House Prices Back at 2014 Price Levels?


#334

Prices “could” here decline by 1.6 per cent this year and 1.1 per cent next year, with house price growth forecast to pick-up again to 4.6 per cent in 2022 and 4.2 per cent in 2023. Hardly the doomsday scenario you pine for. FWIW i would be very surprised if rural ireland didn’t see a continuation of the market softening of the last couple of years and i would expect there to be a drop, however marginal.

And for the record I have no issue with anyone thinking that house prices may drop, as many do, that in and of itself is not “weird”. The weirdness stems from severel elements of the manner of your contributions to the debate which have all been pointed out to you at this stage.


#337

Unbridled glee?? Glee at what??


#339

This just gone sale agreed 5k over asking at 915k, which astounds me having viewed it. Riddled with damp, an awful over-garage extension that will absolutely need to be taken down again. Despite the most flattering pics they could find you couldn’t even move into this place before you started works it’s that bad. Granted it’s a premium neighbourhood but will take easily 400-450k to get it finished off with today’s costs. EA was being geenrous when he suggested “350k should do it”! There is still plenty of money out there.


#340

:flushed:
Wow - that is some price for that gaff, given it’s condition. I would have thought that these types of properties might struggle in this environment, given they need significant investment to bring up to anything approaching the same spec as a new build.
Hang in there - something will come up! Or you can hope that home-owners out there take IrishInOz’s advice and run to the hills and SELL SELL SELL


#341

Would have thought about 5.5k per SQM would have been the going rate for a pre renovation house in that location with the all important enormous south facing garden.

Think the estate agents estimate is closer to the right level for renovation there. You’re talking about 2k per SQM for the finish expected on a house like that. Of course if you need to pull down and replace that shocker of an extension it’s another matter…


#342

Anyone renovating will want to get it up to at least 2.000 sq feet so I’d reckon 500k is more like it

Is what you have at the end worth 1.5m?

I’m not convinced .


#343

It would depend what fully renovated family homes would go for per SQM in that area. Observations from my own area have renovation projects at around 5.5k per SQM and turnkey ones with all the boxes ticked ( size, garden ,aspect , layout etc ) at 7k per SQM .

It’ll cost the guy about 320k to renovate the current house to a high standard (160sqm X 2k) and about 120k to put on a 40sqm single story extension to a good standard.

So he’s in for about 1.35m and he’ll have a B rated turnkey house which could be valued at about 7k per SQM . So 200sqm X 7 k = 1.4m

Maybe the house is valued at 1.2m and he’s out 150k. Maybe he doesn’t sell for 40 years. These are back of the envelope numbers but on the face of things the deal doesn’t look outrageous.


#344

not outrageous but neither does that make an allowance for the 12-18 months of your life you’ll spend achieving all of that, when, if you have 1.4/1.5m you can just go and buy it.


#345

When you ‘just buy it’, it will be designed and built by someone else.
How many houses have you walked in to and thought “this is exactly how I would design my house”?
You’d be surprised how much people want to ‘put their own stamp’ on their house, and design it exactly as they wish. It’s one of the biggest drawbacks of new build developments - usually much smaller footprint, and not much of a ‘personal’ touch on the layout and design, very much a ‘one size fits all’ approach.
So you may have to wait 12/18 months, with associated cost, but people are willing to do this, to get exactly what they want…


#346

Indeed. Similar to the new car effect. Some people derive an enormous utility from just owning something that’s brand new, or specified exactly as they wish. Mightn’t make exact financial sense.


#347

Let me list the ways… for another thread I think


#348

fair enough, but personally i dont see the sense in a circa 1m semi d that needs total renovation (and i looked at a few when we were buying). You are still constrained in what you can do with it because of the site size (in terms of width), it will still be a semi D when you are done, it will cost more than you think it will and in a lot of cases wont be worth what you spent. Also anyone i know who did it still didnt get things exactly as they wanted as no one ever does, or not on their first go anyway!

anyway thats a digression and just a personal opinion, there clearly is a market for these houses.

In my case i ended up buying a new build that was already at the size i wanted, sure the garden is smaller but the house is warm, well built and we still spent a lot of time and money decorating and furnishing it.


#349

I’m not saying I see the sense in it either, just trying to provide some logic on why the market clears at that price for this type of property. Doesn’t necessarily make financial sense to you or I, but some people may have more money than (our) sense :wink:
Likewise, I would tend towards a new build, takes away the hassle, stress and cost. But you usually do compromise on the site size, and certain other features which can attract a premium (e.g. Georgian/Victorian facades, etc.)
Take it you purchased the new build recently, if you were viewing 12 Chestnut Road? If that’s the case, how did you find buying in this market? Totally understand if you don’t want to divulge this information!


#350

no sorry i may have been unclear, i looked at houses like this one (in blackrock / booterstown mostly) but that was 3.5 years ago now.


#351

A site, extant planning, services and a location that is cycling distance to many things because if the greens get their way between taxes and speed limits (25km/h limits creeping in) the little castle in the sticks is going to become more and more remote and isolated except for broadband I suppose.


#352

im not advocating a castle in the sticks :slight_smile: i bought a semi d as well, a new build just made more sense to me.


#353

Private rents in London plunge by up to 34% amid Covid crisis


#354

A sure sign house prices are going up!


#355

Excellent insight, as always :+1: :whistle:


#356

Another one with multiple bidders already above asking. Fine house but a north facing 3 bed nevertheless.

Can I get some views on the following two properties, both in the same estate in Monkstown. 32A looks a little sandwiched into the corner site but only approx 5sqm smaller than 57. However when you look in aerial view, you can see the huge site of no. 33 directly behind it which leads me to believe the persons in 32 (or original estate builders) squeezed 32A into the same sized site. Views welcome as to the estate, value etc.