sandymount
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Tallaght, Clondalkin, Castleknock, Swords and Lucan are all above 150 properties for sale now. Clonsilla will be next.
Outside Dublin, Navan is also above 150.
Inventory levels getting even worse.
Swords now exceeds the myhome search result limit of 150 properties.
Anyone listen to Ryan Turbidy this morning(I usually don't but wife's car only has radio one)?
He had a guy on, I think George Lee
With our small market and tendency for extreme herd mentality it’s conceivable that buyers may literally ‘go on strike’ at existing prices. The process of price discovery on the way down may be very very different from the way up.
Its worth remembering that we have (or had) a speculative bubble not driven by sustainable fundamental demand. Bubbles are ephemeral delicate things, we no longer have a bubble market, the bubble has gone.
Looking at these figures, what sense does it make to buy a home in the current market.
You might want to revise some of your figures... looks like we're down to 89th now!
[broken link removed]
"How can you say that the market has barely budged? Compare how you describe the market now: "with many prices static, or down 5-10% on some less desirable properties"
....to how it was in the first half of the year when prices were soaring. The change in the market is huge."
Many properties are still fetching as much now as they did 6 months ago
"What fo we have"
We have;
The 5th highest GDP per head in the world
The 8th highest purchasing power in the world per head
The 10th highest human development index
5th highest econimic freedom index
6th highest economic growth
12th most competitive country
10th best business environment
4th highest no. of patents in force per capita
7th for foreign direct investment
http://www.stock-market-crash.net/housing-bubble.htmAfter the housing bubble pops, prices will likely plummet for at least a decade, unfortunately. Too pessimistic? Consider this: After the 1989 Japanese housing bubble, housing prices tanked for 13 straight years! The Japanese housing bubble was a similar situation to what we are currently experiencing.
I heard this as well. George also said that if he was young in Ireland now, he would emigrate rather than commit to 40 years of financial slavery.
Em, could he not just rent? I wouldn't emigrate from somewhere just because of expensive housing. Especially when the jobs market was good and I could rent for a reasonable price.
That is due to a once off amnesty causing repatriation of funds back to the Us and has disrupted the medium term figures.
http://www.finfacts.com/irelandbusinessnews/publish/article_10007574.shtml
- With imports growing faster than exports, Ireland’s net exports are now a drag on economic growth, having driven Ireland’s Celtic Tiger boom during the 1990s. Ireland’s share of world trade peaked in 2002, and has been in decline since. World trade grew by an average of six percent per year between 2002 and 2005 in value terms, while the value of Ireland’s exports grew by an average of just two per cent per annum over the same period. This loss of market share was most pronounced in manufacturing.
- Irish businesses and households are now spending more than they earn. The current account of Ireland’s balance of payments with the rest of the world shifted from a surplus as recently as 1999 to a deficit of €4.2 billion in 2005 (3.0 per cent of GNP), and is forecast to deteriorate to €6.9 billion in 2007 (4.25 per cent of GNP).
- Productivity growth has slowed to its lowest rate since the early 1980s. Ireland’s strong productivity growth during the 1990s was driven by a narrow base of modern manufacturing industries, while NCC figures would suggest little productivity growth in the services sectors, which account for the majority of employment in the economy.
- In the five years to March 2006, manufacturing industries lost over 32,000 jobs, declining as a share of total employment from 15 per cent to 11 per cent. Construction accounted for 13 per cent of those in employment in March 2006, twice the share of employment in Germany or the USA. The share of the public sector as a whole in total employment moved from 20 per cent to 23 per cent in five years to March 2006.
76 Tolka Vale, Glasnevin
Reduced from to [broken link removed]........but will still need to reduce further as one selling for [broken link removed]
And if we get a Japan-style property bear market, how much do you think they'll be going for in 7 years time?
I think the market will bounce back in about 5 years but...i think this place will fall to around 200K, maybe less, by next year....