Reductions across the Board

My Very broad Search Criteria (Dublin Wide) for Email Notifications on price changes has every single one being a Reduction this Morning.

This only happened once before around January 2015 I think.

Can any pinsters verify if they are seeing something similar?
Is the great correction Afoot?

(No revelation that most of them still seem a bit too Saucy on the Asking but maybe we are getting there)

Talking to agents today regarding various properties.
No offers coming in.

I have had all reduction emails throughout the day except for 1 property in Swords that I don’t have any interest in anyway.
It has been said in previous threads that families meeting up around long weekends and weekends would be having the group
discussion about not getting any offers and the "Should we drop the price " subject coming up.
I am probably looking too deep into it as usual though. People are maybe taking the Estate Agents advice and the Agent is looking on Monday as a new Week new start.

Is this the new rules starting to bite?

Part of me is wondering will the government reintroduce CGT relief under some bullshit about ‘needing supply for renters’

I doubt it - its mainly just a correction in dublin after too much of an increase last year

interesting top see all the articles re fixing CAT rates… again an agenda …

Might not be such an issue with prices dropping :open_mouth:

I sense the price of deckchairs and popcorn is set to rise due to dwindling supply due to a surge in demand.

Anecdotal …i live in small(ish) average Dublin suburb …due to it’s small size its real easy to track price fluctuations and has been a reliable proxy for the rest of the Dublin market over the last 10yrs …right now …lots of supply, old and new NOT shifting, even 2-3 houses on the same street for sale …which is real rare. Not enough transactions to measure price action … Could be the summer slow down, the new limits or a combination …but one thing is for sure …last month or 2 …supply outstripping demand in this Dublin suburb.

House in D4 area I was thinking of making an offer (20% below a bat sh*t crazy asking price) on is now 5% above asking with three bidders.

What’s more after viewing it I realised that it needs another €50k to bring it up standard.

Pretty much anything I view has no offers. None. Not even low balls

And even with me seeing prices dropping and a lack of bids supply is increasing

I’m seeing the same, 3 estates in Dublin North where I’ve tracked properties in last 4 years, supply up about 150% in last few months over same period last year. Many houses sitting on market for several months now. Some 6 months or more. Quality is still moving though but slower and agreed at lower prices than last August sep.

My experience is that it is partly down to EA punchy pricing. I saw a house in Feb, asked EA where the price came from as seemed high compared to recent transactions. Answer was that last few similar houses went at x in late 2014 so this is x+7%. I laughed and said thats not rational. 4 months and zero offers later house is back down at x. Still probably a bit overpriced.

Against this remember that not every house for sale is a forced sale. You can bid 20% below a bat-sh1t crazy price all you like but it’s not like the best bid gets the house. Unless the vendor is happy with the price they can just stay put.

Absolutely agree

And also not every so called “forced sale” is being forced very vigorously. Look at how many houses are lying on the market way above even 2014 prices without an offer and without a price drop.

It might be helpful (to me, anyway!) if people accompanied the useful information about the situation they are encountering with information about the price brackets and locations (if possible).

True. I came across a “forced sale” in February last year. It’s still for sale today.

Back on topic. Any opinions on Meath (particularly East Meath asking prices)? I’ve seen a pick up in reductions myself but anything I’d be genuinely interested in (that is reasonably enough priced) still isn’t hanging around too long and doesn’t struggle for 3+ bidders.

It’s been said plenty but it bears reiterating. Anything that needs work is taking much longer to shift and I’m seeing reductions more in this bracket. I’d expect the lending rules are playing a big factor here. People are not able to hold as much cash back for renovation work as they need higher deposits. Therefore turn key finish houses are still getting heavy footfall.

This is something (see bold text) I was thinking about the other day. Started running again lately, and struck by various streets (north side dublin suburbs) where there are in fact 2 or 3 houses for sale at the same time (not just one sale-agreed, while one is for sale).
I was wondering how that would affect the pricing dynamic. One sale agreed on the street probably serves to establish a yard-stick. The seller thinks they should match/beat that. The buyer is kicking themselves they missed the last one up but afraid to lose out on the one now for sale. When there are 2 very comparable houses for sale at the same time, then you’ll have folks looking from one to the other… sellers might look at the other and think “if his asking/current-best-offer price is better than mine, should I go up in my asking?”, but if on the other hand there are nerves or a shortage of offers on one property, the higher seller may be tempted to drop to match. From POV of a buyer, they’ll definitely look at the two properties and if one is dearer ask the question “why?”

I know this isn’t a very interesting question for many. At it’s base level, I’m saying “supply is up, what does that do to prices?”, but the market is so odd at the moment and so “lumpy” that I’m curious to look at just how the wheels turn (or might turn).

Well to add my tu’penny bit. I did see earlier that St Lukes is still up for sale (but wasn’t it always!) in Drumcondra.

Anecdotally observed on a route I did earlier this morning around the north and north city suburbs which I haven’t done in a while and certainly not on such a lovely day as this. I noted a lot more commercial locations (many retail) with To Let or For Sale signs now adoring the frontage where there had actually been a business some weeks or months previously.

Well to add my tu’penny bit which are not reductions that I know but an uptick in supply in commercial.

Firstly, I that St Lukes is still up for sale (but wasn’t it always in truth!) in Drumcondra.

Anecdotally observed, on a route today this morning around the north city and north city suburbs (I haven’t done in a while and certainly not on such a lovely day as this). I noted a lot more commercial locations (many retail) with To Let or For Sale signs now adoring the frontage where there had actually been a business some weeks or months previously.

Same again for me today,

All reductions except for one house in Mount Merrion.

I have a wide Search Criteria too so it is looking like the Thread says on the Tin.
Across the Board

For Dublin