Current public sentiment towards the housing market?

whathome said:

There's a poster called Green Bear making an excellent case for the change in sentiment for Irish property on this website:

[broken link removed]

There are no price drops listed yet but I would imagine some will show up there in time.

So much interest in the change in sentiment shows how the market is at an inflection point IMO.

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Which thread, seems Green Bear posted a couple dozen threads there.

JayDub said:

Which thread, seems Green Bear posted a couple dozen threads there.

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All of them!

Will probably see 2pack and phoenix_n post there now that they are banned from AAM.
[broken link removed]

Isn't 30k a reduction to a normal sane level? Isn't there plenty of inefficiency built up in the Irish economy to cope within reason with the laid off construction workers? Ok maybe we can't buy as many BMs/Mercs, own foreign properties in Dubai & Montenegro, eat out every week etc given such a scenario. We weren't doing that 10 years ago. We'll have to get used to approaching in this country what is economic reality for most nations. What has gone on in the last few years is not realistic in the long term.
If this economy cannot survive a moderating of housing supply then it's got fundamental issues and is doomed one way or the other. I just don't believe it's all that gloomy.

Dreamerb said:

......as regards this slow down in the market - I do think that's being somewhat overblown. My house has now been on the market for two weeks. In that time, at least 13 separate potential buyers have viewed it, there are four active bidders, and the current bid is 15k over the asking price with further viewings scheduled. Some of the bidders were so bullish they made offers on the spot at viewings. And all this, though we didn't put a disingenuous price on it (we set it at a level we'd have been prepared to accept, comparable to similar properties locally, and well above what we "needed" . Methinks current public sentiment is somewhat at variance from that on this thread... at least on my thoroughly unscientific sample of one!

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very interesting, thanks for posting your experience......

Arthur Daley said:

Isn't 30k a reduction to a normal sane level?

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Yes.

Arthur Daley said:

Isn't there plenty of inefficiency built up in the Irish economy to cope within reason with the laid off construction workers?

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Inefficiency built up? I don't understand what you mean. The main drivers for employment are the civil service and construction. Tax is chiefly accrued through property sales. Manufacturing is in decline. Where are the laid off construction workers going to work?

Arthur Daley said:

Ok maybe we can't buy as many BMs/Mercs, own foreign properties in Dubai & Montenegro, eat out every week etc given such a scenario. We weren't doing that 10 years ago. We'll have to get used to approaching in this country what is economic reality for most nations. What has gone on in the last few years is not realistic in the long term.

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Well if we stop buying expensive cars, eating out or buying foreign properties, do you not think this will have a massive effect on our economy? I believe a period of rising unemployment, slowing production and a reduction in overall prosperity is generally referred to by economists as a recession.

Arthur Daley said:

If this economy cannot survive a moderating of housing supply then it's got fundamental issues and is doomed one way or the other. I just don't believe it's all that gloomy.

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You are right. This economy does have fundamental issues. It's called a trade imbalance.

room305 said:

Where are the laid off construction workers going to work?
Well if we stop buying expensive cars, eating out or buying foreign properties, do you not think this will have a massive effect on our economy? I believe a period of rising unemployment, slowing production and a reduction in overall prosperity is generally referred to by economists as a recession.

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Ok it's recessionary, but I think we all accept supply has to be cut back sometime. It's all about the degree of recession and the degree of falls in house prices. I'm only playing devils advocate here, but do we have examples of house market collapses of 20-50% in countries that entered recessions recently? I don't even think it was that bad in the UK in the late 80s early 90s, but I could stand to be corrected.

I'm just trying to move the debate on to what next now that initial house price falls have been documented on here, and of course we are into real crystal ball territory

room305 said:

Well if we stop buying expensive cars, eating out or buying foreign properties, do you not think this will have a massive effect on our economy? I believe a period of rising unemployment, slowing production and a reduction in overall prosperity is generally referred to by economists as a recession.

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This week is going to be one interesting week. I'm looking forward to seeing how new car sales were in October, then the Daft report is due on Thursday.

Sorry folks

This thread has required a lot of moderation. I am closing the thread until the moderators have had a chance to review our policy towards the thread and the discussion of the prices of invidual houses.

Please do not reopen the discussion in another thread. If you do, you will be banned from Askaboutmoney.

Brendan
Administrator

The moderators have decided to close this thread permanently for the following reasons:

1) Nothing new has been said on it for a long time, so there is nothing to be gained by leaving it open
2) There have been frequent breaches of the Posting Guidelines and many users were reporting these posts to the moderators
3) The thread required a huge amount of moderators' time and we have better things to do
4) Many people were posting exclusively in that thread and making no other contribution to Askaboutmoney

But don't despair. You can find extensive, informed, articulate, balanced and entertaining commentary on the impending collapse of the Irish property market [broken link removed].

It would be a great addition to Askaboutmoney if someone would do a balanced summary of both sides of the argument for an increase or decrease in the price of Irish property. We would refer all genuine questions and concerns to such a post. If you do such a post, please email it to brendan@askaboutmoney.com first. Don't start a new thread yet.

Brendan

We have reset the post count for users so that any posts made in this thread are not included in their total post count. Consequently a small number of users have had their status changed from Frequent Poster to Registered User.

Brendan