Now that prices are falling in Dublin, is anyone taking advantage of the price drops? It seems to be what allot of people were waiting for...
Not surprising at all. People used to not spend and unsurprisingly were able to save. Nowadays people seem to want to spend and then complain that they cant save. Instead of being happy that what they are doing wrong is pointed out to them they post links to videos from nearly half a century ago.
There are no price drops in Dublin.
this is one of the smaller mid terraces in this HaroldsX development. Currently at 810k.
these were selling around 700k until now:
This is just one example. Plenty of others. Might not be as pronounced in 1mm+ segment.
luckily I already signed contracts on my purchase (was buying and selling), otherwise the current situation feels a lot like Covid 2020. Mad rush into property and price explosion.
Heard yesterday evening that an identical house to the one we bought across the road around 2 years ago, has been bid up to €200k over the price we paid 2 years ago. And we thought it was expensive then :O
Sample price of a new build in Clay farm raising over months , have seen no price drops in any new builds in and around Dublin
On May 9 , 2022
House Beds Sq M Sq Ft Prices From
Rowan 4 162 1,742 €655,000
On Sep 2 ,2022
Rowan 4 162 1,742 €660,000
On Jan 31 ,2023
Rowan 4 162 1,742 €695,000
Today
Rowan 4 162 1,742 €705,000
Do you really think prices of new builds will drop? Unless there is a serious financial crisis that never happens.
Where I used to live the council have bought the last 4 of the 4 and 5 bed houses that have come up for sale in the last couple of years. These are houses that you could build nearly a whole housing estate for the price of the 4 houses they bought. They paid 500k to 700k for each of them.
...when rates go up, prices generally fall, but our supply problems are so severe, this may not happen here, impossible to tell though....
Prices will not drop by any meaningful amount until something happens to reduce demand considerably. Whatever that would be, it would need to reverse immigration, take a considerable amount of money out of the economy and leave the state unable to interfere to reverse the process. The 2008 crash delivered all of that, but it happened due to circumstances that simply don't exist today.
As someone who has been looking to buy for several months, I am not seeing prices falling. The second hand 2 bed houses/ apartments that I have been looking at are going for more than similar properties in the same areas sold for this time last year. Maybe houses which are priced at over 500-600k are falling but the 300-400k bracket in Dublin is still as bad as ever.
I dont think any houses are falling in price. At one point it did look like they were going to start falling but that was but a point on a graph at the end of the day. Eventually they will, but when is anybodies guess.
Have the actual stats not shown MOM drops in Dublin now for the past few months? Minimal but drops all the same?
Pretty sure that's been posted in property price thread by various posters?
no but increases have slowed
I am trying to buy a new build under HTB and was there in Parkliegh queuing up for 3 hrs. only to put my name on the cancellation list. People camped up a night before to book, this was not captured in the media anywhere. Majority being Indians who have very low cash to spend on resale. The one's who have cash feel a big risk in locking it into an expensive property only to see it crash soon. Therefore there is a big group of are fence sitters holding off with cash expecting things to come down and then jump in. There is no scope of things to cool down, probably a 700K clay farm house may come down 650K but the 400K's will go to 450K-500K's once patience of fence sitters gives in.
The rising interest rates have no major impact on buyers, changing 90% LTV ratio for 2nd time buyers would change the entire picture. As a 700K clay farm buyer is trying to sell his 300K house for 450K and narrow down the difference. With 80% LTV they would need to hold off for a year.
No.
Given the massive lack of supply, and the huge latent demand, backed by billions in savings, unfortunately I don't see prices falling.
Not sure what you're looking to do?
So what's the MOM increase for Dublin at now?
So what are the MOM increases in Dublin at now?
The above statement is incorrect for Dublin, the last survey showed that prices in June had fallen by 0.9% compared to 12 months earlier. Nationally, it's still up.
According to the below good few drops
Obviously not new builds.
Thats not MOM (Month On Month)...
It isn't very helpful to consider the property market in Dublin in aggregate. There are a number of separate property markets operating in Dublin alone. Trends in some of them drown out others and give a wrong impression of movements. I'll give you an example.
Say the market crudely consisted of 30% FTB new builds market, 30% used market that was owner-occupied and 30% ex-rentals. Say also that owner-occupied used housing is better quality than ex-rentals and worth on average 50k more due to better finish.
Now imagine all used owner-occupied housing is withdrawn from the market as selling in a chain with high interest rates is too cumbersome for most and owners decide to wait out the interest rate rises.
The market is now only new builds and ex-rentals. It's obvious the prices on average should drop in Dublin now as the housing stock on sale is of worse quality. Even if ex-rentals increase in price, just not by 50k, then the market will still seem like on average the properties are dropping in price. But it's a false dawn as the quality had also dropped.
If you monitor a certain area owner-occupied 3 bedroom semi-d's only you'll see that prices are actually up. But the headline rate is drowned out by ex-rentals being put on the market in droves.
Agreed. I can't stand the way the media jump all over these headline price % changes when it doesn't remotely show what is really going on underneath.
'Ready to move in' second hand houses have not dropped in value at all in Dublin as far as I see, and as I hear from friends who are house hunting. In fact the opposite.
Perhaps the price of do-er uppers or probate sales have fallen due to high renovation costs. So the ratio of Ready to Move in V Do-er uppers sold in a period can have a distortive impact on the overall % price change, amongst loads of other factors.
If you are in the market I think going for a detached property with a decent garden is the way to go. These will be so sought after in years to come. New builds are just not what they used to be.
Prices had been falling MOM too - but not in any meaningful way, and it's not across the board - prices fell in Dublin city, but rose in Dublin South.
TLDR - if people are hoping for a price crash to swoop in and buy, there's no sign of that yet.
...jesus this horsesh1t, once again, our current problems are primarily supply side, and the serious lack of, solution, build the damn things!!!!!
...and once again, property price inflation in modern economies is primarily due to excess credit in our economies, inflating property prices, states have little or no control of this form of money and its creation, as it occurs within our global financial systems, primarily our banks...
...the 08 crash was in fact largely due to this financialised approach to property, i.e. the state steps back from providing this critical need, and encourages and facilitates the fire sectors to do so, but their objectives is ultimately to continually inflate assets prices, no matter what....
...circumstances dont exist, you must be joking, with global private debt levels now even higher than 08, and with property prices also heading towards all time highs, and not just in ireland.....
jesus you free market fruit cakes really are all over the shop, and you want to reduce the productive capacity of our economy, to try solve this, thank god you folks are no where near policy makers, then again, you might just give them a laugh if you were!
You need to take some comments with a pinch of salt. There's clearly posters with skin in the game, and it takes about 2 seconds to figure out who.
Anyone old enough to go through a few boom bust cycles knows there's another one due at some stage.
The one thing about this statement that I don't understand is it was similar during the last crash, I believe there was approximately €90 billion in savings and people didn't seem to want to snap up obvious bargains that were out there.
A fair point.
I suppose the answer is a mix of fear and unemployment and falling incomes?
There have been a few price decreases since the 1980s
There was nothing to be bought
Prices went very low so nobody was selling
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