Signs of heat gone out of North Dublin market.

In Jan / Feb I went to see several 3 bed semis in Ashington and Navan Road. Each viewing had around 25 – 30 people present and bidding quickly started. In March the numbers at viewing in the area were about half that.
This weekend I went to see 3 houses in Ashington. One was a first Viewing and two were second. Only 3 parties turned up at the first two viewings and at the third there was only one person and myself (and I only went along as the EA was heading on there straight from the house that interested me. )
These houses were pretty much exact copies of the ones in Jan / Feb but I think the asking prices may now be about 10k higher. Given that they were on view one after another it made for an easy morning viewing but still they could not get people to attend.

NoCoDu :smiley:

Same situation in Sth Dub. EA client seeing far less at viewings and fewer/slower offers, etc. Maybe reducing the APs might be useful :laughing:

I’m sure there must be people out there losing interest at these prices. We are in the market, albeit looking to buy investment properties and in late 2011/Early 2012 there was a ton of stuff we were interested in. As of about two months ago, we have pretty much just stopped viewing altogether as there is so little of interest coming on. There is so much demand for anything decent that does hit the market that the asking prices are well exceeded.

The other day this apartment came up in a location that I love and it is a good size, however I’m sure that the 250k asking price will be pushed higher - 300k+ at least I’d imagine:
myhome.ie/residential/brochu … -4/2510813

Until the demand dies down or supply picks up, I have literally no interest in the Dublin market.

+1

Was at a few viewings in the D3/D5 area on Saturday, no crowds at any of them. While we were present, there were maybe between 4-6 couples at each. Didn’t see anyone getting their chequebook out.

i292.photobucket.com/albums/mm9/Coles-01/SCDPriceChangesCollapsoMay2013_zpsc7fc00e6.jpg

The above chart shows the number of properties that adjusted their price up or down in each Collapso.net report. Hard to say there’s a definite trend beyond what you would expect towards the end of the selling season. Apologies that I don’t have a similar chart for NCD. Might do one later and I’ll throw it in here.

I think it is more to do with nothing being for sale that is worth viewing. Just complete dross out there
I am sure if a few nice houses came on the market even if they were over priced there would be the familar stampede
We have stopped viewing as there is simply nothing to view.
Recently bidding on a house that is currently 300K over asking and 5 bidders still in. Plently of people out there is the house is right. At 300K over asking this house is way over priced but it isn’t stopping any of them

Clearly you are operating in a more rarified echelon of the market than most of us…although your point probably holds true at lower levels too.

From my observations there appears to be an increase in reasonable 3 and 4 beds coming online in the 250-350 bracket in OK areas of the North side (Portmarnock 3 beds, Laurel Lodge, carpenterstown, Navan Rd, Baldoyle, Santry). However from what I have seen I would think nearly 40% have no real intent to sell – either taking a chance with a high asking price in case someone bites or they are trying to satisfy the banks as to their intent to sell.
I have personally gone SA on two properties only for the vendors not to instruct their solicitor to proceed. They have just made excuses for several weeks.

That’s an interesting one - a good gauge for where the apartment market is at the moment. I’d guess this would rent for circa €1,500 per month. So that asking price represents a 6.4% yield - which I think is about right. But I can see this selling for a yield closer to 5% - or a price greater than 300k - as you say.

Is this just the end of a season effect (c.f. Coles2’s comment).

If on the other hand the reality reflects the discussion here (i.e. thought process of “that’s too high, I’m out of this game” versus the old one of "that’s too high, better jump in before it goes higher), then that would be a positive development

Is this not peak season?

The selling season used to run until the end of June along there was a definite slowdown in the number of properties coming to the market from the start of the month.

Perhaps Unique Opportunity but it isn’t like we are the only viewers at these properties
Anything decent and there is a stampede similar to ones described in lower value properties on here.
The buyers are out there just in my opinion there is nothing there, over priced or not. I don’t think the heat has gone at all, I think it is getting hotter