wow what a discount!

[whitegoodman]

Graemsay - you know what they say about the share market? When mums and dads are buying, get out and get out fast.

You know what I say about the property market? When journalists are telling you it's a great time to buy, get the **** out of the market! Thank god the Australian journalists are still anti-property. Judging from the recent media articles I've read, I think we're a while off from the crash.

Though let me know when the journalists start to buy - I'll happily sell to them and flee.

i see just as much spruik and hyperbole on both the bear and bull side in MSM

 

[whitegoodman]

Haven't you heard? There was apparently a massive housing shortage in the Republic of Ireland up until the financial crisis hit.

a supply constrained and credit (demand) fuelled bubble followed by a glut of supply coming at the end of the cycle seems to be about the norm these days...

 

[wisty]

http://www.daft.ie/report/Daft-Rental-Report-Q2-2011.pdf

According to DAFT (what a name), Dublin rents went from ~E1200 (in 2006) to E1400 (in 2008) back to E1000 (in 2011). A ~20% rise, then a ~25% fall from peak.

http://www.daft.ie/report/Daft-House-Price-Report-Q3-2011.pdf

Over the same time period, prices stayed flat until rent stopped rising and started dropping, then prices went from ~450k to ~250k, about a 45% fall.

You can see the bubble here: http://irish-property-bubble.blogspot.com/2007/03/dublin-house-prices-1970-2005.html

And inflation adjusted: http://www.flickr.com/photos/rosscads/455270545/

That irish-property-bubble.blogspot.com is worth reading. Lots of "I just can't see a crash of 50% when we have zero unemployment and blah blah blah" comments.

We don't have Polish plumbers. But then, Poland's a long way away.