Irish Times- Dublin house prices down up to 52% according to "Secret house sale data"

[Anorakphobia]

"Up to 52%" is the magic phrase. So, in effect, they noted one or two houses that had halved in price. Thought it is an interesting fact, it is not the average decrease, which is the important statistic.

Having recently bought in South Dublin, I secured a very substantial saving but nowhere near 50%.

On what basis have you "secured a substantial saving"?

I think your statement is scary and reflective of a small rump of people right now who think just because they are paying less for a house than it once was supposedly worth, they are making a "substantial saving"
It is my belief that it is this small rump that is preventing the final catastrophic phase to kick in.
But in reality, the sooner that happens the better for all and things might slowly start to recover.

[corelli]

Well you have confirmed that you are an idiot if you have just bought recently.
There will be areas by the end of this that will have gone down by 70%.
It will average out between 35-60% in Dublin depending on where.

Attracted by the low interest for the “1st year” were we??
You have bought half way down the curve.

My new purchase is down 30% from peak. It's good value for where it is and suits me, having a very small mortgage. There is NEVER a good time to buy. The timing suits. I like the property more than anywhere else I have seen and did not want to let it go. I also suspect that I probably might not want to live anywhere the property values decrease by 70%.

[imokyrok]

So what is the average decrease? (no link?)

[Rebel CNC]

On what basis have you "secured a substantial saving"?

I think your statement is scary and reflective of a small rump of people right now who think just because they are paying less for a house than it once was supposedly worth, they are making a "substantial saving"
It is my belief that it is this small rump that is preventing the final catastrophic phase to kick in.
But in reality, the sooner that happens the better for all and things might slowly start to recover.

In fairness - he or she probably meant a saving compared to what he would have paid if he bought 6 or 12 months earlier. It does represent an actual saving that crystalised as opposed to anyone's opinion about where the market will be in the future.

[irish_bob]

My new purchase is down 30% from peak. It's good value for where it is and suits me, having a very small mortgage. There is NEVER a good time to buy. The timing suits. I like the property more than anywhere else I have seen and did not want to let it go. I also suspect that I probably might not want to live anywhere the property values decrease by 70%.

good luck to you correlli , finding the property thats right for you is important and as long as you feel you can pay the mortgage , what harm , it is definatley the case that houses were thrown up in less desirable locations and im not talking specifically what we might call lower socio economic parts , commuter belt areas like kells , cavan etc will see the biggest fall

that said , with unemployment predicted to reach over 15% in the next 12 months , property prices and surely only go one way

[Eorna]

Well you have confirmed that you are an idiot if you have just bought recently.
There will be areas by the end of this that will have gone down by 70%.
It will average out between 35-60% in Dublin depending on where.

Attracted by the low interest for the “1st year” were we??
You have bought half way down the curve.

I have to agree that now is a very bad time to buy, the interest rates are low because the economy is in so much trouble. They will go back up again in time, whilst house prices will continue to go down for another two years, wages will continue to go down, while unemployment will be increasing for years to come.

[libertarian-right]

Still a long way to go, we wont see the bottom for quite a while.

[MsAnneThrope]

I hope NAMA is reading this.

[birthday]

I am surprised to see the same property editors and correspondents still writing for the two main daily newspapers. These people really stoked the bubble along with Estate agents. (Remember 'Enfield-only 30 minutes from Dublin'! 'Palmerstown-beautiful sylvan setting' and all such hype about 'getting on the property ladder'). The difference however is that these people were supposedly journalists and NUJ members and capable of some objectivity. Instead they were confirming all the hype and oversell of the estate agents and auctioneers and were a disgrace to their so-called 'profession'. No doubt the newspapers were making so much money from the property boom that no-one ever questioned any of the nonsense and naked sell from estate agents that filled the proprty pages for so many years.
The very least that should happen is that all property pages should have ADVERTISEMENT FEATURE at the top of the page.

[feargach]

I hope that this secret report finds its way into the hands of an outspoken TD who reads it into the record of the Dáil. That way it's no longer hidden info.

The Irish Times will probably get prosecuted for printing this info. Fair play to Madam Editor for having the courage to take us out of our ignorance of the massive hole we are digging for ourselves.