Will the big property auction affect prices in Greystones?

Jimjay

Sky news keep saying that the big property auction in Dublin will set a new floor for Irish house prices.
Does anyone think it will make any difference and specifically for prices in Greystones.
I can understand it setting a new floor for areas where houses were auctioned and I suppose if you can buy a 4 bed home in ballsbridge for 550k (once valued at 2 million) then it could affect the prices of the larger homes in greystones that once went for a couple of mil.

Pablo Sanchez

I think you may be looking at it in the wrong way. Firstly while the auction is being touted as a 'fire sale' its still an auction and therefore you can be fairly sure that the price that the properties sell for is the true market value.

The aution itself does not reduce the value of property, it mearly allows people to be able to judge the current value based on sales of similar property.

Setting the true value of property will allow us to take stock on where we really are, not based on media hype. As properties can be slow to sell at the moment we have no way of knowing if the house down the road is priced right or blissfully ignorant of reality.

loyatemu

from the sounds of things some people got slightly carried away at the auction today - some of the prices I heard about were nuts (300K+ for 3-bed semis in Galway etc). It'll probably take a few of these fire sales to affect asking prices elsewhere.

washman3

the seller of that 3 bed semi in Galway is laughing tonight,he's basically just won €200,000 on the lotto,ie sold a house worth less than €100k for €300k. as for the buyer,what can we say? has he/she just spent 3 years in a cave? God help Ireland,we deserve to be in the mess we're in

toitle

we?
Speak for yourself my friend

patwicklow

Well id say it will drop alot more will be back to the days were a house can be bought for 20k up and then it will slowly climb over the years but will never be what the crazy prices it was unless the bricks are made of solid gold because thats what the market was like just crazy..

washman3

well said pat, we are fast approaching the day that a house will be bought for what people paid for a 4x4 during the boom. as for toitle's comment, yes we,not me!! as Bertie and Brian told us----WE ALL PARTIED.........

Jimjay

patwicklow wrote: »

Well id say it will drop alot more will be back to the days were a house can be bought for 20k up and then it will slowly climb over the years but will never be what the crazy prices it was unless the bricks are made of solid gold because thats what the market was like just crazy..

Well I will pick up a few of those 20k houses. Will make up for the huge loss made on current house.

When we picked up our new 4x4 last month there was still a big waiting list of people paying for silly money ones.

ciaran67

patwicklow wrote: »

Well id say it will drop alot more will be back to the days were a house can be bought for 20k up and then it will slowly climb over the years but will never be what the crazy prices it was unless the bricks are made of solid gold because thats what the market was like just crazy..

It cant go back to those levels. Wages will take ages to rise again and banks wont be lending so much for your mortgage so where are people going to get the down payment?

Not possible IMO.

Blandpebbles

A house in ballsbridge was 2mil now 600k.. doesnt mean its value for money or a bargain now.

matt-dublin

U mean this one: http://www.myhome.ie/residential/brochure/42-raglan-lane-ballsbridge/1277702

Would hate to see the inside, probably needs another 200k worth of work!! And by the looks of things its got no natural light!!!

washman3

no house in Ballsbridge was ever worth 2 million,people were deluded into thinking they were,take a look at foreign websites and see what can be got around the world for 2 million,a real eyeopener.!! come to think of it NO house in Ballsbridge is worth anything near 500k now. after all,whats in Ballsbridge?