I found this while searching on daft. It’s a 2 bed apartment in Saggart. They must be expecting a bidding war.
It’s the only 2 bed for that price on daft. I wonder how long it will be before it’s joined by others??
Just to air my bias I wouldn’t live in Mulhuddart even if it was free, in fact I’d give most of D15 a wide berth. Lived there for much to long thanks very much!
Good find. Markets turned no denying it. We are now past the denial phase.
Steady on. Still a lot of denial out there. Next Thursday will be most interesting though…
No reallly with many economists saying the boom is over we are past denial in my books. With the obvious increase in price drops there is continuning acceptance, this is the trend we are steady on course for the next phase, is it fear and then panic.
There is only one thing that I can say I am happy about this, is timing. Its jsut amazing that its coninciding with a very touch & go election.
Get ready for the electioneering showbands about to be dusted off, least they are ready for the angry property owner/ftb waiting in the longgrass, hopefully they’ll be getting it from all sides and its about time too.
What’s happening Thursday?
The expected rate rise next Thursday is well priced in by the market now.
I really don’t think things will move quickly enough to affect the election. Look at the IT auction results today - things are still moving and above their AMV’s (although nowhere near as far above as 6-9 months ago).
It will take another 2-3 rate rises to start making many FTB’s wobble and that won’t happen until later this year. Until then I expect the same as now - general acceptance that the market has slowed/stopped/gone into slow reverse but no full on crash.
Next year, with another 1-2 rate rises and no sign of price increases - that’ll be a different matter - I’d expect to see material falls of 10-15% being reported as we trend back to 2004/5 prices. I think this will start with the BTL guys offloading the “other” house they kept when they traded up because they cannot afford to keep subsidising their tenants now that they see the prospect of capital gains going away.
Only caveat - if there is a major financial shock which is local to Ireland (e.g. Dell/HP or someone downsizing) then the timeline above will accelerate.
Absolutely not - property markets don’t reflect rate rises until about six months following the increase. There’s no such thing as interest rates being “priced in” before the fact with property. In fact, if anything it works in reverse where people rush to buy while they qualify for higher approval.
What I mean is that it is not a surprise - every man and his dog knows it is coming. The medium term German bond prices also reflect it (and another in this 12 month period).
Now, property purchasers may indeed rush into buy based on (temporary) higher approval …
I would imagine banks are being more selective in the amounts that they are handing out to would be borrowers as well. I would think that prospective borrowers are hit with this reality before Mr Trichet et al withdraw the alcohol from the party.
Many are oblivious to this new reality that is facing them as they go into meet their broker/bank manager. I have seen people at work digusted as the amounts being offered to them when they compare to someone else who got a mortgage 12 months ago
We’ve one hell of a hangover coming our way.
I’d prefer that kind of disgust any day of the week, when you imagine how sick you’d be if you actually went out and put your foot in the whirlpool 12 months ago.