Von RickToven writes:
In relation to this fresh housing madness, this house has not been changed since 2012. In fact I am not sure anyone moved in. The tiger is back!
Anyone?
Previously: “The Confusion Of Supply With Demand Is A Pretty Fundamental Confusion”
New figures from Eurostat show Irish house prices rose by 4.1% between June and September [known as the third quarter] of last year. Estonia was the only country to have a higher increase than Ireland.
Over the same period, prices rose by 0.6% on average in the Euro area, and 0.7% on average in the EU.
Gulp.
Read full report here.
Previously: We’re Back
Further to the Construction Industry Federation’s call for an increase in house prices.
John Gallen writes:
“I contacted them [CIF] via Twitter. I wanted to know why they saw it that “house prices need to increase in order for the building of residential properties to become more cost effective”.
The basic response is that although land has come down since the boom years in varying degrees other costs have not. I asked for detail of these other costs. I got this breakdown of how much to build a typical 3 Bed Semi-d. It comes in at €197k just to build it. Excluding VAT.”
Earlier: The Only Way Is Up
[Tom Parlon of the Construction Industry Federation]
The head of the Construction Industry Federation (CIF) says house prices need to increase in order for the building of residential properties to become more cost effective.
Tom Parlon says it’s currently not viable to build a house for the price they are selling at.
The comments come following the release of figures today which show that the number of planning applications and new builds are down on 2013 levels.
House prices ‘need to increase’, says CIF head (Breaking News)
Previously: The Minsky Cycle And You
The statistical office of the European Union, Eurostat has released new figures this morning showing the annual and quarterly increases/decreases of house prices across Europe in the second quarter of 2013.
Ireland’s annual house prices increased by 1.2%. The second quarter of 2013, compared with that of 2012, saw house prices rise by 2.3%.
In comparison, annual house prices fell by 2.2% in the Euro area and, in the second quarter of 2013, compared with that of 2012, rose by 0.3% in the Euro area.
Full study here
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.
From the CSO:
Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%.
Residential Property Price Index June-2012 (CSO)
15 Lakeview, Clara, Co Offaly.
€42,000.
Available through…Cowen Auctioneers.
Fernhill, New Zealand: (3 bed, 2 bath), balcony, lake views
Thasos, Greece: (3 bed, 2 bath), tennis court, pool, olive grove.
Puerto Vallarta, Mexico: (2 bed, 2 bath) newly built condo, private balcony, pool
Eh, this gaff. Be sure to check out all four superb photographs.
