Q2 Daft House Price Report out...

Just got wind that the latest Daft report is out early in the morning, with some unexpected findings…
Presumably, it’ll be up here: www.daft.ie/report

Guest commentator is Constantin Gurdgiev, the B&F editor who you normally find on Sunday morning radio! Wonder what his take will be.

oh do tell what are the unexpected results?

Well well asking prices are up. And a fair and balanced commentary to boot.

ooohhhh just had a quick squiz , Dublin prices down 3% in the 2nd QTR of the year.

i like this quote from the Daft commentary

also can i just say that for anyone who doubts the Daft Watch figures this is Dafts graph from the latest report

https://www5.daft.ie/report/images/Q22007_stock_and_flow_of_properties.png

and this is Daft Watchs
https://daftwatch.atspace.com/daftwatch.gif

major kudos there :slight_smile:

If you read the Daft report carefully you will noticed prices are actually dropping, some very nice wording from Daft in this report. Also bear in mind the asking price and selling price for homes there is a big difference but we get no data for this. If we could that would tell a different story. As i know there is a few EA sites that give the lastest offer pricing and they are nearly all well under the asking price for the properties

It is nice to see such a balanced commentary from them. This guy, Constantin Gurdgiev, didn’t make any attempt to talk up the asking price rises recorded in the report, in fact, quite the opposite. He is the most objective guest blogger I have seen on a Daft report since McWilliams.
Edenrose, you are quite right that asking prices and selling prices appear to be diverging. The ESRI report does measure closing prices indirectly through mortage drawdowns, and the commentary makes reference to that:

It is interesting that sellers are confident enough to raise their asking prices, while the market is falling around them. Maybe it’s just that people remain unaware of the reality of the situation, as in the U.S. (biz.yahoo.com/cnnm/070621/062107_housing_perception_gap.html?.v=1&.pf=real-estate). I predict they are in for a long wait before their houses sell at those prices. :slight_smile:

Constantin Gurdgiev has always been one of Bertie’s enemies of the state. He believes that benchmarking is a sham and that we’ve been in a housing bubble for years. He’s lucky he hasn’t been taken away yet.

or mysteriously died of suicide…

Hey wait, Ireland did have one of the highest suicide rates, dinnit?..would it be worth researching if they’re all Bertie enimies? am I getting too paranoid now!? :wink:

In one respect, on the topic of rents, Constantin Gurdiev commentary is misleading. Right at the start of his report, in the second paragraph he says:

“the Daft National Rent Index was up by approximately 12% in the year to May 2007”

What he should have said was that rents were up 12% in the year to April. There are no figures for rents for after the end of March. The very last page confirms this, it says the Q2 Rental Report has not been released yet. It says “The Daft Rental Report Q2 2007, coming in August 2007”

Listen what’s happening on the asking prices is pretty simple.

It’s the old monty python haggle.

If I really want 10. I’ll start at 12.

You’ll come in at 8. We’ll meet at 10 and I’ll go home happy.

It’s a stage in the market, where pricing power is being disguised, nobody really expects 12 or €480,000 in this case.

After prices stall, it’s the last trick in the book before out and out discounting.

Spin, spin, spin. Spin that baby right round 'till it suits ye.

I know the rest of the article isn’t as upbeat, but the title counts. And as Depeche Mode once said: everything counts in large amounts :unamused:

rte.ie/business/2007/0705/houses.html

It should be the new national anthem really…

It’s a competitive world after all! :blush:

and instead of “Shoulder to Shoulder”
“Grabbing hands, grab all they can”, perhaps. :slight_smile:

Bertie might say I don’t want “you” to start any blasphemous rumours!