Not outrageously expensive. Maybe a bit to come off, but not much I don’t think.
I can’t see myself ever earning enough money to afford that. Chomp, any chance you could start a topic on one of the other boards explaining how you work this stuff out?
In general as opposed to just about this one.
And reveal to the world that I pull it out of my ass? No chance mate.
Is it just your gut feeling then? If so, that’s ok. I was just wondering how you are putting value on these places.
Well, gut feeling, anecdotes etc are important.
But far more important are yield and the income of potential buyers. Especially the latter - when an unspectacular quayside apartment costs €500,000, that is the guts of 10 times an average Dublin salary. It is 5 times a €100,000 salary. For decades and decdes people on this kind of salary could afford a property commenserate with an above average salary. But for some mystical reason, and following the biggest building boom ever, that is still not the case in Dublin. You need a couple BOTH on €60,000+ to afford a semi-d assuming 4x lending criteria and the 1/3 income on housing rule-of-thumb. This is absolute bullshit.
And when a single person on TWICE an average Dublin salary and over THREE times the national average salry can not afford a 1 bed apartment (unless they go for a €300,000 box in Dolphin’s Barn), then something is off. €100,000 is a mid-career solicitor’s salary. What kind of madness is it that he cannot afford the BOTTOM of the housing ladder? It is total madness.
As for yield, when most properties are renting at about 50%-70% of the costs of ownership, this is unprecedented in anything other than massive bubble situations.
Using both these criteria, there’s no great mystery - the system is absolutely absurd, makes no economic sense and is unsustainable. When working class people can’t afford a home in Walkinstown, middle class people can’t afford one in Rathfarnham and the big earners are priced out of redbricks in Rathgar, something is deeply, deeply wrong.