National House Price Rises: 1998 - 2007

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 :blush:

environ.ie/en/Publications/S … 295,en.XLS

Up till Q22008. Shows prices in Q2 2008 were higher than Q1 2008 :open_mouth:

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.