With all the Bertiegate 'excitement' of late, there has not been much mention of property prices, either on P.ie or in the news. Maybe they await the march figures in a weeks time. Has the drop in values fizzled out or is recent stock market turmoil, increase in oil prices etc affected latest sentiment.
Sitting on the fence not wanting to buy now and have neighbours move in six months later having paid less.
*shrugs*
Yer average property crash takes 3 to 5 years to bottom out. In extreme cases, like Japan, it can take 14 years. The Irish peak was around May 2006, so it really would be something of a miracle of unprecedented economic history for Irish prices to have bottomed out already - especially when you consider that the banks are furiously rowing back on how much money they will lend (no more 100% mortgages, etc). US house prices are still plummeting, and their peak was summer 2005.
There's a long way to go yet for this particular global asset/credit bubble to unwind, IMO.
Je suis un loo-lah
The second hand home's market seems to be stagnant with very little movement, I looked at a lot of houses in October/November here in Limerick but decided that house prices would continue to fall.
I've started to look again and nearly every house I looked at last year is still on the market. The house I was most interested in was looking for 350K last year and I got them down to 315 but finally decided against purchasing it as complete refurbishment was required and it could have become a endless money pit and my budget is finite, it's how on the market asking 300K.
I think there is still some downward movement to come, so unless I come across a real bargain I will sit it out for another few months.
Average expenses per TD in 2011:- FG 36,412, Lab 28,756, FF 45,219, SF 44,413, SP 23,654, PBP 31,866, WUAG 49,911, IND 37,805, CC 13,112.
Limerick lad, I dont blame you sitting it out in Limerick. I was looking at the HOD auctioneers site, there is a lot for sale, but the prices are bananas. As an example look at the yellow little cottage in Kilderry, crecora for a staggering 600K..... are they for real.
Check out http://thepropertypin.com
Its an excellent discussion site all about the Irish Property crash.
Limerick kind of got in on the property madness that swept Ireland a little later than the rest of the country and some sellers and auctioneers still haven't woken up to the new reality.Originally Posted by DH
Average expenses per TD in 2011:- FG 36,412, Lab 28,756, FF 45,219, SF 44,413, SP 23,654, PBP 31,866, WUAG 49,911, IND 37,805, CC 13,112.
Thanks Andrew,
I checked out the property pin quite a lot when politics.ie was off air.
It seems very negative in the sentiment as a whole (unlike P.ie which has the occasional looney giving their reasons why the burst is over).
There is also a mechanism which i have not signed up to, in connection with daft ( I think), whereby you can track the fall of a particular house since it went first on the market. My particular interest is in the Kildare region and a lot of the pin seems dublin focussed, but that is understandable as thats where the major drops are.
Property prices are still falling, so are employment numbers in jobs that pay enough to pay a mortgage.
i think it's dublin focused because thats where the most people live, and the posters tend to report on price drops in their own areas.
There are lots of reports of falling prices all over the state.
I think the major collapses in house prices will occur outside of dublin in the commuter belt counties (which ludicrously extended all the way as far as portlaoise during the height of the insanity)
Actual morality is doing what is right regardless of what you're told. Religious morality is doing what you're told, regardless of if it's right.
All the "investors" (Trades fools with no understanding of economics) are screwed and they still wont sell, they believe what the star property section says and what FF tell them.
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