Back to 2003 prices?

I am thinking of selling in Bray. Bought a 1970s house in November 2004 to get on the property ladder. Estate is not great looking from an architectural point of view but is clean.
Here’s the deal: got the house for 300k even then had to do some modernisation such as installing central heat (natural gas), ripping out old back burner and replacing fireplace, knocking through a wall to extend the tiny kitchen, etc.
Had an EA up and he said it would go for around 300k. So factoring in inflation and expenses above, that puts this particular area back at 2003 prices! Does that sound right?

Doesn’t sound crazy to me.

Think we’re back to 2001 or thereabouts at the moment, which if you’ve done some work on the place, sounds about right.

Inflation between 2005 and 2008 was 14% (CSO figures - old base, Table 1 Page 4). Then take your renovations as a percentage of the 300k - say 10% or 30k? Add in another 4% for buying/selling costs on the way in and out. So 28%. Not factoring the opportunity cost of money lost on the differential, if any, between mortgage interest repayments and rent.

It’s possible that house prices in Bray went up by 28% between the early part of 2003 and Nov 2004. So back to early 2003 sounds ok to me.

That’s the real hit you’re taking, by the way: 28%. Just for selling your house for the same price you paid for it.

Whether you’ll actually get 300k anytime this year is another matter entirely.

Edit: Took inflation from 2005 since OP bought in Nov 2004.

Buyers might be in 2001 now but sellers are in late 2005.

I’d give them 6 more months of this recession + job losses and increased taxes an that’ll put the fear of god into them. Lets be honest a blind man on a galloping horse should know at this stage the sh** has hit the fan and " one will certainly need a shuvel going foreword to dig ourselves out of this mess whot"

In Waterford some of them are still in 2006/7.

For example, this house was listed today on Daft. It was put on at €270k, while two similar homes were REDUCED in the same area from €275k to €245k and from €255k to €230k in the past two months.

Here’s today’s one:

daft.ie/1429697

Here are the other two:

daft.ie/1426126 (that one is on a very large corner site and is in great nick, we viewed it recently).

daft.ie/1425561 (albeit not as large a side entrance and requires a bit of painting/decoration, but not €45k worth).

Having looked at local auctioneers sites in Waterford today, the price differentials are staggering. I saw two houses earlier:

  1. House on at €385k with one agent - on at €310k with another.

  2. House on at €245k with one agent - on at €210k with another.

  3. House on at €390k with agent - on at €309k with another.

  4. House on at €235k with one agent - on at €200k with another.

We viewed a house yesterday which has fallen on average by €5k a week for the past few weeks, now on at €250k. I pointed out to the EA that, at this rate, it would be on at around €180k by June. Before I could get the offer in he stated ‘the buyer will not accept anything below the guide price’. He’ll be waiting.

Sellers are at the same price as buyers.
Everyone else is just thinking wishfully.

Anyone know where you can get a list of 2003, or any year for that matter, asking prices for a particular area?

Are you asking for transparency in the housing market! Egads!!!

Have fun with google cache and the national archives… Other than that… I’d really be looking for a copy of a property supplement from 1999…

God no :smiley:
That’s why I said “asking prices” rather than “selling prices”>

Try the Irish Times digital archive
irishtimes.com/search/archive.html

That’s not a bad idea for someone who’s actively looking to buy. Do libraries still keep copies of old newspapers? And do they store the supplements in addition to the papers? If they do, an afternoon or two in the library looking back over asking prices from 5-10 years ago would be quite informative.

just google - house prices and the the year, don’t think you’ll get much pre 2000 though.

Just did a bit of googling there and found some prices for 2001. Interestng results.
I found this article in the Sunday Business Post from 2001- archives.tcm.ie/businesspost/2001/05/06/story395343928.asp
I’ve checked out the current prices and provided links for some of the developments mentioned in the article.

daft.ie/1425742 - Shanliss Walk
myhome.ie/residential/search/brochure/1-dalcassian-downs-glasnevin-dublin-co&-city/ESPBW358891-Dalcassian Downs

myhome.ie/residential/search/brochure/51-cherryhill-court-kells-meath-co/HSLXU359833 Cherry Hill
property.ie/property-for-sale/3-Lintown-Cresent-Lintown-Hall-Johnstown-Road-Kilkenny-Co-Kilkenny/359437/ Lintown Cresent

There could be a long way to go folks. :neutral_face:

Looking at housing estates that were built in the time period you’re looking for seems to be the best strategy.
They tended to get write ups in the papers and are therefore searchable, more so than individual houses anyway.

Aren’t wills technically public documents?
Is there anyway to research probate valuations/sales?

I wouldn’t put too much faith in probate valuations, they tend to be way low for tax purposes.

anyway … prices in my area where we bought seem to be about 2005 level … taking current asking - 10% … of course without actual sales prices who the hell knows?

Not even at 2004 prices yet in Galway. The cheapest 2 bedroom for sale in Mullan Mor is No. 16 at 250,000
propertypartners.ie/property … 37030&o=73

(2004:Mullan Mor,Tuam Road: Two-bedroom aparments and three-bedroom townhouses will be launched by Property Partners Heaslip, 091-565261, within weeks. Prices start from €225,000)

Did a bit of Google-ing on the estate I’m interested in.

Houses sold at auction were:
2008: 870k & 850k
2007: 925K
2006: 950 & 992k
2005: 885k
2001: £320k (406k euro), so maybe 500k with inflation?

There is one now asking 650k. Hmmmmmmmmm

Obviously the above would have been in various states of repair but gives a rough idea.