bubble

Oh.

Dave writes:

Looks like the bubble has popped. The new Central Bank mortgage guidelines is good news for first time buyers as sellers are having to drop their prices or risk missing the boat. 90% of all price changes on Daft/Myhome lately are now downwards

Latest Price Changes (MyHome.ie)

32 thoughts on “Pop!

  1. Louis Lefronde

    You can fool some of the people some of the time, but not all the people all of the time!

    The notion that there was a property price surge was a classic example of vested interests using ‘The Big Lie’ technique…. and they’re still at it!

    1. maji

      But there was a surge, because you know, prices went up up up and then too high and what we’re seeing is a correction.

      Basic market economics

      Most likely property will generally increase year by year. How much depends on a few simple things:
      New properties built
      Wages/available credit

      Artificial property inflation/deflation would be in the form:
      Planning Restrictions
      Credit restrictions
      Rent controls
      PROPERTY TAX

      All very negative in regards to a healthy property market, and the basic human right to ownership of private property

      1. cluster

        ‘Basic human right to ownership of private property’. I like how you slipped in a contentious, ideological position as a given.

  2. Paolo

    Hardly a bubble. The increase in prices is moderating thanks to the changes to mortgage guidelines (which is their purpose).

  3. Mr. T.

    Glad I bought last year. Didn’t buy during the boom because I was out partying and didn’t have the deposit money. Thank God for that foolishness.

  4. Mr. T.

    Glad I bought last year. Didn’t buy during the boom because I was out partying and didn’t have the deposit money. Thank God for that foolishness.

  5. kwikster

    A taxi driver told me the other day that the smart money was moving out of houses and into offices. I sit in an office all day, haven’t seen much money.

  6. anomanomanom

    A lot of sales have been cash. That’s what drive prices back up. They will go higher, this drop is just because people which have seen there property shoot up again are starting to panic they’ll miss the buyer with because of the new rules. It’ll settle down and slowly rise.

  7. Lilly

    Hold off buying for 12 months. It’s going to keep dropping – or so I’m told by one who hasn’t been wrong yet.

    1. B Hewson

      A taxi driver told me they are going to go down and then go back up again before coming down a bit again

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