THE price of apartments in Dublin city centre is falling by up to €4,500 a month, and those in south Co Dublin and Galway city are also on the slide, according to a market survey.
The analysis, prepared by Daft.ie, reveals a number of property price anomalies starting to emerge. The survey is based on prices sought for homes featured on the Daft.ie website, the country’s largest property site. - Sunday Times
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Hopefully this is a soft-landing. But in any case, the public - especially the first-time buyer - deserve an end to these extortionate prices. The Opposition cannot have it both ways - they complain about people not being able to buy their own home - but they also want to criticise falls in house-prices. I personally don't expect it to be a hard-landing.
What are you wittering on about regarding the opposition? Do you have some form of obsessive compulsive disorder or something that manifests itself via opinion polls, immigration or the opposition?Originally Posted by FutureTaoiseach
Feel it in the old bones FT ?
I'd say the feeling you get in those bones are less related to anything resembling politics or economics, and more likely osteoporosis.
This is a cyclical economic phenomenon, which has been predicted for years. Yes, we got the timing wrong on a few occasions, but the event was eventually going to happen.
You can see it down here for the past 6 months... for the last 5 years, there wasn't an affrordable house to be got, now you can pick and choose where the developers will give them to you.
The housing market is sliding towards a serious correction very soon.
1,197 people agree with me.. how many agree with you ?
Well one swallow doesn't make a summer. We have to be very wary in dianogsing a 'soft-landing' or 'slow down' or 'crash'. Basically one website has reported that three of the sureveyed areas (I believe each dublin post code and every county was surveyed) has reported slight decreases in house prices for one particular economics quater. Every other area in the county have reported growth, albeit at a lower level than previous.
Also 'average' house prices can sometimes be a bit misleading as one or two freak results can distort the picture, particulary when we are dealing with low numbers. The article does not state how many houses were 'surveyed' in each area and to what degree price varied in these areas.
Having said that, it is a wonderful marketing exercise by the very media savy guys at Daft.ie.
"Consistency is the last refuge of the unimaginative."
Oscar Wilde
Even so, it does emphasise the need to stimulate growth in other areas of the economy other than our unwise overdependence on construction.
Stealing Richards Bruton’s clothes now are we FT.... There could be hope for you yet…
to change Ireland from a dependent to a self-reliant society — from a give-it-to-me, to a do-it-yourself nation. A get-up-and-go, instead of a sit-back-and-wait-for-it ireland
That probably explains why Wicklow County Council had to give the developers a dig-out and gift them 38 acres of foreshore in Greystones
http://www.politics.ie/viewtopic.php?t=15237
*whistles innocently*
I hate to say told you so...(Sep 14th 15:56 post)
And in related news...
ECB rates of 4% by March 07 are now pretty much a certainty. 5% by Q1 2008 is odds-on, I'd say.
Je suis un loo-lah
A few of us on p.ie have been suggesting for some time that anecdotally this has been occuring. However, the main indicies (which happen to be funded by various financial institutions/estate agents) have still not picked up this trend. I suggested previously that these indicies may be being massaged and I now believe this to be the case.
Whereas ECB rates will rise to 4% at some point in 2007 I do not see the momentum to keep them rising beyond this at this point. I think 5% is highly unlikely unless some unforseen factor occurs next year. A steady 4% is a more likely scenario.
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