Coalition tells troika housing market at bottom

davet82

http://www.independent.ie/business/personal-finance/property-mortgages/coalition-tells-troika-housing-market-at-bottom-29162032.html

HOUSE prices may have bottomed out last year, the Government has told the troika.
But the assessment was derailed by data from the Central Statistics Office showing prices nationally fell.
Latest figures show that property prices in Dublin are 3pc higher than a year ago, but fell 2.6pc nationally. The rate of decline has eased since January.
However, the Government appears optimistic that the floor has been reached.

so the bottom was reached in the first half of last year and is it all upwards and onwards from here on in?

gurramok

davet82 wrote: »

http://www.independent.ie/business/personal-finance/property-mortgages/coalition-tells-troika-housing-market-at-bottom-29162032.html

so the bottom was reached in the first half of last year and is it all upwards and onwards from here on in?

Where is your smiley at the end of that sentence?

Simply put, it suits the govt agenda to say prices are on the rise and with the property revenue dependent media translating that "3% yearly rise" in Dublin house prices(yet ignoring the monthly drops and national prices) to a "Dublin property market soaring" backing them, the Troika are not fools. If there were consistent monthly rises for at least 6 months then we can say the bottom was reached, it has not yet.

Expect the usual bullish posters translating a rise in house prices in a wealthy tiny area of South Dublin to say "all of Dublin" house prices are rising.

cson

Considering NAMA is essentially another gamble on the property market taking off; I'd imagine it suits the Government to start ramping up the spin machine.

Ordinarily I would say once bitten twice shy but I wouldn't underestimate the ability of Irish people to forget the past and get caught up in a frenzy in a few years time.

My anecdotal evidence for this is the Bargain Alerts forum whenever any of the clearance smartphones come out :pac:

Its in our psyche.

AlanG

The Independent has lost all credibility when it comes to how they cover the property market. For three years they have been repeating spin from estate agents and vested interests in order to kick start their own property section. As mentioned earlier the Government wants to re-inflate the bubble to reduce the losses to NAMA, hence this spin. When property prices are around 200 times rent for an area then it will be close to international and long term norms.

stevedublin

AlanG wrote: »

When property prices are around 200 times rent for an area then it will be close to international and long term norms.

Property has a long way to rise then!