Before the figures for 2008 come out, it only looks like prices have not even fallen back to 2006 levels…
House Prices
National House Price Rises:
1998 29.8%
1999 17.9%
2000 21.3%
2001 4.4%
2002 13.3%
2003 13.8%
2004 8.6%
2005 9.3%
2006 11.8%
2007 -7.3%
Source: Department of Environment Housing Bulletin
Who says it’s -7.3%?
Source: Department of Environment Housing Bulletin
Thats hilarious.
I made an offer of circa 650k on a house that was originally 1.1m.
I was turned down originally, and the EA recently returned to say there was another offer of €710k, and would I like to reconsider? Nope.
At early 700’s (if it sells, big if) it will have dropped about over 30% from an asking price set in 2007.
7%!!!
Edit - just realised this means in 2007 only.
A fall of 7.3% in 2007 on the 2006 price drops it a fair bit below the 2006 level.
house at 100,000 in 2005, increases 11.8% in 2006 - 111,800 in 2006, drops 7.3% brings the price down to 103,639, which is much closer to 2005.
-7.3% of the 2006 price is not necessarily less than 11.8% of the 2005 price, no?
As in it only takes a 50% fall to cancel out a preceding 100% rise.
What a load of bollox. Why don’t they show us the figures and stop lying?
It sounds about right to me for price falls up to the end of 2007.
I would expect the 2008 figures to be worse again.
However a fall of 15% in 2008 would bring us to 2003/2004 prices.
From my own experience, prices fell by about 15% in 2007.
They then fell by a lot more than 15% in 2008.
Please note, I can only comment on certain parts of sth county Dublin.
I dont know enough of other areas to judge.
On average, prices are down c 40% from the 2006 high.
3 bed semi-Ds in desirable areas maybe down slightly less, apartments more.
This is the drop you will have to take in order to effect a successful sale.
Guide prices are bordering on irrelevant in some instances.
Many (or most) owners refuse to face reality.
They’re massaging the f***ing numbers again because none of this makes any sense unless you have figures you can use to verify what they are saying. So its complete and utter bolloxology and no information given (to protect the buyer and seller or manipulate the market for their own goombeen advantage). Its time for a change of government and many many changes of law to put this country back in the hands of the people and not the golden circle!
dead right: if a house cost 100k in 1997 - the price changes would be as follows
1998 29.80% 130k
1999 17.90% 153k
2000 21.30% 186k
2001 4.40% 194k
2002 13.30% 220k
2003 13.80% 250k
2004 8.60% 271k
2005 9.30% 297k
2006 11.80% 332k
2007 -7.30% 307k
2008 -15% 261k
so at -15% in 2008 we go back to 261k which is 2003/2004 prices
And to carry Morgan Kellys 80% prediction thru, that same house would be under 70k
These are average prices. No account is taken of the mix/type and quality of properties sold. The document states;
Simple example:
10 properties sell one year, 5 apartments @100,000, 5 houses @200,000. Avg price = 150,000.
Following year, 5 properties sell, 1 apartment @80,000, 4 houses@160,000. Avg price = 144,000.
So even though prices have dropped by 20% across the board, avg. prices only drop 4%.
Morgan Kellys.
Thank you
Brain Fart 
environ.ie/en/Publications/S … 295,en.XLS
Up till Q22008. Shows prices in Q2 2008 were higher than Q1 2008 
1996Q1 81,571
1996Q2 84,702
1996Q3 90,903
1996Q4 91,947
1997Q1 93,355
1997Q2 100,598
1997Q3 104,146
1997Q4 111,981
1998Q1 117,818
1998Q2 123,278
1998Q3 124,569
1998Q4 135,828
1999Q1 142,329
1999Q2 142,837
1999Q3 151,496
1999Q4 158,140
2000Q1 160,685
2000Q2 167,378
2000Q3 169,458
2000Q4 180,013
2001Q1 182,990
2001Q2 187,784
2001Q3 178,876
2001Q4 181,171
2002Q1 189,931
2002Q2 196,905
2002Q3 199,220
2002Q4 206,879
2003Q1 213,904
2003Q2 222,532
2003Q3 225,356
2003Q4 235,688
2004Q1 238,084
2004Q2 246,299
2004Q3 249,348
2004Q4 262,277
2005Q1 264,472
2005Q2 275,394
2005Q3 275,810
2005Q4 287,134
2006Q1 294,580
2006Q2 308,302
2006Q3 309,206
2006Q4 313,087
2007Q1 320,969
2007Q2 331,947
2007Q3 319,214
2007Q4 314,333
2008Q1 311,113
2008Q2 313,678
Source: Department of Environment Housing Bulletin
I think we’ll see anomalies like this for a couple of years as mortgages are drawn down on houses & apartments bought off-plans 2-3 years ago.
It would be nice to see quantities, & the corresponding national wage columns for this data
It would be even better broken down by county and property type…
County would be easy, but type is neigh on impossible.
Its one of the side benefits of property taxation that owners are alot more modest in their description of rooms. You are no longer inclined to say you have 4 bedrooms, when you have three & a box room. You also get accurate sqr footage.