I have been passive user of this forum. I learned a lot from this forum. I am in my early 30's with 38k salary permanent and secure job. I am married and my partner doesn't work. With my earnings will I think I can't afford more than 140k mortgage will I ever get a nice home or 2 bed apartment in nice condition near to city centre next year? even though the house rates have fallen drastically I still think single earners like me can't afford a decent house in Dublin . Any thoughts?
There was a decent enough 2 bed next to Harolds Cross bridge on for 160k or so. Plenty houses in Inchicore edging towards that price. How close to city centre do you want to be? And how nice an area? I mean, there’s a perfectly ok apartment in Thomas St (friends used to live in it)
I work near IFSC I would like to be with in 30 minutes walking distance and the problem is when I filter below 150k I don’t see many good houses. I strongly feel that with my salary and circumstances I wouldn’t like to have a property more than 140k. Am i not being reasonable expecting a nice 2 bed apartment with a value less than 140k I see many people saying the prices have been dropped and I see many posts saying the prices reduced but all those house prices are more than 150k I seldom see any house posted in this forum less than 140K in WIW posts. Is this because every one tries to buy nice houses with semi detached which are more than value of 180 k . With all the austerity measures and stories of children eating cup board I still can’t understand how ridiculous the house prices are and still people buying houses which are more than 200k. Do you guys really think if I wait until later next year with my budget I get a nice 2 bed apartment
That’s just one example I came up with after spending less than 15 seconds searching myhome.ie. (Yes, I know it’s for auction and the price is just a minimum reserve - but if that’s what I can find in 15 seconds there must be other opportunities out there too.) And you don’t have to wait for the asking prices to fall to your purchase price in order to make a low bid - you should be viewing every apartment that comes within about €40-50k of your desired target price, and making an offer. It’s not at all unknown for property to sell for 25% below asking price these days.
When this is all played out, banks will revert to lending 2.5 times average salary or I’ll eat my hat.
And an average salary like yours will buy you an average house like it used to. An average house is along the lines of a semi-d in Dundrum or Rathfarnham… Since apartments are in oversupply and were cheaply built, they will be picked up for about half of your ‘average house’.
Sit tight and wait for normality to resume. The more who do that, the quicker it will resume.
It never ceases to amaze me on here that, in the worlds most distressed property market, everyone still holds to the conventions that you should only bid 10/15% below to be taken seriously. The more people who bid at where they think fair value is the better. Better again you a looking for an apartment - find everything at 250k and bid 50%. In writing. Rinse, wash, repeat.
I would be very surprised if you can’t get something 40% off particularly as we come into the winter depression.
Agents are taking any offers more serious now. Holding the line did not work.
Interested to hear any of the agents views on this.
I would agree 100%.
Viewed a few places that are asking the €700k mark, EA let it be know in no uncertain terms that a bid of €550k would secure the place. If I was bidding I would be starting below this level.
Wouldn’t go near an apartment if you are in your early 30s. You might be looking at starting a family in the next few years and apartments in Dublin by and large are not child friendly. Also annual service charges can be a nasty little surprise(circa 1k per annum in some blocks.)Also a total glut of apartments in Dublin so would advise you not to buy as they will be hard to re sell if you need to.
Thanks for all your replies. I was filtering using 150k that was the reason I wasn’t getting many options. As suggested by many of you i will filter below 200 and offer 40% less. Thanks again for all your replies
I won’t give too many details as its not closed, but a colleague has gone sale agreed, at around your price point, on a 3-bed house in a nice part of D8 (the colleague lived on the road before and likes the area) within a 5 minute walk of the LUAS. Secured at 33% below asking, and there were 3 bidders! The house needs a little work, admittedly, but I see no reason you couldn’t pick up a liveable 2 bed house in the area today at your price point.
D8 close to LUAS is an area I’d be looking at if I were you. You might need to buy a taxsaver monthly LUAS ticket for work, but you’d make good use of it getting in/out of town which would otherwise be less than 30 mins walk anyway - and you could jettison the LUAS in favour of walking during the summer months, paying as you go if you were tired or it was raining.