CSO - property prices down nationwide, up in Dublin

Presumably the small rise in Dublin is most likely a statistical anomaly due to the small sample size

rte.ie/news/2011/0622/houses-business.html

NWL drills into some of the detail namawinelake.wordpress.com/2011/ … the-board/

One serious anomaly -
House prices Dublin +0.3%
Apartment prices Dublin -0.3%
Property prices Dublin +0.4%…

Like the old PTSB/ESRI index, this one is bollocks…

Key phrase from NWL:

Or are cash transactions which are not captured by the CSO index so significant today that if they were captured, the decline in the Republic would be even greater?

Has to be an unquantified factor in the mix. No way house and apartment prices are rising in Dublin or elsewhere at the moment.

Yeah, I had to read that para about 5 times, and still couldn’t figure it out.

It’s a MoM increase off low-to-no transaction volumes, so who knows.

Prices fell again last month. We could see a fal of 15% this year alone. Staggering. No credit available what so ever.

but prices in dublin were up .4%

People are still obtaining credit. Many new mortgages have been taken out since the start of this year.

However, as 2Pack has been saying for quite a while, it is increasingly difficult to get a mortgage and eventually it is expected that practically all credit will dry up.

That will be the bottom of the market.

In theory, that should mean that people with cash should be in a great position to buy. In practice, however, we are in a period of huge international turmoil and all bets are off as far as I can see.

I’d love to know whether there is an upper limit to mortgages being offered these days, like 250,000, for instance.

If any banker happens to be reading this, I’d like to know roughly what your biggest new mortgage (i.e. since start 2011) is? Feel free to PM me about it.

Watch the usual vested interests latch on to " the bottom of the market for 3 and 4 bed houses has been reached in Dublin"

Ha ha Max, when I read your comment first I read it as " the bottom of the market for 3 and 4 bad houses has been reached in Dublin".

Which may be closer to the mark.

Merged in another thread…

If houses are +0.3% and apartments -0.3%, the weighted average must lie somewhere between +0.3% and -0.3%. So how can it be +0.4%??? :angry:

People are getting mortgages but only LTV 60% as far as i can see. So, people need to a sizeable cash buffer to purchase a decent property.

That would be useful information to get - what’s the average LTV for different property sizes. It would let us see the size of the cash component in the mortgage market and the level to which banks now expect property could fall.

Banks are, anecdotally looking for 20% deposit, and also a history of savings/surplus disposable income of at least 1k a month after paying mortgage, groceries, utilities etc

“I don’t see any reason why property prices will stop falling”.

  • David Murphy, RTE News at 1.

Time to buy so. :laughing:

Thought the same thing!

David Murphy - The Jim Cramer of RTE

myhome.ie owners headline with dublin increase:

independent.ie/national-news … 02799.html

100k-Weston calls bottom, or close to, on Newstalk.

+1 to Tyler’s anecdotal lending criteria, family member got mortgage under similar conditions, from EBS I think.