The Irish Times will remain bullish - it has put alot of its eggs in the property basket.
To keep the plane analogy going, the plane may be stalling, but as long as the pretty hostesses keep lashing out the free booze to politicians and developers, noone will care!
Here's the [broken link removed]of the Irish Times (emphasis mine):
"to publish an independent newspaper primarily concerned with serious issues for the benefit of the community throughout the whole of Ireland free from any form of personal or of party political, commercial, religious or other sectional control".
Hmmm.
And guess who is on both the Trust and Board of The Irish Times............
Great analogies lads
Stalling, Super Novae, and boiling frogs. Expect to see them reprinted in the Sunday property suppliments !
[FONT=Arial, Verdana, Arial]Interest rate hikes put the brakes on house spree[/FONT]
http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1683365&issue_id=14609
In fairness, I think a lot of ye are getting a bit carried away. Can many of you tell me any negative stories on Irish property that should be carried?It's true that it hasn't run any overtly negative articles on Irish property.
I think you'll find that there's only one person that said this here - and he's already explained his reasoning that once it's past tipping point, there's no way back.but the lot of you here are trying to say there's been a crash etc.
when you can start showing me houses consistently selling for less than others on the estate went for, then i'll believe.
I think many posters are being too harsh on the Irish Times. It's true that it hasn't run any overtly negative articles on Irish property. And it's true that their headlines have a more positive spin than the Indo. However if you read the content of their articles, then it is quite balanced IMHO.
Again it is true that some articles are just "reporting the news". So if some economist makes a big press statement, the IT reports it. However when they do feature pieces, or opinion or editorial pieces, then there is usually a good balance. Some examples in today's paper would include the article from Edel Morgan in the property supliment about courses in property investments. She clearly states that it may be too late to bank on making money on Irish property. Similarly the "worth the investment" piece has clearly stated for months now that rents only barely cover IO mortgages
In another suplement in the paper a London developer wonders where the Irish are getting all the money to invest in property in London. The journalist (forget who) states that it is coming on the back of rising values of people's PPR, allowing them to borrow huge sums. She then clearly states that this is a very risky thing to do, and doesn't recommend it.
In an editorial the other day, the IT also warned of stagnant or even falling prices.
The bottom line is that the Indo is going for dramatic headlines whilst the actual market is still hanging on the edge. The IT will only start printing dramatic headlines when we experience dramatic events - e.g. real substantial falls in house prices, real increases in builders going bust, real rising unemployment. In the meantime many journalists may already be bracing themselves for the impending explosion. But as it hasn't actually happened it isn't news yet.
Anyone who reads the IT, as distinct from just scanning the headlines, will know that all is not rosy in the property garden. These people should be able to come to their own conclusions and don't need spectacularly negative headlines.
Disclaimers:
I've no relationship to the IT (but I do think it's a good paper)
I've no vested interest in seeing the property boom continuing, but expect it to do so into mid 2007.
In fairness, I think a lot of ye are getting a bit carried away. Can many of you tell me any negative stories on Irish property that should be carried?
I'm inclined to agree w.r.t. the recent reporting from the Irish Indo. This is
the same paper after all who's idea of "research" is to lift a quote directly
from this website and pronounce it as some sort of indication of a vast
swing in market sentiment amongst estate agents.
http://www.askaboutmoney.com/showthread.php?p=271343&highlight=mad#post271343
I think you'll find that there's only one person that said this here - and he's already explained his reasoning that once it's past tipping point, there's no way back.
I know how much of a pain it is to lower my asking price, my house is now selling for less than the last identical one that sold in April.
Do you mean an extra 25bps or 50bps in 2007? Because rates are absolutely going up 25bps on Oct 6th and (almost) definitely another 25bps on Dec 7th.My own sentiment on house prices is that we are at a tipping point due to interest rates....I think people are "waiting and seeing"...if rates hold firm then I expect prices to rise by 3-5% over the next 12 months. If they rise by .25% I expect them to remain flat and if they rise by .5% I predict them to fall. Interest rate changes (like inflation) cause uncertaintity in the market resulting in a "look before you leap" mindset.
Well if you or Glenboy could come up with a cogent argument why you believe that a property bubble doesn't exist, I would be interested in reading it.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?