House Prices Back at 2014 Price Levels?

property-market-sentiment

#400

well in the absence of any other data to support your theories you’ll have to cling to that wont you :slight_smile:


#401

By Property Pin standards, I’ll take that comment to mean grudging agreement.


#402

Interesting price drops for high-end new build bungalows at Ard na Greine at Eaton Brae (off Orwell Road, Rathgar):


Original launch in Jan 2019, only seems to have prices for 2 of the 3 units but it says “€1,300,000” as the price so perhaps that was the unspecified price of the smallest unit.

Fast forward nearly 2 years later, none of the 3 houses are in the property price register yet. The dearest unit (187sq m) has been reduced from €1.5m to €1.25m and now marked as sale agreed. The second dearest (171sq m) had an even chunkier reduction from €1.45m to €1.1m and is now sale agreed too. The cheapest unit (144sq m) is now down to €900k. As I mentioned, it is not clear how much the cheapest one was originally but if it was €1.3m then that is a serious reduction, and presumably it should sell quickly at the reduced price as it’s now considerably cheaper per square metre than the other two variants that are sale agreed.

These are not standard ‘family homes’ with big gardens, they’re more so luxury trade-down type units but just goes to show how either (a) they were tremendously mispriced last year or (b) this sector of the market has been very adversely impacted in recent times.


#403

Interesting analysis.

I briefly looked at them and thought they looked like war bunkers. Well kitted out war bunkers. But bunkers nonetheless.

They won’t age well.


#404

On the market in March 2020 asking €3.25m, now reduced to €2.5m. A quick Google searches show it was on the market in 2013 for around €2.75m but it did not sell, apparently.


#405

Just looking at the photos on the IT, I’m not surprised…old folk styling…


#406

Yep, the bikini-clad women wouldn’t like that at all now :wink:


#407

Meow!


#408

Another optimistically priced house, just down the road clonlost house, a full retrofitted circa 5,000 sq foot, A3 rated period house with a semblance of a garden and sea views from all of the front rooms sold for €2.2m 3 years ago, prices at this level have probably gone down 3-5% id guess.

https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/dalkey-period-home-updated-for-21st-century-living-for-2-4m-1.3051684

How in gods name do they expect to get close to 2m for this house when they have used all of the ground to do another development and its nearly 2000 sq feet smaller?

https://www.myhome.ie/residential/brochure/mount-prospect-killiney-hill-road-killiney-co-dublin-a96-v09h/4468912

It might be somewhat interesting at say 1.5m where you trade the lack of space for the style of house. But itll never get 2m. Has been for sale for quite some time on and off.


#409

No evidence of price declines yet.


#410

Read this article this morning and found it very unusual (I’d go as far as to say poor “journalism” even!)

Facts contained in article:
CSO prices down 1.6%
Highest value sales in Dublin considerably lower than those seen in previous years.

Facts excluded:
Volume of sales way down on prior years (23% in H1)
4.1% annual price decline in €1m plus properties (report from 9th November same paper)

Story: “This is the best year ever - buy now, prices are about to rise hugely when the vaccine comes” - Person who makes a living from selling houses


#411

Yep I have heard that it will really take off when the vaccine come out!!!


#412

To be fair a lot of people finally managed to save deposits while they weren’t allowed out to spend it.


#413

Will it be a similar amount to the €15 Billion that was paid out from the SSIA between 2006 and 2007? I’m skeptical and we all know what happened after that.

Also, if it does make an impact and I’m doubtful, as even if they managed to save €20k, that’s not much of a percentage on a €400k house. Then, there will be an almighty price drop in 2022 if all those excess savings are handed over to developers in 2021.

Also, if many of those people apparently saving are currently renting, they will just move from their rented accommodation to their new home which releases their previously rented house back into the market. Zero sum and all.


#414

Well given the 400k house will be worth 1-200k in the next 12-24 months by your estimation then the 20k will go a long way won’t it ?


#415

Incase you missed it:

So as we come to the end of 2020, we can definitively say that house prices are not back to 2014 level. In fact, they are more or less the same - or slightly up - on 2019 levels. It just goes to show that all of these anecdotal ‘asking price drops’ listed on this thread mean little in isolation.
A strange year indeed. Let’s see what 2021 brings!


#416

Ireland isn’t different to many others in that regard either but it is more volatile over the last couple of years than other euro countries…


#417

#418

Prices surging in SCD and nationwide ffs :weary:


#419

Since the Covid-19 pandemic reached Ireland in
March, supply on the market has never been above
20,000 and, on December 1st, was just 15,390,
down one third on the already low figure recorded
in the same month a year previously.

The housing market is – as the name suggests – a
market and the laws of supply and demand are
powerful descriptors of what is going on. The lack of
supply – coupled with demand for housing holding
up remarkably well this year – has translated into
strong increases in housing prices, especially in the
second half of the year.

In Dublin, for example, where there were 20%
fewer homes available to buy on December 1 this
year compared to the same date in 2019, average
list prices rose by 7.2% year-on-year. I