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Property prices resume fall

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    #32
    nomoreindie
    Closed Accounts Posts: 161 ✭✭nomoreindie


    makeorbrake wrote: »
    Is it? Are cash sales not likely to achieve improved deals by comparison with financed deals?
    you would expect cash payers to get a discount on asking compared to someone relying on a mortgage or with a house to sell as well


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    #33
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    nomoreindie wrote: »
    you would expect cash payers to get a discount on asking compared to someone relying on a mortgage or with a house to sell as well
    Ok, that's what I thought. Therefore, although the data excluded cash sales, there is no reason to believe that property sales achieved were found to be any better than the 0.6% fall recorded.


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    #34
    TheDriver
    Registered Users Posts: 12,504 ✭✭✭✭TheDriver


    cash sales don't get massive discounts either as people are quite willing to be sale agreed for an extra month if it means more cash from a mortgage holder.


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    #35
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    TheDriver wrote: »
    cash sales don't get massive discounts either as people are quite willing to be sale agreed for an extra month if it means more cash from a mortgage holder.
    Within reason. You don't know for sure if a completion is going to be achieved until it actually has. I recently viewed a house that had been sale agreed 3 times - keeping it off the market for many months.


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    #36
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Sleepy wrote: »
    Or just the simple fact that the volume of transactions is still so low that price movements month on month aren't a reliable indicator of much...

    Or how about the CSO not taking account of cash transactions, which are apparently 40% of the market?
    Edit: see it's been covered...


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    #37
    TKline
    Registered Users Posts: 51 ✭✭TKline


    Good to see prices continue to return to more affordable levels.

    The amazing thing about the Irish bubble and its collapse is the change in the house price to rent ratio, which was more extreme than anything seen anywhere else in the world.

    More details here... What a real property boom/bubble looks like - Ireland

    IrelandAustraliaPriceRent.png

    When house prices move out of alignment with the fundamentals (rents and incomes) then a reversion to mean is inevitable.


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    #38
    lotusm
    Registered Users Posts: 313 ✭✭lotusm


    I was at the allsop acution... The mood was more sombre than previous auctions... Also alot of the properties sold very near the reserve or just above ... Yields on investment properties ranged from 8 to 15 per cent. However you will need that as the government announcing more taxes on rental income in the way of PRSI and I'm sure there is more... :(


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