The madness is returning


#1503


#1504

Text alert: the property you want has ‘relaunched’, €35,000 dearer
The boom might not be back - but it would seem many of its symptoms are
independent.ie/irish-news/te … 91544.html


#1505

I saw this article too and raised my eyebrow. After 14 years of paying and substantial price increases since the bust I’d think the apartment should be positive equity. Unless of course they somehow restructured the mortgage and either went IO for long periods or capitalized arrears. This sort of thing was really doing people no good.

Mind you if he’d gone bankrupt he probably wouldn’t be eligible for a mortgage yet either?

Having said all that… they’ve been offered a 280K mortgage, presumably they’ve a 10% deposit. Plenty of 3 bed houses in D9, D15, D22 for that kind of price. For an electrician and a hairdresser what do they expect, TBH?


#1506

lol

How is this website still free


#1507

It’s a serious question. They are two semiskilled workers, with kids and the expenses that entails, and they can afford a 3 bed semi in a pretty decent swathe of Dublin, even with the extra debt burden of the boom apartment. This seems fully in line with expectations. What do they want, a mansion in D4?


#1508

An electrician would count as a skilled worker


#1509

They do have an issue that the tax system is pretty punitive on people who own one property but want/need to live in another.

Also that the tax-benefit system doesn’t give much help to childcare.

That said I don’t buy the argument that he has an entitlement to live in a reasonably pleasant part of Dublin.


#1510

Fair enough, skilled it is. Skilled/unskilled isn’t a class definition; it’s a description of the barrier to entry to a job and thus a proxy for how much you’re likely to earn at it.

Realistically, where you live in Dublin is more about when you first buy a property than what you do for a living. Buy later (after celtic tiger), live in less well regarded area. If you owned something before the 90s mega house price appreciation then you’re likely to be able to afford much more. FWIW plenty of social welfare recipients near where I live.


#1511

I don’t see how you’d fix the issue with the tax system being hard on accidental landlords without making it very easy for other landlords to avoid tax.
It’s true that there isn’t much for childcare specifically here but we do also have such an ultra-progressive tax system that the majority of parents, unless on quire high salaries, are effectively paying nothing into the system either.

As usual the crux of the problem is the daft house price bubble that we allowed to happen.


#1512

Marginal rates get very high very soon after average incomes. This is obviously a much bigger issue than accidental landlords.

Thinking creatively, you could vary the tax relief for landlords by year of purchase. This is (sort of) the case for owner occupiers already.


#1513

I’d be STRONGLY against giving landlords who bought at bad times retrospective extra tax reliefs. It would be a form of bailout and a moral hazard, IMO. Honestly, I’m pretty pissed off that they extended the mortgage interest relief YET AGAIN.

If we want to avoid bubbles we need to get it through people’s heads, both owner occupier and landlord, that if they buy at inflated valuations then they’re on the hook for it. They’re going to have to pay what they owe or go bankrupt. It’s the only way.

I’m still paying thousands a year USC for the sodding bailout, not to mention higher mortgage rates than anywhere else in Europe on my own modest post-bubble-purchased place to compensate for the cheap bubble-era trackers. Sick of hearing these idiots whining when they caused the bubble, which has cost me dearly even though I didn’t participate.


#1514

If there’s one state benefit I resent paying for, it’s the mortgage interest relief on pre-2013 mortgages. I see why the government is keen to keep it, but it seems ridiculous at this point.


#1515

31 Alden Drive in Kilbarrack/Bayside (though listing claims “Sutton”).
daft.ie/dublin/houses-for-sa … n-1432689/
Asking 450k, first open viewing was on Saturday (with a TV crew there filming for a new show about house hunting).
Offer made at the viewing of 520k!
Went sale agreed today.

I’m guessing the buyer offering 520k wanted a quick sale, and they got one!


#1516

Because that’s what Ireland needs - another show reminding them how expensive the cost of living here has become, and some ballsack RTE presenter talking up the porn!


#1517

2 bed. 80m2. 695k

myhome.ie/residential/broch … -4/3975452


#1518

BER: D2 8DD


#1519

If I’m not mistaken, that’s directly across Grand Canal basin from the famous AOR apartment on Hanover Quay. She “only” paid 525k in 2008 for something similar plus roof garden ( :confused: ), and that generated many dozens of pages of comments on the Pin, not to mention the wider media. Sounds like we’re right back there, and much worse! :cry:


#1520

And people say they can only see price rises because of the demand.

Not long now till we have to see a bit of reality hitting Dublin prices surely


#1521

Which would be lovely, but it’s hard to see how supply and demand, at realistic future levels, will lead to anything but continued upward pressure over the next few years at least.

I’ll cross my fingers that you’re some sort of sage!


#1522

Yeah, Grand Canal has become completely ridiculous. Though even then 700k for that seems optimistic.