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Property price drops

handlemaster

On another thread there have been talk of property price drops appearing more in my home. I dont known if this is a trend but if you see a price drop. Drop a link in here so it can be discussed. It might be that the price was to much to start with or perhaps this is the start of a trend.

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handlemaster

https://myhome.ie/residential/brochure/61a-serpentine-avenue-sandymount-dublin-4/4580208

Drop 11%

https://myhome.ie/pricechanges/dublin

Sierra Oscar

https://www.boards.ie/discussion/comment/119116319#Comment_119116319

I know it's in Sandymount, but it's hard to see how it's worth the asking price now let alone the initial asking price of €880,000+

It's old, dated, looks very cold and dreary, has one bathroom, no ensuite and a kitchen that looks barely functional. You could spend another €150,000+ easily just to modernise it. It ain't worth a million quid.

I think we're going to see more of these asking price drops, particularly at the top end of the market. People have tried cashing in and fleecing people at the top of the post-Covid mania but that's waning big time now and anyone still left trying to sell will have to seriously adjust their expectations.

That house is not worth €795,000.

handlemaster

If I were a seller now I would be starting to take notice of the predicted recession and ECB rate hike.

monkeybutter

a thread with sale prices 20% above asking price would be 200 pages long by this stage

handlemaster

https://www.boards.ie/discussion/comment/119116987#Comment_119116987

The tide is not turning your saying

handlemaster

https://www.bbc.com/news/business-61575387

recession warning

handlemaster

https://youtu.be/NSkp90XY4P0

mortgage rates now over 5% in US and set to go higher. What would happen here if rates go that high!!

pconn062

https://www.boards.ie/discussion/comment/119116934#Comment_119116934

Agreed, wishful thinking I'm afraid, not that I blame anyone for hoping prices will reduce.

handlemaster

https://www.boards.ie/discussion/comment/119117696#Comment_119117696

Don't care either way. We are defo not going to see a sudden drop off. But there will be one. Just wondering if and went it will start. There are headwinds very soon. The big drop in 2007/2008 had its beginning earlier. Its not necessary to have everyone in consensus to agreed when there's an over all drop. By then it was already well underway.

Mr Hindley

This one just dropped 30k (7.5%) - I've been watching the Shankill market for a while and prices for apartments seem to have hit a ceiling of ~350K. Anything priced higher than that is stalling, and a couple that were priced at 395 have now dropped back down.

https://www.daft.ie/for-sale/apartment-47-block-d-the-bridge-shankill-dublin-18/3802170

This one dropped from 395 to 375 a few weeks' back:

https://www.daft.ie/for-sale/apartment-212-olcovar-shankill-dublin-18/3742213

keoclassic

Honestly think we are topped out. Alot of the houses that are currently on the market require work and or updating. The good quality well finished homes will still bring out the bigger money I think but for the most part, I think we are top. But I don't expect a drop immediately, but I do think that the rapid 20-30% increase that we saw in the last 2 years will start to reverse. People are worried about future interest rates and energy costs. Still alot of money around but I think people will not want to pay the big big bucks going forward.

[Deleted User]

Apparently mortgage approval rates are also declining, which will affect demand obviously.

kodak

https://www.daft.ie/for-sale/semi-detached-house-glenallan-97-rathdown-park-terenure-dublin-6/3749435

-105k

keoclassic

Ah, it's starting to happen. But it will be slow. I'd better put on my body armour now and be ready for all sorts flying at me😊

tscul32

It's so difficult to get tradesmen at the moment that I think the fixer uppers are not as attractive any more.

keoclassic

The cost of redoing an old house now is prohibited by material and labour costs. There is a reason that there are big sites shut down temporarily in every major town and city. I think the bump in the road is here until inflation is curbed and supply lines get more normalised. Ordinary Joe is the one who will be so tightly squeezed that he will feel it the most, and there are alot of us ordinary Joe's out there! I think our spending will reduce considerably this summer/winter. Then again there are still alot of people doing well, but we are all interconnected through capitalism, so it will be interesting times ahead. My biggest worry is this government doing something so stupid that it puts the working middle classes in big bother, and boy ó boy are these clowns capable of it.

letsbefair

The cost of building is so high can’t see price drops. Inflation will only push this higher. If prices stagnate all builders will stop. Then no supply will push prices up again. Simple economics of supply and demand. There is still high demand pushing prices.

keoclassic

https://www.boards.ie/discussion/comment/119148735#Comment_119148735

Builders are already stopping! You can get lads to do work but they want huge money and materials just adds to that. I think the demand will ease over the coming months as people just won't be willing to pay the high costs of getting work done. We've seen it before. It's not an ever lasting upwardly spiral, eventually prices just become too high and people can't or won't pay. There will always be a few with money but for the vast majority of first time buyers, funding and finance has a ceiling. People just won't be willing/able to fork out money to meet high costs. The old saying will ring true again that nothing cures high prices like high prices and I think and this is based purely on what I see around me and talking to people (not that I know anything) that we are around that stage now. It's not the same as the last time but certain things are similar.

freemickey

There was never anything natural about property price increases. It was artificially made.

Likewise, price drops/crashes are not going to happen naturally in step. It will be something artificially introduced that will tank it all.

Whatever form the destructor takes, it'll come out of the blue.

[Deleted User]

The central bank LTI limits basically ensures there is a price ceiling. There are only so many cash buyers.

freemickey

https://www.boards.ie/discussion/comment/119149030#Comment_119149030

And, let it be remembered, those cash buyers are finite.

Just like the pool of those being able to afford mortgages is finite (versus rental costs while saving).

Just like rent money is finite, as swathes of people duck out of jobs for sheer unaffordability.

Never mind the ceiling, it's the floor people should be clocking.

keoclassic

https://www.boards.ie/discussion/comment/119149030#Comment_119149030

That's true, and everyone's ceiling is different but this time our wages include úsc, our inflation rate is big and interest rates are only going one way it would seem, add to that the enormous cost of energy and fuel. The actual value of peoples money is being eroded and that will feed into assets. I don't expect a crash but I do think the massive percentage rises in housing gained over the last two years will drop back over the next year or two. Just an opinion.

rob316

Savings are dwindling, people are dipping into theirs to meet every day costs now. Has to have reached the top now

MoneyPrinterGoBuurrrr

Lots of prices drops in Dublin 9.

We sold up 5 months ago and had lost bidding wars on two properties which suited us but recently had the EAs contact us re both properties. Lots of people must be getting cold feet!

Mr Hindley

Total supply on Daft is now over 15,800, compared to hovering around the mid 13,000s for the first few months of the year. And it keeps ticking slowly upwards.

awec

https://www.boards.ie/discussion/comment/119149977#Comment_119149977

A yearly occurrence, no?

keoclassic

https://www.boards.ie/discussion/comment/119149977#Comment_119149977

I've noticed an increase in the last 3 to 4 weeks. From what I can see, and from the property that I have gone to look at, most of them are rentals that are commanding a big asking price. However in the last 2 weeks I've seen similar style houses up with better finishes for similar money, coupled with quite a few price drops of properties that have been up for a good few weeks. We went to see a house last Monday which was a rental that was commanding a price 30k over what an identical house went for only 9 months previous and had a lovely finish on it in comparison to the more expensive one. We said no, not a chance. I think estate agents will be hearing more if that from buyers. People will want the house to reflect the price as getting works completed have just become too expensive. As I've said previously in another thread, we have reduced our budget as we are quite fearful of the interest rate rise that is coming. We have 2 cars on the road and both of us have to commute so diesel cost is a worry, we also have 3 kids under 6 so childcare is a massive payment for us also, these things coupled with inflation/food/energy increases mean we are at the pin of our collars and there are thousands of young Irish people in the same boat! To be honest we have thought of moving back into a parents home house for a year or 2 to ride it out. When you have 2 people earning in 2 decent jobs and we are thinking this way then how long do the government think we as a nation can last like this? Its insane stuff, its causing huge stress for us and thousands like us.

letsbefair

The problem is the cheapest a new house can be is the cost of building, the site cost, taxes and profit for the builder. In my view we might see a pause for a while but can’t see a major fall

[Deleted User]

https://www.boards.ie/discussion/comment/119150149#Comment_119150149

Are only new houses for sale? No second hand houses allowed on the market right now?

keoclassic

https://www.boards.ie/discussion/comment/119150149#Comment_119150149

Your post reminds me of a time I went to a breakers yard many years ago and we were trying to come to an agreement on the price of a starter motor. The owner wanted 120, I said I'd give him 80 for it. His reply was "the price is the price" and with that I heel turned and walked out to the gate, as I was getting into the car, a shout came over the wall of "100 even". I'll go 90 i said, came the reply "fair enough". The price was indeed the price........ Until it wasn't! Sometimes we over complicate things too. If people walk away, even from new builds, I would be of the opinion that prices would normalise much quicker. But as you say, the cost is the cost. As I've already said, prices come down, it's not a never ascending spiral up.