Prices slashed by over a third this year ( Kilkenny People)

kilkennypeople.ie/news/Property-prices-slashed-by-over.4614590.jp

You’ll start to see a lot more of this, particularly in local papers where the EA’s are major advertisers. You regularly see “opinion pieces” by EA’s in the Munster Express for example.

I’ve mentioned a few times now, the EA’s have realised that the only way people are going to start buying is if they believe that houses have already fallen as much as their going to.

A figure of 30% seems have been settled on as what people would believe as the expected drop from Top to bottom. So the EA’s are going mad telling everyone that drops of 30% have already happened.

I believe this line was spouted in Galway at the Negative Equity Roadshow as well.

I would also expect EA’s to inflate the prices that houses were supposedly selling for at the peak in order to make the drops seem bigger.

In truth house prices have a long way to fall, even from here. This is just the next tactic in a losing game. Let them have their fun.

Oh, and for the record, I watch Kilkenny house prices very carefully, particularly South Kilkenny. And the houses I’ve been watching haven’t dropped their asking prices significantly, many haven’t dropped them at all.

-Rd

Ditto. I’ve been surprised by the stickiness here. But I guess Kilkenny is different in the same way that Ireland is different.

Tony Kavanagh from Sherry Fitz Galway said at the Home Choice Loan evening last Monday that SF had surveyed all their offices around the country and that sale prices were down 33% in real terms since the peak. Seems to tie in. When challenged on the difference between that and the DAFT figure, he explained that SF was talking about sale prices only while DAFT is asking price.

I would have thought that an admission from Sherry Fitz that Irish prices were down 33% would be newsworthy?

-rv

Yes, that is newsworthy!
But like a previous post said the EAs have gone from trying to convince everyone everything was ok and prices would stabilise at -5% to now telling people that the crash has already happened so its time to move on and start buying!

Naturally its at the point that they dont care what price they sell a home at, they just want transactions to start kicking off again. Its about survival for EAs now. At this point, not many EAs will survive much longer if this continues

What they forget though is that the Irish public seems to have suddenly woken up, is ignoring all the spin and forming their own opinions about house prices. We are a smart nation and some of the brain cells are ticking over again after years of neglect. The nation will be happy to start buying again…sadly no-where close to where we are now 8DD

I’ve had my eye on a few houses in Kilkenny City and most of them have not budged in months. Several ads were placed on Daft back in April and the prices haven’t moved at all. A few crappier properties have dropped a bit, and some ridiculously overpriced ones have dropped to being just overpriced :slight_smile: Houses outside of town seem to be dropping a lot faster.

same here, i’m looking for rent reductions. it’s crazy but i feel the dam has to burst soon.
when we moved into our current house a year ago, there was a column and a half in the Kilkenny People of rentals, when we checked two weeks ago there was three and a half columns but no prices drop from last year.

Don’t be fooled. Prices have dropped. If you can rent a bigger better place for the same as a smaller place last year, then that’s a drop in the rent. The fact that some of the smaller places are asking the same as they were asking last year is neither here nor there. Very few of them will get it. Many will lie empty.

It’s the same with sales. The fact that there are houses that have been listed for 12 months or more with little or no drop in asking price is irrelevant. Other houses have come to the market with lower asking prices, or better houses with similar asking prices.

Anyone that’s had their house listed for months with no move in asking price is essentially out of the market. All they are doing is inflating the statistics of unsold stock. Their houses are actually for sale, the owners think the house is for sale, but really it isn’t.

-Rd

Hi Guys

Some of you will find the below site of interest

irishpropertywatch.com/sales … .+Kilkenny

Rv,

They are saying one thing but doing the other…

They are telling lies to try and effectively get FTB’s back in the door.

The big thing that came from Fahy was that prices could drop further but just have your mortgage ready.

When the Mortgages application figures come out, they will then spin them to saw confidence has returned to the market so your better buy now…

I am some very good contacts in the RE Business and it is gettting to the stage now of survival of the Fittest…Funds are running dry…

The other Question I wanted to ask the Minister was about Unemployment…

We talk about bottoms in housing, but the fundamental fact is Unemployment is getting worse…

So WHERE will the Buyers come from…

From that meeting I actually think the vast majority of FTB’s are stupid…

One particular buyer thought it was her right to own a house even though she only had contract employment… WHAT???

WAKE UP if you are out reading this…

Yes you have the right to own a house on Contract Employment as long as it is economically feasible for you to pay for it and you have savings… (not at todays prices)

WAKE THE HELL UP!

i have a feeling that that sense of entitlement will have a greater bearing on events in the near term, that is until this nation has a gun to its head. on the plus side i would have no problem leaving self rightous ireland if i secured suitable work in a more sustainable economy, one that didn’t have 20% of it’s work force dependent on a pyramid scheme.

there’s no doubt that prices are dropping and they have a long way to go, Glen Bawn on the comer road hasn’t even been opened to the market yet, there is going to be carnage.

well maybe i’m a year ahead of the trend, the house we rented last year was 15% less the asking price in our area because it was unfurnished. it’s just that i know the type of house i want and the area i want to rent in but prices have not budged. one target house on property watch even increased its advertised rent with each ECB rate rise, it’s been on the market to rent for nearly a year.
it will happen soon but nobody is slashing yet. i can wait until january, but then i’m lowballing if the dam hasn’t broke.

Was in a new estate in KK at the start of the summer, fine houses well over 2000sq ft.
All twelve houses were complete. Eight were empty.

Glendine Woods by any chance? Nice 4 bed detached houses, but very expensive. I think at least 6 of them are still empty.

With regard to employment Davy’s are predicting that it will fall 4% next year. Yes, you read right, 1 in every 25 jobs to be wiped out, or circa 80000 jobs gone! Now can anyone, Fahy included, tell me how the housing market is going to start roaring again in this scenario as well as with a return to net emigration? This is cloud cookcoo land stuff.

The showhouses were open for viewings last weekend.

From what I’ve heard they haven’t sold any units to date - not even 1 unit off plans before the property crash came into the mainstream :astonished: .

The EA openly admitted to a mate of mine who went up for a look around that he hadn’t sold any units yet.

My mate certainly wont be his first client either after the ear bashing I gave him when I found out he was looking at buying :smiley: .