Property prices stabilizing according to daft.ie

crazy_kenny

Daft.ie report encourages the government to "start planning for the building of new homes after strong signs that property prices have stopped falling."

I live in Waterford and there are no signs of property prices stabilizing.

beaner88

Have you actually read the report? It doesn't come to that conclusion for Waterford.

Lyn256

And Daft.ie have NO vested interest . . . :rolleyes:

godtabh

Lyn256 wrote: »

And Daft.ie have NO vested interest . . . :rolleyes:

To be fair they have consistently reported when prices were falling

Lyn256

godtabh wrote: »

To be fair they have consistently reported when prices were falling

True but I think that they are hugely underestimating the effect that MIR has had in the market in this last quarter-this may become evident by the second quarter of 2012.

An EA, that I know, said that it was the first time he'd seen 'panic' buying since 2006

drunkmonkey

Is the Jobless rate declining? Has emigration stopped? Are the middle class getting wealthier, are people's disposable income rising?

I don't see any reason for a price increase or stabilisation based on anything but MIR and Nama distorting the market. MIR is now gone so it's only Nama halting the massive correction that needs to happen. When Nama really let property on the market, then you will see values get real.

Galego

drunkmonkey wrote: »

Is the Jobless rate declining? Has emigration stopped? Are the middle class getting wealthier, are people's disposable income rising?

I don't see any reason for a price increase or stabilisation based on anything but MIR and Nama distorting the market. MIR is now gone so it's only Nama halting the massive correction that needs to happen. When Nama really let property on the market, then you will see values get real.

I agree to your comment but can I also add the banks to it?

Once the banks get real and tackle the issue of repossession and mortgages in arrears then we will see the real prices.

ManMade

Is it not in daft.ie's interest to push the idea that now is the time to buy? They want people to start investing with the idea that soon prices are going is up... :eek:

drunkmonkey

I'd say daft is just smart at getting free publicity. Not sure what vested interest they would have in prices going up. Tbh, when I heard Gilmore saying we'll be out of the woods before the end of the year I knew it was going to be a day of makey uppey stories.

Anyone guess tomorrow's, news?

NIMAN

There seems to be a lot of talk about property stabilizing or rising again over the last few days in the media.

All a big conspiracy perhaps?

strandroad

NIMAN wrote: »

There seems to be a lot of talk about property stabilizing or rising again over the last few days in the media.

All a big conspiracy perhaps?

Mortgage interest relief running out. Let's see what happens now. Not rises, I bet...

taheen

hahahha take a look around empty estates (not just houses in estates) in every possible town, what CONSTRUCTION u talking about

The_Conductor

NIMAN wrote: »

There seems to be a lot of talk about property stabilizing or rising again over the last few days in the media.

All a big conspiracy perhaps?

Principally family homes in Dublin, Cork and Galway. No stability outside of these 3 cities. By stability its a 2.9% fall in prices in the 3rd quarter, and an overall 11.9% annual fall.

Lets give the effects of the abolition of Mortgage Interest Relief the chance to feed through to prices, before drawing any conclusions.

Also- many of the papers are also reporting, often alongside property prices, about emigration being at its highest ever rate (including during the famine in the 1840s). Over 200 people a day are leaving on average. Thats about 74,000 over the course of the last year. The people who are leaving are those most likely to need to buy property in the future.......?

ted1

drunkmonkey wrote: »

Is the Jobless rate declining? Has emigration stopped? Are the middle class getting wealthier, are people's disposable income rising?

I don't see any reason for a price increase or stabilisation based on anything but MIR and Nama distorting the market. MIR is now gone so it's only Nama halting the massive correction that needs to happen. When Nama really let property on the market, then you will see values get real.

Good areas in dublin and a few areas where hit hard, these areas are desirable and where under valued compared to other areas. As such they are bouncing back and property is required there

whatnext

Based purely on my on social group I'd have to suggest that things are beginning to move again. I have several friends/colleagues/acquaintances who are currently in the process of buying (3), have bought in the last 3 months (2) or are currently looking at properties with a view to buying (3).
To add to this a very close friend who is in the buy to let game but has not bought since 2004 is back looking.
I can honestly say that I don't know one single person that has bought a house in the five years prior to this.
I appreciate this is not scientific evidence of any mass change in market conditions but its more activity than I've seen in a while.

Dan133269

From today's Irish Times: http://www.irishtimes.com/newspaper/finance/2013/0102/1224328327364.html

However, the annual rate of decline for the capital for 2012 came out at 12 per cent, the lowest rate for Dublin in four years.

Then, later in the same article:

For economist Ronan Lyons, who wrote the Daft.iereport, the year-on-year decline identified for Dublin for 2012, of just 2 per cent, was evidence that the market in the capital is “very close to stable”.

Which is it?

Bigcheeze

Dan133269 wrote: »

From today's Irish Times: http://www.irishtimes.com/newspaper/finance/2013/0102/1224328327364.html



Then, later in the same article:


Which is it?

The first is from the Myhome report which is just based on asking prices not sale prices. They don't make this at all clear in their report.

Ronan Lyons' analysis is always more detailed and of a higher standard than myhome IMO.

stevedublin

Bigcheeze wrote: »

The first is from the Myhome report which is just based on asking prices not sale prices. They don't make this at all clear in their report.

Ronan Lyons' analysis is always more detailed and of a higher standard than myhome IMO.

This suggests that homes are selling for more than the asking price, no?

Bigcheeze

stevedublin wrote: »

This suggests that homes are selling for more than the asking price, no?

I would say it suggests that the gap between asking price and final selling price narrowed over the year.