think this is where the thread should concentrate on. What is the market saying. I know of a house across from me which still has no offers on it. It would have been snapped up earlier this year.
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Is it an investors house or is it a PPR do you know? If it is the former it will be quite telling if they accept a bid below asking.

Austin Hughes was on Newstalk at lunchtime, he was not impressed by the IMF report!!!! He wasn't as bullish on property as he has been before. The interviewer gave him free reign to propagate his views though. He was too weak to take him on. The other person was from the Irish Homebuilders association (I think). Talk about a balanced discussion.............:D
 
homeowner said:
A drop in an asking price, isnt necessarily a decline in prices for that area.
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It's a relatively new phenomenon and certainly not a good sign for the health of the market. If houses were priced too high previously, the market used to catch up and take them out. Not happening anymore.
 
whathome said:
It's happening a lot lately but it's not easy to spot.
Here's another one showing asking price drop of €22,000
This did not happen last summer!

Original listing from google cache : €620,000


New Listing : €598,000
http://www.daft.ie/searchsale.daft?search=1&selected_agent=&id=81085&s%5Bagent_id%5D=196&s%5Bp%5D=rpxstvyu
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Funny thing is in the "Try financing this property with..." section. It had lower repayments at the 620,000 price. Interest rates are slowly starting to have an effect.
 
sandymount said:
Funny thing is in the "Try financing this property with..." section. It had lower repayments at the 620,000 price. Interest rates are slowly starting to have an effect.
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Yes but it not just the interest rates that is having an affect. Its the 'interest' in property speculation is waning. If a person can get 4.5% in bnk of scotland why risk returns of 3-4% on property when there is a risk to your original capital.

I'd love to know why real-estate agents are thinking(rather than saying). Property is their business and they know what the market sentiment is out there at the moment.
 
Do a myhome search on Monkstown or Ballsbridge. Notice all of the fabulous €1M + properties that failed at auction now wallowing in private treaty. Again - this did not happen last year.
 
whathome said:
It's a relatively new phenomenon and certainly not a good sign for the health of the market.
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An element of realism on the part of "investors" might be a fantastically healthy sign for the market but I await further developments with great interest. I doubt we've seen the last chapter in the great Irish property price explosion just yet.
 
Does anyone know what the predictions are for the rest of the year for property market? Have "they" said what the expected growth is for the last quarter?
 
I've been contacted by estate agents a couple of times over the past month. They were asking me if I was interested in viewing some properties. This didn't happen in May or June when I was activly ringing the EAs. Now this could just be due to the slow summer. It'll be interesting to see if I still get calls in September.
 
phoenix_n said:
Yes but it not just the interest rates that is having an affect. Its the 'interest' in property speculation is waning. If a person can get 4.5% in bnk of scotland why risk returns of 3-4% on property when there is a risk to your original capital.

I'd love to know why real-estate agents are thinking(rather than saying). Property is their business and they know what the market sentiment is out there at the moment.
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Herd mentality.
 
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