25 Gainsborough Lawns, Malahide (-175k, -23%)

Yes I fully agree that Mayway must have a vested interest…I also fully believe that properties in Gainsborough will fall further and faster in 2009. I think this is a widely accepted view, even by estate agents and other ‘vested’ interests.
It reminds me of the the late '90’s when prices were rising and people reckoned they would ‘stop rising very soon’… Well they kept rising for nearly a decade so I believe they have a long way to fall. They are certainly not getting any more expensive so as I mentioned before why buy now when you will get it cheaper next year or thereafter?
I have done a lot of research on this topic, I have listened to many top economists and read many articles. I’d actually bet money that propety prices will fall further and faster.

I don’t want to get into a ‘I think house prices will drop by x this year’ debate, but there are not many affordable 4-bed semi’s in malahide, affordable being a subjective term of course. Yes they are not affordable yet to most, but then most people will never be able to afford them anyway.
Gainsborough has nothing but 4-bed semi’s, which is very very rare in the area, so the people who can afford to buy know that they are amongst their own. They are also amongst the cheapest 4-beds in Malahide; but still not cheap enough in my opinion.

Then they are snobs of the highest order.

I’m sure most people who bought apartments in The Grange thought they were ‘amongst their own’ until the local council snapped up a load for AH and SH purposes!

This is not the place for commentary folks. Further contributions will be deleted.

Number 15 down to €480k. The competition is hotting up.

daft.ie/searchsale.daft?&id=386936

No, from the '99 price it’d be 325K in Irish punts, which’d be E413.5K in todays money.

If you were to take the IR£310K in 2001, 4% growth 2002 - 2009 would give you IR£424K now,which in Euro is E539K.

In real terms, either purchase in '99 or '01 is now looking to be a poor return on investment. A 1999 purchase isn’t too bad at 5.6% per annum on a ten year investment, assuming it was bought at IR£220K and sells at E480K. A 2001 purchase on the other hand is 2.5% per annum if bought at IR£310 and sold for E480K.

Effectively, allowing for normal market rises in line with cost of living increases, it would seem we’re at about Y2K prices.

It does not matter what the equivalent year is… We are now just entering the ‘full-blown’ recession… Houses will fall further and faster. More and more people are losing their jobs - LITERALLY on a daily basis unfortunately. Banks are not lending. Every passing month will see you save thousands on the cost of a home… it pays to wait!

15 Gainsborough Lawns, just dow the street, is down to €480k (from 630k)

daft.ie/searchsale.daft?id=386936

if its not a typo, and it doesn’t appear to be, then its a heck of a drop. -24%

That’s not a big percentage drop anymore. Above 30% would be significant these days.

Gainsborough is fast becoming the poster boy for property bubble in Dublin. Malahide got silly expensive during this period. Let’s face it, as discussed here before, there was huge investment buy into Gainsborough. Also, it’s on the periphery of Malahide so not so well located and there is lots of supply both in that estate and Malahide as a whole.

Good estate to follow as it seems to be a leader on the way down. circa 800k => 480k = 40% drop. That’s the magic number mentioned by mr_anderson on a previous thread to get a sale. But lets face it offers will be circa 400k which is a 50% drop. Interesting case.