This article is bang on for the first third after that its an appalling hogwash of vested interest propoganda, with all the usual suspects,
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Careful, it’s your first time
22 October 2006 By Laura Noonan
Until quite recently, the white smoke emanating from Ireland’s property market was of the easy to read variety. Prices were soaring to highs that induced bouts of dizziness in even the most levelheaded of homeowners, and the masses clamoured to pour their money into Ireland’s best performing asset.
My favourites
To buy or not to buy?
Shane Brady, director of Gunne New Homes, said there was never a bad time to buy property.
‘‘Going back to 2001 and that period post 9/11 and people were getting messages from the market place say ‘oh don’t buy the market is going to fall through the floor’ and all this sort of carry-on. Not alone were those statements unfounded, but they were coming from people who didn’t have a knowledge of the marketplace. The market in 2002 took off like a rocket again.”
Oh yea such death defying logic, let us dispense with most of history and leave our 2001-2006 blinkers on children, you can burn the rest of the pages of your History books now!
This one had me rolling around
Ah then there is Austin, Austin Austin Austin,
Austin Hughes, chief economist at IIB Bank, agreed that a mass return to the market was a very real possibility. ‘‘There’s no doubt that you’re going to have a number of people staying out of the market at the moment,” he said. ‘‘Because they see that interest rates are rising, they’ve been told by some commentators that the sky is falling, there is this uncertainty about whether there will be capital gains tax on investors, there is uncertainty about stamp duty, and there is more supply.
Its very interesting to see the "experts" who just happen to be the one in the firing line if it all goe poo, recommend what is a bad value buy in anyones book. Talk about trying to stoke up the fire.
I think this article was very irresponsible to its readers and lacked a real objectivity. It started off well but then dived into a mish-mash of proporganda, historical amnesia & wishful thinking at best.
Finally, you just can't take this guy seriously anymore,
‘‘What may happen is that prices of individual properties will fall while prices generally will rise,” said Hughes.
Somethings will go up something will go down (like your credibility Austin...)
‘‘The falls will be in trophy houses. If you are talking about a unique house somewhere in a desirable suburb, it is very difficult to know whether the underlying value of that is X million or Y million. It all depends on whether three or four people are going for it.
Oh no not the rich, how could it be!?!? the PDs won't stand for this!
‘‘To the extent that we see more of these properties becoming available, people are standing back a little bit and not panicking to get into the market, so those prices are most vulnerable. That creates a perception that the market is softening.”
However, Hughes said the fundamentals of the property market remained strong. ‘‘Once you take out the regular bad news on interest rates, put in the SSIAs and hopefully a supportive move in the budget, that would give sustained property price appreciation,” said Hughes.
Translation: Ignore interest rates & reality in general, believe the *SSIA hype, expect a "Promised Land" Budget and in a few months you'll have a nicely over cooked property market that no one can stomach anymore!
*
Is the maturing of the SSIA mantra a exmaple of a pre-emptive exucse? Is it a dead duck, since most may have borrowed on teh strenght of it?
‘‘The property market reflects very solid economic fundamentals and there is a sense that prices will rise, not at a spectacular rate but at a solid rate.”
I
SENSE a distrubance in the force and it smells very bad indeed
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