19 The Mill, Weaver Square, Dublin 8 (-35k, -14%)

Was 245k


Now 210k


In january one of these was sale agreed at 240k

thepropertypin.com/viewtopic … ght=weaver

As so the sub-€200k Dublin city 1-bed apartment is becoming a reality. I always thought €200k +/- for such places was approaching neutral pricing. This property is now within grasp of a single person earning c.€60k pa. That seems about right to me.

Playing devil’s advocate…a single person earning €60k is earning approximately twice the national average…such a person would be considered well paid, from the point of view of the average citizen. If an apartment like this is to be affordable for an average wage earner, it would need to drop to around €120k or so.

Well, I’m a massive bear so definitely see where you’re coming from.

But I think an average Dublin wage is considerably more than the national average. It’s very hard to find out “average” wages - I’ve Googled it several times and can never find anything about it. But I think the conventional wisdom says nationally the average is around €35k, so I think Dublin it would be between €40k and €45k. So I think the price of this place is approaching 4x an average single Dublin salary. But maybe I’m wrong - certainly your pricing looks reasonable for such a modest abode.

Related to this, one thing that has confused me for years is that in the good old bad old days it was possible for pretty much any worker to buy a home. A binman could afford Tallaght and a Doctor could afford Rathgar and a middle manager could afford somewhere in between. Hell, I think even single people earning average wages used to buy houses. But now, even the doctor would struggle to buy in the *middle *tier, never mind the binman, who would be priced out of a lot of Tallaght. It seems to me that no economic or social rationale can explain why such an age-old situation should have changed in the last 10 years - unless we call the “new paradigm” theory a rationale, which clearly we don’t, because it’s not one.