aussieboy Posted March 17, 2006 Share Posted March 17, 2006 Sweet jaysus... I never realised that the Irish bubble had got so large. Puts UK prices in the shade. Quote Link to comment Share on other sites More sharing options...
tonification Posted March 17, 2006 Share Posted March 17, 2006 (edited) Heres another http://www.lisney.com/subnav.aspx?tabid=1&...roperty&ID=3065 I wonder what a semi WITH a garage goes for? It ended up going for €3.7m, as posted on another thread. Thats £2.566m. http://www.unison.ie/irish_independent/sto...13819&printer=1 Its just because of the ECB and their 2% interest rates. Edited March 17, 2006 by tonification Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted March 17, 2006 Share Posted March 17, 2006 Sweet jaysus... I never realised that the Irish bubble had got so large. Puts UK prices in the shade. And under the table. Quote Link to comment Share on other sites More sharing options...
undersupply Posted March 23, 2006 Share Posted March 23, 2006 Heres another http://www.lisney.com/subnav.aspx?tabid=1&...roperty&ID=3065 I wonder what a semi WITH a garage goes for? This went for well over the guide price: Modest city semi makes €3.7m in new auction fever House makes 'astronomical' price as property market powers on Allison Bray THEY are the sort of ordinary, suburban, semi-detached homes you would find in any town across the country - but yesterday, two of them sold for close to €4m a piece. A day of mega-sales in the Dublin auction rooms served once again to illustrate how the property market continues to power ahead. Several other semi-detached four and five-bedroom homes in desireable areas of the capital also fetched well in excess of €1m each. The highest price was achieved in an auction lasting less than five minutes when a four-bedroom 1950s house at 13 Ailesbury Drive in Donnybrook went under the hammer for €3.7m. The successful middle-aged bidder, who arrived early and positioned himself at the front row in the auction room, quietly outbid his main rival, an unassuming 30-something man who bowed out when the bid hit €3.7m. Both bidders declined to comment on why they were willing to pay so much for a property that would not look out of place in any average suburban estate. Aside from having a small attached greenhouse and a 10ft x 10ft study with picture window overlooking a mature 90ft rear garden, there is nothing out of the ordinary about the 2,000 sq ft house, though the new owner will have celebrity chef Patrick Guilbaud as a neighbour. Before the sale, auctioneers had given the property an Advised Minimum Value (AMV) of €2.5m, illustrating once again that buyers should be wary of taking these figures too literally. A close second in yesterday's sales was the price paid for a five-bedroom semi in Pembroke Park, Ballsbridge, Dublin 4 which sold for €3.65m. The price fetched for the Ailesbury Drive house is a far cry from just over a decade ago when the top price paid for a house in the area was less than €890,000 for a six-bedroom semi-detached house with the more prestigious Ailesbury Road address. Tim Ryan, of the Institute of Professional Auctioneers and Valuers, said while the price paid was "astronomical", there were now many people with a lot of money who were willing to splurge on property, especially in sought-after areas. Most of the high-end buyers were not investors or property developers, but people with lots of money who intended to live in the houses themselves. "People forget there is an awful lot of money out there," he said. He said the sky is the limit for "anything with Ailesbury" in the address. "Anything in Dublin 4 or Dublin 6 is huge." Bank of Ireland chief economist Dan McLaughlin said the emergence of so-called "accidental millionaires" was fuelling the property market, with people who have made huge profits on the equity of their homes trading up or re-investing in more property. "The value of housing stock was almost €600bn last year yet the level of interest debt is €100bn," he said. "There is massive wealth in the housing market," he said. "The person who bought a house ten years ago may have seen the value increase dramatically and while in America and the UK people have dipped into their wealth to increase spending, in Ireland people are dipping into their housing wealth to buy more property." Quote Link to comment Share on other sites More sharing options...
BillyShears Posted March 23, 2006 Share Posted March 23, 2006 "There is massive wealth in the housing market," he said. "The person who bought a house ten years ago may have seen the value increase dramatically and while in America and the UK people have dipped into their wealth to increase spending, in Ireland people are dipping into their housing wealth to buy more property." How do people actually manage to do this? The rents can't cover that figure. OK, I can see that owning a house would provide equity for the loan for the second house providing that they weren't too different. But then there's the interest on the mortgage to pay. Unless they had a large proportion of the purchase price available (which they wouldn't if they are an 'accidental millionaire'), wouldn't they be out for 10K or more interest per month? Where does this money come from? It's not just that I think these purchasers are insane, I can't see who can possibly manage to spend that much on a typical suburban house. Billy Shears Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted March 23, 2006 Share Posted March 23, 2006 (edited) How do people actually manage to do this? The rents can't cover that figure. OK, I can see that owning a house would provide equity for the loan for the second house providing that they weren't too different. But then there's the interest on the mortgage to pay. Unless they had a large proportion of the purchase price available (which they wouldn't if they are an 'accidental millionaire'), wouldn't they be out for 10K or more interest per month? Where does this money come from? That's exactly why the bubble will pop when others ask themselves that very question. Edited March 23, 2006 by BuyingBear Quote Link to comment Share on other sites More sharing options...
pobby Posted March 23, 2006 Share Posted March 23, 2006 Well dont know about you lot,but I`m off out there before they go up amymore, `cause house prices always go up,Kirstie told me and she`s a property expert. Quote Link to comment Share on other sites More sharing options...
BillyShears Posted March 23, 2006 Share Posted March 23, 2006 That's exactly why the bubble will pop when others ask themselves that very question. But even then, how can it work? Who can pay 10K a month interest payments on a modest semi? What bank would lend them the money. It's not that I can't see why people would be stupid enough to pay well over the odds, I can't see how its' possible. If I suddenly decide that given that BAe is selling their stake in AirBus, I'm going to start Billy Shears engineering and start selling all-British designed and built jumbo airliners, then there's no way that I could do it. I'd get laughed out of the door of anyone I tried to get finance from. Billy Shears Quote Link to comment Share on other sites More sharing options...
Flash Posted March 23, 2006 Author Share Posted March 23, 2006 With stamp duty at 9%, the government will be hoping all semi-d's in Dublin 4 change hands again soon. The revenue is awash with cash, yet they can't build infrastructure, schools or get 500 people off trolleys in A&E. If the government can't deal with these things at this stage of the economic cycle, it never will. Quote Link to comment Share on other sites More sharing options...
CaptainClamp Posted March 23, 2006 Share Posted March 23, 2006 But even then, how can it work? Who can pay 10K a month interest payments on a modest semi? What bank would lend them the money. It's not that I can't see why people would be stupid enough to pay well over the odds, I can't see how its' possible. If I suddenly decide that given that BAe is selling their stake in AirBus, I'm going to start Billy Shears engineering and start selling all-British designed and built jumbo airliners, then there's no way that I could do it. I'd get laughed out of the door of anyone I tried to get finance from. Billy Shears Dublin is a small city. You have city center stuff, most of the residential stuff within a mile of city center is newbuild apartments, 400K+ for a 2 bed. All the old Georgian stuff between canals is now office space. Then between 1 -3 miles out you have a core of mostly older desirable areas with decently spacious houses. Areas out to the west like the Liberties, Crumlin, Dolphin's Barn, Kilmainham, Inchicore, Cabra are largely terraced and council and are least valuable though a good house here will go for a lot, though probably not a million. Plenty below 400K in these type of areas. Then to the north and south, especially south (Ballsbridge, Ranelagh, Sandymount, Donnybrook), you have areas close to the city, well built, spacious, large gardens, and a limited supply relative to the size of the city. These are the houses that while looking ordinary do go for millions because of where they are and because Dublin has relatively few nice central houses. Built anytime from 19th c to the 60s at the very latest. Then out a couple of miles further to the suburbs and you drop back out of the million+ range for the most part, down to only 600K euros for a good sized 4 bed place in some areas. Ex council pokey crap for 350K. Dublin is hugely hugely stupidly overpriced but it is important to realise that the areas where semis go for 4 million are pretty small. Basically Ballsbridge and some bits of Dalkey maybe, Ranelagh perhaps. And people buying these are in no sense normal. They are stinking rich, usually had a business that went ballistic in the 90s Celtic Tiger period. They probably buy for cash or only bother getting a mortgage because they can put their cash to more lucrative purposes. Quote Link to comment Share on other sites More sharing options...
pobby Posted March 23, 2006 Share Posted March 23, 2006 I`ve just come back from Ireland.Have a look at properties in Belfast.Imho every part as good as Dublin.A corking good house will set you back £130k. Quote Link to comment Share on other sites More sharing options...
CaptainClamp Posted March 23, 2006 Share Posted March 23, 2006 With stamp duty at 9%, the government will be hoping all semi-d's in Dublin 4 change hands again soon. The revenue is awash with cash, yet they can't build infrastructure, schools or get 500 people off trolleys in A&E. If the government can't deal with these things at this stage of the economic cycle, it never will. Hmm, this may be the worst time of the economic cycle in a way to do these things. Everyone is preoccupued with other stuff. Like during the gold rush when nothing got done because everyone was off panning mountain streams. Infrastructure costs more to put together now because of land and building costs as well so that offsets a lot of the extra revenue. Also, they're a shower of useless tosspots. Quote Link to comment Share on other sites More sharing options...
Flash Posted March 23, 2006 Author Share Posted March 23, 2006 (edited) I'm afraid the North side suffers too... http://www4.myhome.ie/search/property.asp?id=261344 (check out the rear garden) Edited March 23, 2006 by Flash Quote Link to comment Share on other sites More sharing options...
CaptainClamp Posted March 23, 2006 Share Posted March 23, 2006 I'm afraid the North side suffers too... http://www4.myhome.ie/search/property.asp?id=261344 (check out the rear garden) Ah, that's feature modernist landscaping so it is. That's actually got a shop attached mind so it's commercial property too. Wouldn't mind having that place, windsurfing at the marina and you could have a wetroom instead of the shop. If it was going for 10% of what they're asking.... Quote Link to comment Share on other sites More sharing options...
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