‘Property prices are only going in one direction’ – surge in market as panic buying takes hold
https://www.independent.ie/business/personal-finance/property-prices-are-only-going-in-one-direction-surge-in-market-as-panic-buying-takes-hold/a1304986392.html
Posted by LucyVialli
26 Comments
At some point news websites should just have a permanent section that says “supply and demand still exists”.
And yet the Irish are getting ready to give FFGG another few years to make this even worse. We deserve every single bit of this mess
Who’s panic buying property?
This is great news for the majority of the electorate.
With the upcoming rate cuts from ECB, people will be able to borrow more again so you can be sure that will increase house prices.
The independent has turned into such a rag
Such a load of shit. Literally media helping to inflate the market.
Honestly it is just like 2006 all over again. Property supplements in the Sunday Newspapers. Over hyped market, news of property market only going in one direction etc. I never thought we’d be back here again.
Its a long drawn out process getting mortgage approval and offers accepted so theres no average joes panic buying in the real sense.
Deciding to buy 4 years ago when we were 28, whilst people around us were calling us daft to be buying at that price, feels pretty good right around now.
But but I thought the people around the world investing in Irish housing were wrong about their investments only increasing in value and revenue
Could it be that the people in power don’t view the housing crisis as a crisis?
This was said in 2008 as every jumped on the ladder and was convinced no way there could be a recession.
Crash is coming. Its inevitable.
I think after a boomy start in Cork there are murmurings things have slowed down on viewings and bids. Doesnt mean declines but some of froth and panic buying hopefully stops.
Inflation expectation is killer. If people think house prices will rise 10% then theyll bid up now as itll be worse in year. Need to get to 2% pa levels so theres not this rush to buy
Oh the crash will be glorious to behold…
Holding till the floor collapses on house prices, then will get one for the price of bag of crisp. It’s imminent.
Around 2004 headlines like this started appearing, people panicked and bought apartments in Bulgaria etc ‘just to get their foot on the ladder ‘.
I really hope those borrowing at 4x salary with a car on Finance and kids in a Creche are more robust financially than people were back then.
The only thing that will change this is a drastic increase in supply, or the market hits a brick wall. The only other outcome is there’s a major bust after the boom and a sharp correction at some point.
It can’t just keep rising as you hit a level where it’s just not being economically sustainable and Ireland starts to become too expensive to attract investment.
Ireland also can’t just inflate its way out of this as the Euro will remain very stable, regardless of what happens in our housing bubble.
We aren’t really looking at radical solutions to increase supply and this far from just a normal bit of a housing surge.
“Check out this hidden gem in the leafy Dublin suburb of Coolock for a mere 650k.”
The state needs to decouple homes from profit. End the housing market once and for all.
Viewed a place on Tuesday evening at 5.30pm, asking price was €450K, got a call the following morning from the estate agent asking if I had any questions about the viewing…..that and oh yeah, they had an offer for €505K the morning after
Market is just completely out of control where desperation for housing just has people throwing money at them.
It’s pretty tough going out there looking for somewhere to live and feels like it’s one step forward, two steps back alot of the time
So glad I bought a house now two years ago. We got a great deal as the seller wanted it gone and it’s worth about €200k more than we paid.
Let’s do this baby!
Unexpected, unpredictable no trends to be seen. Nothing could have been done, could thing it’s already been done. Carry on, not a problem, who even needs houses we’ll sort it out by the 1940s for sure
I get give or take, it works out at about with expenses 140,000 a year and I pay 30.3% tax on that, so it’s about a net 100,000 and out of that 100,000 I run a home in Dublin, Castlebar and Brussels. I wanna tell you something, try it sometime…
I live at home with my mother and it’s working out fine for us!
I’ll hold off for a while!
Just panic bought. Grim stuff.