"Reports of Bottom Exaggerated" - MyHat

Interesting recent data on prices in Dublin.

Drip drip continuing fall of ~1% per month through June

myhat.ie/blog/?p=906

This concurs with my personal observation of my area - around Dun Laogahire/Rathdown

You dare darken my towels with MyHat?!?! :smiling_imp:

only 49 more months to go so…

Bizarre headline.

Quote for those who lament the lack of well located good quality gaffs on the market:

https://qualteam.tripod.com/qualteam/deadcatbounce350x273.jpg

Quote for those who lament the lack of well located good quality gaffs on the market:

… there’s also an overhang of supply - growing larger as people are stretched, have their jobs move abroad, want to retire, die.

Also, in my likely range of 500-800k (“mid-ranged” in SCD but “super-luxury end” in comparable cities in other countries), there’s an overhang of much better stock in the 850-1200K range that’s much much much better but not selling (e.g. 2500 sq foot period home offered for 900K vs a 1300 sq foot semi-D for 650K). Surely as people grow brains, we’ll see these slowly crush the 3-bed semi.

Not really - they are just playing with Mark Twain’s quote (usually misquoted). Not sure if Morning Ireland would use it though.

Its encouraging evidence that prices will eventually get to a place where people can afford houses at a working man’s price.
Using the rule of 72, if prices are going down 1% a month then they will halve in about 36 months. Waiting a year will get you about 20% off (ignoring the crash when property taxes are quantified and banks raise interest rates a few times).

I don’t understand why people are anti-Myhat.ie? They seem to back up the opinions of everyone on this board.

They had an interesting analysis a couple of weeks ago showing that houses going sale agreed were the ones that were noticeably under the market norm asking price. And that a good % of houses seemed to be not really for sale at all. They were just trying to impress others with crazy high asking prices.

It’s a minority view.

You might want to check those maths again. If prices are falling 1% a month they will take just under 6 years to halve. Waiting a year will get you less than 12% off

They show up semi-regularly and claim the market has hit bottom based on whatever ridiculous criteria they can invent to justify it.

assuming the 1% drop is month on month and not on the original price, excel tells me that they will actually take about 8 years to drop by 50%.