Monday, Apr 30, 2007
For Dublin read London over the next 18 months
Firstrung: Dublin house prices fall by over 10% in a year - Daft.ie
The upper-end of the Dublin property market has been hardest hit with some areas showing significant drops in asking prices over the last six months. In North Dublin, Howth and Malahide have seen drops of over 10%. In South Dublin, meanwhile, asking prices in Rathmines, Rathgar and Ranelagh are down 12.6%. Asking prices in the predominantly first-time-buyers areas of Lucan and Adamstown took a softer hit, down 4.2% over the same period.
Posted by converted lurker @ 11:58 AM (160 views) Add Comment
9 Comments
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1. confused76 said...
"Also, existing home-owners wishing to trade-up invariably take their homes off the market rather than sell at a discount. In some cases, they may prefer to extend or renovate their homes rather than settle for a lower price."
This would be a very irrational behaviour, if you want to trade up you are happy to sell cheap if you can buy cheap (you are actually better off).
It is the property investors, the BTLers, that may be unwilling to sell at a discount. But how many people will be actually selling at discount?... certainly not those that bought in 2000 / 2002 whose property has doubled in value ... those will rush to sell and take profit... Now we will start observing the media talking down the crash... "people hold on assets, investors do not lose their cool"...
... all whishful thinking...
2. Papabear said...
The title (Dublin house prices fall by over 10% in a year) is VERY misleading:
The article says that house price INFLATION (not prices) has fallen to 2.1% (compared to 13.8% last year). So prices are still rising but at a much lower rate. Still, this is a welcome development. And hopefully the UK (and London in particular) will soon see big falls.
3. taffee said...
seems clear that houses are 50% overpriced.Amazing that though history tells us after a boom comes a bust in all assett groups(gold,oil,property,art,wheat etc....)Apparently this one is different??????
We know that btl is propping up the market and they will panic sell when their 'investment' plunges in value.Peoperty is also the most illiquid of assetts and can take 4-8 months to actually complete...not easy in a falling market.
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5. Flash said...
Papabear, the article is correct. Overall (i.e across ROI) asking prices stand 2.1% higher now than this time last year, but many high-end parts of Dublin are down 10%. I myself have observed 15%+ falls.
It is only a matter of time (couple of months - tops) before the overall figure goes negative too.
It's a sorry mess.
6. Scott said...
Will there be a correction, a crash, or an apocalypse? I welcome the third.
7. Tara747 said...
Actually, Lucan, Adamstown etc have been particularly badly hit!
www.thepropertypin.com/forum (see West Dublin price drops section)
The other areas mentioned are prime Dublin areas - very much the upper end of the market. They are dropping too. Goes to show that not even Kensington and Chelsea will escape when it hits London!
8. converted lurker said...
How is this mis-leading? a quote direct from the press release: "The upper-end of the Dublin property market has been hardest hit with some areas showing significant drops in asking prices over the last six months. In North Dublin, Howth and Malahide have seen drops of over 10%. In South Dublin, meanwhile, asking prices in Rathmines, Rathgar and Ranelagh are down 12.6%.
9. dobber said...
The market is turning, it's like a giant oil tanker, it moves slowly, but once it has established it's new direction it will turn, albeit slowly at first, but when on course it will continue and the little ripples will be pushed out of it's way.