There is a dearth of supply, rakes of stuff online sold or sale agreed, still up for weeks. Until we return to sanity, I dont think it can be called either way.
Interesting that this report is based on asking prices and not the actual CSO transaction figures. My own view is that asking prices have naturally trended up because the mass viewings that a low ball asking price wld attract In the past are not feasible at the moment. There is no evidence, so far on the CSO Property Price index of increases in Dublin for example… according to the PP Index prices have declined in Dublin overall.
Watch out mate - you’ll be the next to be stoned!
Yes, as we keep saying we must look at actual sales prices - not asking prices.
Others here continue to cherry pick asking price drops as ‘evidence’ that the market is collapsing.
Now we know that the actual data shows that asking prices have increased in 2020.
The actual sales data available so far shows little change in property prices in 2020.
So we now have evidence that house prices are not back to 2014 levels.
Of course, if we keep this thread open for long enough, they most likely will eventually fall. Possibly below 2014 levels!
Oh no, 100+ apartments sold for €60m in the famous Greystones marina development that has been touted as a signal of market collapse by certain poster(s) on here. So once Glenveagh reduced the initially over-inflated prices of the luxury apartments, investors rushed in to buy them out… not quite in line with the narrative of certain posters on here that the price reduction meant the market had collapsed. The opposite was true, the reduced price inspired investors to take the whole thing out thereby reducing the available stock of homes to purchase to individual buyers, which will further increase the pent-up demand for homes. No evidence of market crashing yet (still).
I mentioned earlier in this thread that The Nurseries development in Dundrum would be a good litmus test for ‘post-Covid’ prices of new build family homes in SCD. The first phase was all sold pre-Covid. The first post-Covid sale price has appeared on the price register, at a price of 950k.
Further supporting the evidence of no ‘collapses’ in property prices (yet).
Quite depressing for would-be buyers that something like this costs 950k!
Prospect House, Blackrock was another new development that was mentioned earlier in this thread. Looks like all houses in this development have sold (except #4?), again all ‘post-Covid’ sales, in the 900k+ segment of the market.
Particularly depressing given the Nurseries is not a nice development. I’ve driven in for a look a couple of times, cramped and the houses are a little ugly. Not as nice an estate as say Brighton Wood in Foxrock. Haven’t been into Prospect Hill but it looks nicer and a super location.
Based on my ongoing searches house prices are only going one direction, sadly.
Really interesting, thanks for sharing.
Not sure on the Nurseries (looks awful), but just on Prospect House. Few different house styles in there, but only comparable houses with same asking on that list are 2&6 (same sale date, same price) and 3 & 5.
3 & 5 were both looking for €950k. Perhaps a slight silver lining to see that the person buying 5 a few months later negotiated a €15k further discount than the person purchasing 3? Not much I know…but it’s better than an increase!
Here’s hoping but the rationale here has lots of holes that EBK has glossed over. I was expecting to see @IrishInOz2020 quoted
Maybe I am EBK!!
Not subscribed to IT, can you paste article here ?
If you install this on Chrome extensions it bypasses the IT paywall
Must be the worst name for a housing development I’ve seen, especially given the price point of the houses.
The surge is a case of catching up by buyers stuck in lockdown for much of the peak spring and summer buying season. With a shortage of new properties, experts believe the extra money will give cash-rich buyers more power to outbid rivals on homes.
Daragh Cassidy of Bonkers. ie, which compares mortgage deals, said: ‘Already, we’re seeing growth returning to the market. Over the past year there has been no real spending; we’re probably spending a lot less than we would have, people are saving more, deposits are at €125billion.
‘All of that money is probably going to flood the market. When you talk to brokers, you hear anecdotal stories of people saying they were able to save another €5,000, €10,000 or €15,000 over the year in lockdown. Unfortunately for them, that means prices will probably go up by €5,000, €10,000 or €15,000.’
The champagne cork quote actually comes from David Hall
Mr Hall added: ‘You also have the rent-to-buy scheme from the Government as well, so collectively all of those things are going to push up prices. It’s going to take off like a Champagne cork.’
Mimosa at The Gallops remains undefeated in that category.
A tsunami of champagne?
The word ‘aspirational’ immediately comes to mind.