wow what a discount!

The economy is an unpredictable beast. When it hits you you won't even know what's happened, until your PPOR is foreclosed.

That's why I'm always a bit iffy about mortgaging PPOR to invest. Can lose everything - but if you lose your PPOR you're finished.
 
Does not help that the property has from the sound of it been rundown/vandalized etc since it was last sold.

But we have 2 Irish guys working for us now as assistants while waiting on their electrical licence paper work to go through. Wife and kid/s back home still but it was there only solution to avoid bankruptcy.
 
I actually have 2 tenants from Ireland who left to get away from that poor excuse of an economy

Weird, that economy was held aloft a few years ago as one that Australia should model its self on with its huge successful IT development industry and huge growth in other industries and in the end, huge increases in property that the average punter lost the shirt in.
 
There's no certainty in this world but the history of this country has demonstrated that over a very long time, property value has in fact gone up. Not saying it always will - an outbreak of civil war which topples the current regime/system might reset everything for example. Judging by the tall poppy syndrome in some places, I wouldn't be surprised if that happened one day.
 
I can't stand the thought of such an historical place being ransacked.

Sad state of affairs.

Your other link, pully referring to the use of rundown and incomplete houses to be used as social housing.......more trouble...more ghettos. Disaster.

Regards JO
 
yes they we were my thoughts too.

but what a waste, building houses lots of them and then no market and left to go to rack and ruin.

that would have been a piece of history too the property in the 1st link. such a shame to see its current status.
 
We have recently spent two weeks traveling around Ireland.

Could not believe the amount of houses that looked deserted, reminded us of Detroit.

It's so sad to see such a great historical country going through so much turmoil.
 
Yes - developers might irk at the bank requirement of presales ... but the policy has stood Australia in good stead.

Australia's higher level of regulation, and requirements such as this, may hold us back a bit in the good times, but are a very good risk mitigation measure.
 
Haven't you heard? There was apparently a massive housing shortage in the Republic of Ireland up until the financial crisis hit.

This article by a real estate professional from 2007 mentions the word shortage several times, and states:

Politicians won't face up to the root cause of rising rents and rising prices, namely the shortage of supply caused by an inefficient and anti-development planning system.

Unfortunately, history has proven that the author was, well, completely wrong... :D

As one who has been involved in the Irish property market for 40 years and has experienced every type of market scenario, I am totally convinced that the market is currently in good shape and that anyone buying now will do extremely well in the years ahead. There is no better investment than Irish property at present, and I believe that I will be proved right in this conviction.

The trouble that Ireland had was that the housing bubble took down the banks, and the government stepped in to guarantee the loans. This socialised the losses, and drove up the country's national debt from relatively low in EU terms to one of the highest.

The austerity package and tax rises have fallen on the general population, as the multinationals who take advantage of the Dutch Sandwich loophole lobbied very, very hard for the government to keep corporation tax low.

So it was that initial decision not to default that wrecked Ireland's fiscal position.

I'm very much of the opinion that the best response to the GFC was Iceland's.

They were basically screwed by the British and Dutch governments over liabilities in accounts held by their nationalities in Icelandic banks. Icesave was popular with savers here in the UK, for example.

What happened was that both governments guaranteed all deposits by their savers in Icelandic banks in full, whereas the UK had a limit of £35,000 (I think) at the time. So the protection was far more generous than they offered their own population in general. They then passed the bill onto the authorities in Iceland...

There was a referendum, and the locals basically said, "Nope, Iceland isn't paying." There were various defaults, the currency collapsed, and the country had a really tough time for two or three years.

Guess what, it's starting to turn itself around. Unlike most of Western Europe.
 
Graemsay - you know what they say about the share market? When mums and dads are buying, get out and get out fast.

You know what I say about the property market? When journalists are telling you it's a great time to buy, get the **** out of the market! Thank god the Australian journalists are still anti-property. Judging from the recent media articles I've read, I think we're a while off from the crash.

Though let me know when the journalists start to buy - I'll happily sell to them and flee.
 
I work with a guy who moved to Ireland just before the crash... he sold three properties on the Lefevre Peninsula in nice locations to buy a nice house in Ireland to work and live with his family. Poor guy, he lost a couple of million, and he wasn't being irresponsible, he thought the move was for life, but then both of their jobs disappeared.
 
Well the guy sold 1 house + 2 ips to buy a house to live in and chill and consume. The moment he did that it's not investment philosophy anyway, so he probably doesn't care.
 
Back
Top