Dublin now a rich guys' town-average income people can't afford to buy the average house

Patslatt1

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See https://www.bonkers.ie/compare-mortgages/

To buy an average house priced at 360,000,an average Dublin couple needs a mortgage of about 325,000 euros which at 3.1% interest over 30 years requires repayments of 1384 a month and 16,607 a year. Based on average incomes of a couple of about 55,000 to 65,000 pretax, such a mortgage is beyond the upper limit on mortgages at the Central Bank's 3.5 times gross income ie 193,000 to 228,000.

So Dublin has joined the ranks of rich guys' towns in the anglophone world where average income people can't afford to buy the average house eg Manhattan, San Francisco, London, Sydney. So it's back to the future for many in Dublin who will have to raise families in small apartments. That's an improvement on pre WW2 flea infested tenements!
 


ruserious

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You're right, Pat. Raise public sector pay now!
 

nakatomi

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Pat your campaign against the market forces and campaign to raise public sector pay is a joke.
 

Socratus O' Pericles

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See https://www.bonkers.ie/compare-mortgages/

To buy an average house priced at 360,000,an average Dublin couple needs a mortgage of about 325,000 euros which at 3.1% interest over 30 years requires repayments of 1384 a month and 16,607 a year. Based on average incomes of a couple of about 55,000 to 65,000 pretax, such a mortgage is beyond the upper limit on mortgages at the Central Bank's 3.5 times gross income ie 193,000 to 228,000.

So Dublin has joined the ranks of rich guys' towns in the anglophone world where average income people can't afford to buy the average house eg Manhattan, San Francisco, London, Sydney. So it's back to the future for many in Dublin who will have to raise families in small apartments. That's an improvement on pre WW2 flea infested tenements!
They could always move to Mountmellick.
 

gerhard dengler

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At one time to own a property was an aspiration.

These days it appears that certainly the media regard owning a property as an entitlement.
 

Voluntary

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To be honest probably in very few places average earners can buy houses in large cities. Houses are usually reserved for the better off ones. In cities majority of 'regular' people live in flats and apartments. We however have deficit of apartments.
 

Burnout

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I have a life.
Decades of backwater minded thinking has brought us here. O Connell Street should be all hi rise apartments with anchor tenant stores on the first couple of floors. It's done all over the world why are we still moronic in our hi rise thinking. Large apartments with balconies, 3,4,5, bedroomed apartments with a few single bed and studio aparts as well. Bring people back to the cities and clear the beggers and druggies.

Again gov are simply not up to it. No vision to see beyond a term in office.
 

The Field Marshal

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At one time to own a property was an aspiration.

These days it appears that certainly the media regard owning a property as an entitlement.

That is because the Irish media is heavily polluted with lower class, aspiring to middle class, left wing vermin, who hate the idea of private ownership of property and associated rights.
 

asset test

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Ah no need to be so jealous.

Such is life within the M50 ring these days for sure. And within the County boundary also. But that's life in the Capital City today.
 

Patslatt1

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Ah no need to be so jealous.

Such is life within the M50 ring these days for sure. And within the County boundary also. But that's life in the Capital City today.
Land that could be built on is plentiful relative to population pressure in Ireland, unlike Manhattan and London. Red tape of Dublin councils' planning permissions and lack of investment in social housing have created huge barriers to affordable housing as councillors and TDs pander to selfish NIMBY home owners who object to every housing project anywhere near them.
 

blokesbloke

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That is because the Irish media is heavily polluted with lower class, aspiring to middle class, left wing vermin, who hate the idea of private ownership of property and associated rights.
They despise private ownership of property and so promote the private ownership of a home as a right?
 

asset test

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Land that could be built on is plentiful relative to population pressure in Ireland, unlike Manhattan and London. Red tape of Dublin councils' planning permissions and lack of investment in social housing have created huge barriers to affordable housing as councillors and TDs pander to selfish NIMBY home owners who object to every housing project anywhere near them.
I'd say you probably would object yourself. Easy to talk from the sidelines if it doesn't impact on you.

But maybe you live elsewhere I dunno.

Councils do not want to build anything. Because the first thing that will happen is OBJECTION, second is the cost, third is the hassle of maintenance of social builds and possible anti social behaviour.

Get something for free, it's a free pass. Feck everyone else.
 

ShoutingIsLeadership

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At one time to own a property was an aspiration.

These days it appears that certainly the media regard owning a property as an entitlement.
You're confusing feeling an entitlement to own a home, with feeling an entitlement to have a chance of having somewhere stable to live, either renting or owning.
 

The Field Marshal

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Land that could be built on is plentiful relative to population pressure in Ireland, unlike Manhattan and London. Red tape of Dublin councils' planning permissions and lack of investment in social housing have created huge barriers to affordable housing as councillors and TDs pander to selfish NIMBY home owners who object to every housing project anywhere near them.


Completely false.

There are many enormous social housing estates already built by by Dublin city council surrounding the city.
Tallaght,Finglas, Ballymun etc.

Vast swathes of social housing were built in the 80,s in Tallaght alone and also on the north side.

The decision to grant planning permission is not made by a councillor or a TD and only an ignorant fool would make the sort of comment you make in that regard.



:roll:
 

Gin Soaked

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So is the OP saying that the AIW is around 33K?

Ok. Once again, what age bracket and worker bracket buy homes and should reasonably expect to be able to do so?

I'd say full time employed people around 30 years old to 35 years old, who have at a minimum, semi skilled or trade professions.

NOW if we run the numbers, the combined salaries might be a bit higher?

Also, no normal first time buyer can expect a gaff in the nice areas of Dublin from the get go. We first bought outside the M50 by a good distance.

At the moment there is a chronic undersupply of housing. But the people who are priced out of ownership are the same as ever, it is just that there is little low-end and council housing to soak up the balance.

In addition to addressing the supply issue with new builds, we need to accept that Fair Deal MUST precipitate sale if the house is vacant, or the % lean goes up 10% per year.

And we need to look at bad areas in Dublin and seriously address the resident knackers. Nothing to fear for the decent poor, but incarceration in prison for serious recidivists should drop their or their parent's housing entitlement to a lower size gaff or a more remote one. Preferably the latter if they are the "Chav of the house".

Let some decent people move in and be near work and schools.
 

Patslatt1

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I'd say you probably would object yourself. Easy to talk from the sidelines if it doesn't impact on you.

But maybe you live elsewhere I dunno.

Councils do not want to build anything. Because the first thing that will happen is OBJECTION, second is the cost, third is the hassle of maintenance of social builds and possible anti social behaviour.

Get something for free, it's a free pass. Feck everyone else.
That's why the main responsibility for housing supply should belong to the national government, although councils and housing associations should be involved in the delivery process.

The private sector could supply most housing needs if the planning permission barriers were greatly reduced and lack of investment in sewerage and water for housing was addressed.
 

The Field Marshal

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They despise private ownership of property and so promote the private ownership of a home as a right?

The Irish media are left wing in nature and work to remove the right to the private ownership of property and failing in that to curtail property use rights to the point where they become unviable.

You only have to look at how the bed sitting market was destroyed.

A market that provided many thousands of cheap rented accommodation was reduced by 75% when laws requiring each tenant be provided with a private wc/bath etc.

That bed sit market worked well for many many thousands of people in transit during student years etc.

It was destroyed by truly ignorant left wing politicians.

This is partly why there is a housing crisis and why so few developers want to build in Ireland anymore.
 

Gin Soaked

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That's why the main responsibility for housing supply should belong to the national government, although councils and housing associations should be involved in the delivery process.

The private sector could supply most housing needs if the planning permission barriers were greatly reduced and lack of investment in sewerage and water for housing was addressed.
And the cost to connect to services. Which is jam for the councils.

The govt could be making money hand over fist at the moment if it had seized land banks and steamrolled planning. 20% social and the rest sold at market rates. Buyers would more than pay for the 1 in 5 social housing AND a school if needed.

Not rocket science.
 


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