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Price of a new home set to tumble

  • 02-07-2008 9:38pm
    #1
    jetski
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭


    DEVELOPERS will begin cutting prices in new homes in the autumn, it has been predicted.
    Marie Hunt, head of research at CB Richard Ellis, said the Dublin new homes market is in for a boost in the coming months.
    Speaking at the launch yesterday of CBRE's mid-year property update and outlook, Hunt predicted that developers with unsold inventories will want to offload in an attempt to clear the decks for the new season.
    This could translate into even better value for buyers and give the economy a much needed kick.
    Hunt referred to the new homes industry as "the sector with the most misinformation" and that according to CBRE's research there will be 50,000 completions this year.
    In 2007, there were approximately 80,000. A further decline is predicted for 2009, when just 35,000 new home completions are predicted.
    Of these, just over 10,000 will be in the Dublin area in 2008, and the capital is due for less than 10,000 homes in 2009. This will lead to more job losses, and a possible undersupply of accommodation for first time buyers in the Dublin area in 2009, Ms Hunt warned.
    If CBRE's predictions play out, this undersupply could give the second-hand market a boost as those wishing to trade up find a market for their homes. The resulting increase in price could tempt developers back into the game.
    http://www.independent.ie/national-news/price-of--a-new-home-set-to-tumble-1425253.html


Comments

  • #2
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Yes, the famous Marie Hunt, another with dodgy predictions and comedy like scenarios. The title for the most 'misinformation' would go to your cheerleading colleagues wrapping 35yr+ mortgages around young people's necks..

    How does job losses have a connection with an undersupply of accommodation for ftb's?
    Unless she thinks the unemployed will be buying in a high interest rate environment :D

    Where has Marie been? Prices have been reduced for the last 2 years!!
    Analysis here http://www.thepropertypin.com/viewtopic.php?t=11300


  • #3
    ixoy
    Moderators, Entertainment Moderators Posts: 18,003 Mod ✭✭✭✭ixoy


    Houses may be tumbling but so are the mortgage amounts that you can get, so it seems a bit of a stalemate still.


  • #4
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    ixoy wrote: »
    Houses may be tumbling but so are the mortgage amounts that you can get, so it seems a bit of a stalemate still.
    Theres a good case to be made for the position that house prices are tumbling because mortgages are reducing. I would view this as a good thing in any case, as the amount you have to repay in absoloute euros is reduced, without additional effects like purchasing power being reduced.


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