Still no evidence of price declines:
Glenveagh stated three weeks ago they are cutting the ‘prices on luxury properties in Dublin and Wicklow to accelerate sales’ and then proceeded to drop their one bed apartments in Greystones from €495k to €385k.
I would also be very suspect of the estate agent stating that ‘In Leitrim, property is now selling within five weeks of coming on the market.’.
Many of the people buying over the past few months would have decided to buy pre-covid and it’s the people starting the search process now that will probably decide the future direction of the market. Most people don’t wake up in the morning and decide they will buy a house by the end of the month and have closed and moved into their new house within 2 months. It’s normally a 6-12 month process (probably much longer in many cases) from searching to closing.
Link to Glenveagh price cuts here: https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html
It’s not just Leitrim…it’s Carlow too!
The boggers are moving back to Mayo - expect price falls in Dublin…,
The article says “More than 30 people queued in bitter weather to better their chances of getting a home among the 18 new properties”. How many would have been couples or other family members queuing for the homes?
Also, for this phase, it was last updated six weeks ago: “ANNOUNCING FOURTH PHASE - VIEWING OF SHOW HOUSE BY APPOINTMENT”
I guess we’ll see if the homes sold over the weekend (entirely possible as there weren’t that many for sale) but there’s no ‘sale agreed’ signs up yet on their Daft page or the developments website.
Brookside, Stillorgan Grove, Blackrock, South Co. Dublin
Originally launched in January 2020, with The smallest four-bed house is priced from €925,000, while the two larger four-beds cost from €969,000 apiece
Now, The three four-bed contemporary-style townhouses, which have been relaunched with a new agent, range in size from 1,615 sq ft to 1,851 sq ft, with prices from €870,000 to €920,000
So a circa 5% decline in asking prices.
Sounds about right.
But according to some on here, lowering asking prices ‘mean nothing’ and we’ll apparently see higher sales prices on the PPR at some point in the future.
Lads, you’re facing into a long bleak winter of lockdowns. House prices are going south. Guaranteed.
i dont think anyone ever said that, but what has been said, and what is the case, is that the average achieved prices as reported by the PPR arent falling, at least not to any statistically significant degree.
Yet at least.
as for those houses, the location isnt amazing, they are seeking similar prices to the nicer (similar) houses that are right down in the village in barclay court
Yep, completely agree.
Asking price drops in isolation mean noting.
These prices were too high compared to other similar new developments in the area - even pre-Covid.
The Barclay Court development has so much more going for it, for the same price.
And it looks like almost all of the Barclay Court houses are sale agreed or sold - post Covid… While Brookside has had to reduce asking prices.
That would be my view also ie pent up, post lockdown demand can only extend so far. Not everyone is in tech or the civil service and most rely on the banks willingness to lend. The full extent of this thing has yet to be felt but the pandemic payment cannot go on forever.
Nontheless, prices are always sticky on the way down. Id expect some movement by Easter.
I think you’re spot on with this.
Who said that?
The point that has been raised by many is that lowering asking prices in isolation don’t necessarily mean anything - you must look at sales prices. It doesn’t mean that we will see higher sales prices on PPR - of course they could also be lower - but the point is that sales prices are what ultimately matter.
Rents down, property prices not (yet)
Assessing the impacts of COVID-19 on the Irish property market: An overview of the issues
If anything in the short term I think we might see something like in the UK. My ongoing experience of viewing houses in SCD is everything is going above asking price.
Apartments in Brighton wood in foxrock appear to have been dropped from €725000 to €560000.
I’ve been following this place since it was built.
Struggling to sell houses.
725 for a 2 bed was just madness.
Interesting to see if the houses follow suit.
Seems to be a pattern - apartments falling significantly, and ‘family homes’ with office space/gardens holding up well (so far)…
DURING THE global recession a decade ago, real house prices fell by an average of 10%, wiping trillions of dollars off the world’s largest asset class. Though the housing market has not been the trigger of economic woes this time, investors and homeowners still braced for the worst as it became clear that covid-19 would push the world economy into its deepest downturn since the Depression of the 1930s.
That pessimism now looks misplaced. House prices picked up in most middle- and high-income countries in the second quarter. In the rich world they rose at an annual rate of 5% (see chart 1). Share prices of developers and property-traders fell by a quarter in the early phase of the pandemic, but have recovered much of the fall.
Some markets are fizzing. In August house prices in Germany were 11% higher than the year before; rapid growth in South Korea and parts of China has prompted the authorities to tighten rules for buyers. In America growth in the median price per square foot accelerated more quickly in the second quarter of 2020 than in any three-month period in the lead-up to the financial crisis of 2007-09. Three factors explain this strength: monetary policy, fiscal policy and buyers’ changing preferences.
MyHome.ie Q3 2020 Property Report in association with Davy
- National quarterly asking price inflation at highest level since Q1 2017
- Annual asking price inflation rose by 5.1% nationally and by 2.5% in Dublin
- Shortage of supply and strong demand driving upward inflation
I know that in my home area in the West of Ireland (coastal area), any bit of a house that’s for sale are being snapped up. As a result I’m seeing big increases on the latest additions for sale in the area, no matter how bad condition they are in. And it’s all outsiders buying into the area.
Planning is very hard to get there so no sites for sale.