Nice piece in the IT today where McW finds the price of a new Merc has gone up 10 times since 1973, but the price of a house in Dublin has gone up circa 50 times. So you could have 3 Merc 2.3 litre saloons in 1973 for each Dalkey semi D. Today you could have 14 Merc E class 2.2 litre estates to 1 Dalkey house.
McWilliams argues that a 55 grand Merc is no less desirable than it was in 1973, and for a traditional E class I’d agree. It is as aspirational for the middle class as it was in 1973 because it is an internationally traded good.
Irish housing however is overvalued yet again as it is not a movable, internationally traded good, but subject to a stitch up, with government and private sector players rigging the deck, business as usual. Except eh, it wasn’t supported by the paying punter back in 1973, obviously.