This explains everything.
What Goes Up writes:
I’ve been pondering the Dublin “price rise” anomaly.
Arrears continue to rise:
Mortgage lending continues to fall:
Yet… Dublin prices are apparently in a bubble:
How is this possible?
Easy – when volumes are so low, simply sell a couple of multi-million Euro properties and skew the data.
Taking the numbers for Dublin from the Property Price Register for “July 2011 – June 2012” and “July 2012 – June 2013”, we can match changes in sales volume to changes in sales value and see the almost perfect correlation (and the one obvious aberration!).
It’s only a bubble if you’re selling your multi-million Euro property!
Oh.
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