Dublin property prices falling by €4,500 a month

[freedomlover]

[quote=Coles]
You are hilarious Freedomlover. Did you read ANY of the report??? The increase in house asking prices resulted from a false belief that the FF fiddling with stamp duty would increase the amount that people were willing to spend. It didn't. We are now in free-fall.

In Dublin, second hand properties prices fell by 3.0% in Q2 2007 – down 5.2% for the year to date.

The core issue here is affordability. Basic estimates suggest that the median per capita disposable income in the country today stands at around €31,300 per annum. Factoring in the savings rates and using a 4.5:1 ratio of disposable income to loan value, a median household entering the market today can afford a mortgage of between €380,000 and €400,000. The stamp duty, legal fees and costs of moving the household and upgrading properties cut roughly 15 percent from the affordability threshold.

This is a far cry from the latest asking prices – according to Daft’s statistics, the average family dwelling in Dublin city ranges from €485,000 to €518,000 for a three bed and from €671,000 to €734,000 for a four bed property.

All of this suggests that we are not likely to see a return of buoyant housing markets any time soon and that the rally in asking prices we’re currently seeing will not last.

[/quote:34yxfimr]

True, the figures I quoted are for Daft Asking Prices. But, what the original thread was based on when launched in November 2006 and what its heading refers to is also Daft Asking Prices. If you want to use actual prices, the ESRI index for Dublin house prices was 141.7 in November 2006 (when this thread was launched) and 140.9 in May 2007 (the most recent published). That's a fall of 0.6 per cent or approximately €2,500 in six months. In other words, less than €450 per month rather than the €4,500 stated in the heading for the thread. So, whichever way you look at it, the claim in the thread heading that Dublin property prices have been falling by €4,500 a month since the thread was launched in November 2006 is completely inaccurate.

[freedomlover]

Don't you just love "auctioneer speak"

I had a look at the link above and found this property for sale just outside Cashel

http://www.myhome.ie/search/property.asp?id=308955

here's one comment from it

We can almost guarantee that you will not fail to be impressed with this 3 bed detached home which offers modern and contemporary living in village surroundings. The location itself is superb and cannot be overstated.

Well I live a few miles from that.. I'm not particularly impressed with it. And the location is seriously overstated.. it's on a tiny and pretty dangerous road.

Do people still fall for auction speak.

PS

Offer the sellers another 40 grand less, and you'll get that

*(ps listening to Marilyn Manson in the background.. pretty good music if I may say so)

The fact that you were not impressed does not mean that no one is impressed. Different people are impressed in different ways. For example, you were probably impressed by the Sinn Fein manifesto at the last election, but most people were distinctly unimpressed by it. Its in its ability to cater to the great variety of ways and often opposing ways in which people are impressed that capitalism is such a superior system to socialism.

[Sidewinder]

freedomlover must be the only person in Ireland who is still insisting "Property only ever goes up!!!"

All the rest of the bulls have run away and hid. Even the major spokesmen for the major VIs are admitting prices are falling.

You have to give freedomlover credit for his ability to stuck his head in a bucket.

[freedomlover]

freedomlover must be the only person in Ireland who is still insisting "Property only ever goes up!!!"

All the rest of the bulls have run away and hid. Even the major spokesmen for the major VIs are admitting prices are falling.

You have to give freedomlover credit for his ability to stuck his head in a bucket.

I haven't said anything about how property prices will go in the future, merely pointing out that, during the 8 months this thread has been running, property prices have NOT been falling by 4,500 euros a month (or anything like it), which the heading of the thread implies.

[kerrynorth]

freedomlover must be the only person in Ireland who is still insisting "Property only ever goes up!!!"

All the rest of the bulls have run away and hid. Even the major spokesmen for the major VIs are admitting prices are falling.

You have to give freedomlover credit for his ability to stuck his head in a bucket.

I haven't said anything about how property prices will go in the future, merely pointing out that, during the 8 months this thread has been running, property prices have NOT been falling by 4,500 euros a month (or anything like it), which the heading of the thread implies.

10K a month according to the Indo!

[Coles]

Freedomlover, I hope this fall in the stock market doesn't take the gloss off your pension... But at least with the falling property prices you might still afford that second home. But tell me, why do you intend to wait two years?

[Akrasia]

freedomlover must be the only person in Ireland who is still insisting "Property only ever goes up!!!"

All the rest of the bulls have run away and hid. Even the major spokesmen for the major VIs are admitting prices are falling.

You have to give freedomlover credit for his ability to stuck his head in a bucket.

I haven't said anything about how property prices will go in the future, merely pointing out that, during the 8 months this thread has been running, property prices have NOT been falling by 4,500 euros a month (or anything like it), which the heading of the thread implies.

Read the first post of the thread. The headline refers to asking prices for a certain kind of property in a certain part of Dublin falling by 4500 a month (apartments in Dublin city centre)

Your objections about the inaccuracy of the heading are based on a misleading summary of what the thread actually says.

I would not be surprised at all if the actual figures did show that average prices for apartments in DC centre have fallen by around 8% since last November or even more.

[returning officer]

Read the first post of the thread. The headline refers to asking prices for a certain kind of property in a certain part of Dublin falling by 4500 a month (apartments in Dublin city centre)

Your objections about the inaccuracy of the heading are based on a misleading summary of what the thread actually says.

I would not be surprised at all if the actual figures did show that average prices for apartments in DC centre have fallen by around 8% since last November or even more.

Then you will be shocked to learn that since Q42006, the average asking price on Daft has increased from €320K to €449k.
North city has stayed the same at €302K (or a fall in real terms).

Southcity 1 bed apartments has increased from an average of €311K to €329K.

That is a far cry from the €36,000 loss that this thread title states for property inside the M50.

See http://www.daft.ie/report/DaftReport-Q22007
fhttp://www.daft.ie/report/DaftReport-Q42006.pdf

Then have a look at this for where the greater falls may occur:
www.daft.ie/maps/index.daft
(Here's a clue: Leitrim has a population of 30,000, Dublin City had about 800,000. Or look at the vast number sale for Roscommon and Kerry. Then the commuter belt).

[Anorakphobia]

Did ye not hear?
The slump is over, announced officially in Sindo by Brendan O' Connor.
Said we should go out and buy now coz this is when "all the clever people do it". It wasn't even a humorous piece. Fat obnoxious unfunny fool is now an Economic sage.

Only topped by Noel Smyth on Newstalk doing a Bertie on it railing against the pessimists, saying "unlike the builders and developers, these people never risked their money or ever gave employment to thousands of people"
What a joke, as regards employment most developers have a PA and a driver and don't even get me started on "risking their OWN money".

[meriwether]

Did ye not hear?
The slump is over, announced officially in Sindo by Brendan O' Connor.
Said we should go out and buy now coz this is when "all the clever people do it". It wasn't even a humorous piece. Fat obnoxious unfunny fool is now an Economic sage.

Only topped by Noel Smyth on Newstalk doing a Bertie on it rauiling against the pessimists, saying "unlike the builders and developers, these people never risked their money or ever gave employment to thousands of people"
What a joke, most developers have a PA and 2 mobile phones.

I have never read such an idiotic article as Brendan O'Connor penned yesterday.
The logic was: You should buy when the market is down. Then sell when its high. The property market is now low. Ergo, one must buy. No mention that it may go lower of course.