Thanks for your priceless content Terry. I’m another Australian with Irish roots. I don’t yet know if foreigners can purchase real estate in Ireland but I am planning to do so in the future. Your videos are helping me to put things into perspective. Now I am thinking that a house in Galway or Waterford to live in might be the go. I am establishing businesses in Australia, and plan to spend six months of the year near my family in Australia, and six months of the year in the Irish countryside. Or something like that. Thanks again, Terry. Cheers!

How is reland one of the wealthiest countries in the world if home ownership i.e. personal wealth is one of the lowest in the world???

Thank you for sharing your expertise. It is very helpful.

Agreed. Also the value of the euro is worth less than the Irish punt was in the 80s. With inflation over time since 1986, the worlds reserve currency (the dollar) is worth less than it was in the 80s, having a ripple effect on all other fiat. So we have to factor in that it’s not necessarily house prices are increasing, but the value of fiat currencies decreasing.

One of the most down to earth informative videos about the real world on You Tube. and always remember you can always get a good bike to ride if theres no train or bus up the road.

Have to say that was an excellent perspective on the value of property. Thoroughly enjoyed it. Thanks terry.

Well done and very good food for thought

Yes I hear all those valid points but things are absolutely more difficult now for young working professionals!

Great content and good value!

Very interesting perspective. Especially from someone who had endured considerable losses in the last Great _Property_ Recession.

Thanks for the video.very interesting.

Absolutely legend this video. I never thought about comparing 1986 to today in these terms. You changed my way of thinking about this. However, I still think prices inside Dublin are absurd but I also understand the lack of houses is a huge factor

I can sympathize and empathize with people buying. It’s never easy. When prices are cheap money is hard to borrow. When I bought my first place - after 2 years of savings, I had a tenner in my account. It was that close. I still remember the stress. So keep going and keep saving - you’ll get there.

Great video and fantastic tie Terry

some interesting and valid points.

Timely video. Great👍

Great video!

There is a lot of great advice in this video. If you are buying a house to live in you have to look at is it a place you can live. You can sit on the fence for years, or even decades. If your first house is not what you want the do overpayments on the mortgage and try again in 5 years. Yes, I know it’s not easy for everyone but I’ve rarely met someone who cannot cut back on some spending. Ireland’s population is set to increase. It seems unlikely we’ll see another crash.

Immigration is also a factor for house price increases. Zero immigration/ high emigration in 1986 compared to the the last 20 - 30 yrs. Macro factors make it null and void to compare today to the past.

Great video, definitelly thought provoking. Thank you! I’m only missing the market crash bit (and how prices behave in that moment), but that probably depends on international factors and is an orthogonal problem. Still, I’d appreciate if you could lay down how the crash works out in terms of prices, timeline, banks un/willing to give mortgages etc (from your experience). I think that would make a great video. Keep up good work!

A refreshing dose of reality.

Interesting perspective to think and though provoking Especially liked the comparison of prices of house of real estate in 1980's Vs now. Very thought provoking... Would love to hear from on, What do you think about commercial real estate Vs residential real estate in Ireland? In terms of investment, return of investment, value for money, which one of 2 do you think is better?

Some Auctioneers live by the rule a bad property in a good area is much better than a good property in a bad location. Yea have to look at how much will the property increase in value over the coming years. Don’t wait for crashes they don’t happen very often.

There is never a good or a bad time to buy if it your first or family home you are buying. Get it as young as you can with the longest mortgage you can get and if in todays market try to lock in a low fixed interest rate. Then if you have been blessed to be in that position as long as you can meet your monthly repayments on your home it matters not what the general house prices do from that point on. Investment property particularly if you are older and cannot get long term mortgage then that requires serious due diligence. Buying your first famaily home is about getting on the ladder as young as possible to get the benefit of a long mortgage. If your circumstances improve later in life you can make overpayments to shorten the period.

Good man

I was too young to appreciate the situation back in 1986; perhaps the period between 2008-2012 could be a better time to reference/compare here. I have no illusions about timing the market but still wonder if we are in the worst time since 06-07 to buy.

As a young person who constantly moans about the price of housing, I think you left out some important details. The ratio of median wage to median houseprice has increased significantly, back in the 80s the median house price was around 3 times the median wage, now its around 10. As you rightly point out, the cost of a loan was much higher in the 80s, and house prices were further decreased by high unemployment, high emigration and high interest rates. I think the idea of "a house is worth whatever the market will pay for it" is ridiculous, in a technical sense its correct, but this kind of thinking makes people blind to speculative bubbles. You also didnt mention banks lending requirements have changed a lot over the years, during the late 90s and early 00s, banks would lend much more liberally and many irish people were buying second and third homes. This speculation in the property market has increased house prices. Certainly a number of people who bought during the boom would've sold, but those on variable rates, tied to the ECB rate which has been at historic lows for the last decade can keep their homes as investments. Thus decreasing supply and making it hard for young people to buy property. I could go on about how lending requirements have tightened up making it harder for younger people to buy property in comparison to their parents. Lastly, I think another important point in all of this is a decrease in house prices might be good for me as a young professional, but would screw a lot of my parents generation who were told by Eddie Hobbs that property is the greatest investment, these people have very little in formal pension, the majority of their wealth is in housing equity. So a drop in house prices could see many people looking to retire left short. Just some things to consider, you have a lot more experience with housing deals than I do and I respect that, but I think you missed out a few key points.

Thank you, Terry. A very informative vlog. Can I ask you how much stamp duty do I need to pay on buying a second house in Ireland?

I can never understand why there are such tight controls on rent prices, but none at all on sale prices. There should be fixed prices on houses, e.g. a three-bedroomed bungalow should cost the same wherever it is.

Would love to hear what your thoughts on purchasing property now( march 23) in Ireland. is it a sellers market ? Love the videos thanks

'Providing there are no exceptional circumstances about it" Well in this climate, what buyers would not be under exceptional circumstances? Who the he'll can afford a 450k mortgage?

We have purchased a 3 bhk semi and received help to buy benefits. We are now 6 months into our mortgage and planning to upgrade to 4bhk. Will we lose our help to buy benefit if we do so ?

Terry are you in the real world? Speaking from experience and observation (having actually renovated a few myself) I found one of them gaffs you're talking about in Roscommon. A lovely one, for circa 50k.. Lovely, run down, ramshackle of a place on a postage stamp which, despite being an existing (old) structure, would still be subject to planning permission (due to the increased tightening of planning regs country wide) and I'd probably have to drop another 50-100k before I even have running water and electricity supply. C'mon lad!

Where can you find a house in Longford for between 60K and 100k? Because I'm looking in Longford and I can't find any.

I can't even save money for the deposit 😢 I have been saving money for years, but it is never enough for the deposit, rhe house price is always going up.

Please sir how can you help me to buy house of 3bedrooms house for 100k in Longford

Which is better buying Aparrment or house.

Hey Terry why can you do a video on why solicitors get a negative images

when in UK and in Ireland the people talk about the houses NOBODY talk about their quality. They are dump, small and horribly made...the houese don't worth that money, even if, sometimes, they are nice outside.

Are there facilities from the government for the investor in real estate

A huge number of irish adults still living at home. What's the reason for this?

Suprising there’s no mention of “rent income” and “capital appreciation” in the conversation. Otherwise all good.

But what will 250 k buy you today versus 1986. Your 'trusted currency lost about 50 % of its value since 1986. Heres why your house prices are so unaffordable, or rather, why both partners must work 30 years each to pay off a pile of rubbish. This all happens because of 3 fundamental financial practices. If we dont understand the root causes of a problem we will address the symptoms or the actors, not the causes. The 1st is that large private and Central banks have obtained the Exclusive franchise to create ALL new Currency as Debt, with interest attached. An increasing population needs an increasing currency, but it is all created as a debt bearing interest. This indebts the whole world, every person, every government, in totally unpayable debts, enslaving us all to bankers through personal debt or ever increasing excessive taxation, surcharges, permits, licences, registrations, regulations, fees, rates, duties, fines, levies, adinfinitum, of which an increasing volume goes straight to the debt creators, who created it for free. (At zero cost to themselves.) 2nd. Virtually no limitation plus fractional banking allows banks to create massive new Currency, blowing massive bubbles (HOUSING/stocks) which devalues everyone's savings and work by raising all prices. The fix ? Stop all banks and financial institutions loaning out more than they have on deposit. Return legal currency creation to national treasury departments with a zero Inflation policy. This will not create inflation like some bankers/economists would like to have you think. It is not WHO creates currency that drives the constant devaluation of your money & work, it is THE VOLUME per population and productivity. The banks increased the base currency supply by over 45 % since March 2020. This is further multiplied by fractional banking. You can't spend it off planet, and we've had no increase in population or productivity. How can it not devalue our savings, wages and retirement funds by around 50% as it enters the economy ? 3rd. Fiat currency whether paper or digital has no intrinsic value, thus it cannot be used as a long term store of value, particularly in an ever expanding fiat system. The fix ? Return to constitutional Silver, Gold, Copper & Nickle currency, designated by weight not cents/dollars. These will find their own local value. These can't be printed to oblivion, have intrinsic value, and are a safeguard against selfish human nature. Continue to keep the manufacture of Gold & Silver rounds by private mints & foundries to help keep the government mints honest as to premiums. Correct these 3 Principles and >80 % of a nation's problems would disappear. Do not allow your masters the Debt slave creator's to tell you it can't be done. It is easily done. Beware. The WEF wants you totally enslaved with digital currency. Otherwise, prepare for destruction.

Does investment funds buying up properties not contribute to this problem? It feels like the property market is turning into a millionares only club.

find me a house selling for 250 grand in Dublin ?

Can I buy a house of 3bedrooms in Longford for 120k?

Average ind wage is 30000 in Germany. That works out about €800 per month. Shut up.

If you're buying a house for 350k in Dublin it ain't worth it cos clearly you're buying in the ghetto!

Bricks and mortar, they are way overpriced !! Not complex at all, just greed!!!

Comparing the current situ to 35 years ago is a total stretch in fairness. It’s like comparing the cost of a bag of tayto that once cost 10 pence back in the day. One particular example of a property currently on the market: This house has been put back on the market today with an asking price of €265.000, It either didn’t sell and/or the vendors decided to re listing. Last June it was put on the market at €245.000 a whooping 20 grand increase in the space of around 6 months. A quick check on the property ref that same house sold for €135.000 10 years ago… A whooping €130.000 increase in the value, which is shy of double in value, with the average increased of €13 grand a year… 🤑 When we compare the average annual salary from: 2010 = 49,487 2020 = 49,296 Salaries have stagnated yet house prices are doubling… There is definitely a slow down, regardless of what your been told by agents, houses are staying on the market much long, bidding over is minimal and a few with no bids at all. you can see all this by reviewing the bidding sites. Not sure what will happen, but I know I won’t be wasting years of my hard earned savings on a maxed out morgage, casually going 10, 20, 50 grand over asking due to a bidding war, on an already overvalued house. (Also, TBC the house has clearly not renovated, single glazed windows, E rated, but apparently you can improve the rating to b2, according to the agent. Clearly it’s the original kitchen and also has zero landscaping besides a horrendous mural on the back garden wall.)