An analysis performed on myhome.ie this week (6 day period) has confirmed that many asking prices on www.myhome.ie continue to be revised downwards.
418 price drops have been detected and are detailed in the latest IrishPropertyWatch report, which is available here. Please note that these drops do NOT include the ~284 drops detected last week, all 418 have occoured in the past six days.
The total euro value of the reduced asking prices is roughly €10.5 million. Although if I were a property bull, I wouldn’t hesitate to retort that €10.5 million would only get you two or three nice 3-bed semi-D’s in a respectable part of Dublin 
Finally, the most obvious price drop in this report is the 42.43% drop detected (495k to 280k) in Co.Galway. This drop is so ludicrous that I almost automatically deleted it from the results, assuming that it was a programming glitch. However, to my astonishment I could actually verify this drop using google cache, I’ll append the link to the cached 495k asking price in a subsequent comment.
However, I myself do not believe that this is an accurate price drop. If I had to bet, I’d say that the Estate Agent has simply mis-typed the lower asking price. Perhaps they meant 480k or 380k instead. I know that if my Estate Agent’s first suggestion on how to shift a property was to slash it’s price by 42%, we’d be having words
All comments, independent verfications & corrections welcome.
March 11, 2007 at 11:22 pm
The most obvious price drop in this report is the 42.43% drop detected (495k to 280k) in Co.Galway. This drop is so ludicrous that I almost automatically deleted it from the results, assuming that it was a programming glitch. However, to my astonishment I could actually verify this drop using google cache here:
http://209.85.129.104/search?q=cache:bQmHSgP_zpMJ:www3.myhome.ie/search/property.asp%3Fts%3Dl%26id%3D282922+%2213+Woodmount%22&hl=en&ct=clnk&cd=2&gl=ie
However, I myself do not believe that this is an accurate price drop. If I had to bet, I’d say that the Estate Agent has simply mis-typed the lower asking price. Perhaps they meant 480k or 380k instead. I know that if my Estate Agent’s first suggestion on how to shift a property was to slash it’s price by 42%, we’d be having words
March 12, 2007 at 6:31 am
Another great report. Good to see that property is over priced everywhere and not just Dublin. Keep up the good work.
March 12, 2007 at 12:09 pm
Great stuff. You should a donation button, I’d like to help out for one and keep this site online. Keep up the good work.
March 12, 2007 at 4:35 pm
JN – I appreciate the sentiment, but personally I’m really not a fan of seeing those ‘donate’ buttons on sites I peruse. Hopefully there will never be any need for anything like that.
March 12, 2007 at 5:39 pm
Here are more references for the original price, perhaps the new prices is a mistake….
http://www.galwayadvertiser.ie/content/index.php?aid=4640&PHPSESSID=1fc97ce85b81dde0f437c4b47403c281
http://www.galwayindependent.com/property/10011.html
March 12, 2007 at 11:56 pm
The links you posted are 2 months old, a lot can in the current market in 2 months. That said 42% drop is a lot.
March 12, 2007 at 11:57 pm
I’m looking forward to the daft.ie price drop list, when will it be published.
March 13, 2007 at 10:21 am
“I’m looking forward to the daft.ie price drop list, when will it be published.”
The first Daft report will be published roughly tomorrow-week (Wed 21/03/07) and will hopefully cover a 7 day period.
Monitoring Daft is not as clear cut as MyHome. For starters, they also include foreign property (incl. Northern Ireland) and if you’ve spent any time on Daft lately you’ll see quite a number of properties with “Price On Application”.
March 13, 2007 at 9:13 pm
The vast majority of properties on Daft.ie are also on Myhome.ie. I wouldn’t expect to find a large number of new reductions when the two sites are compared except where one site changes the price ahead of the other. There is a possibility that this could skew the results overall (if the two totals were added for a given period).
Keep up the good work.
March 13, 2007 at 10:53 pm
“The vast majority of properties on Daft.ie are also on Myhome.ie”
I’d say this is true of Dublin, but as 2Pack over at GHPC has been saying, I think we may find some counties are under-represented on MyHome. Perhaps more ‘country’ property will be located on Daft.ie or PropertyPartners.ie.
“I wouldn’t expect to find a large number of new reductions when the two sites are compared except where one site changes the price ahead of the other. There is a possibility that this could skew the results overall (if the two totals were added for a given period).”
That’s correct, those two totals will never be added together. Yes I too would expect a good degree of overlap between the two sites.
March 14, 2007 at 3:38 am
Like IPW said the country property is better represented on daft.ie. For example
Daft.ie
Athlone has 291 listings, Mullingar has 308 listings, Navan has 295
Myhome.ie
Athlone has 78 listings, Mullingar has 65 listings, Navan has 242.
Thats a difference of at least 500 properties.
March 14, 2007 at 11:15 am
Congratulations. This is something that needs to be publicized. I will spread the word. Meanwhile, you should sign up for Google AdSense to help fund this.
March 14, 2007 at 11:25 am
the galway property is now 480k – so it was a mistake on myhome by the looks of things.
March 14, 2007 at 11:39 am
“the galway property is now 480k – so it was a mistake on myhome by the looks of things.”
Maybe IPW could offer a ‘price validation’ service to Estate Agents..
Seriously though it’s nice to see that my initial assumption (that the E.A. simply mis-typed the new lower price) turned out to be accurate.
March 14, 2007 at 1:17 pm
I can verify for the 33% drop in Newmarket, its my home town. This house has great potential, massive garden with potential to develop further properties on its grounds. It has been on the market for several months at this stage, ableit at the higher price, but even that it was not picked up quickly at that price, shows that builders are getting wary about further developments, and this town is about 45 minutes drive to Cork city. There are a lot of houses bought by speculators in Cork commuter towns. Will be interesting to see how it plays out, as always in after property booms, the commuter belt gets the biggest fall.
March 14, 2007 at 2:45 pm
Like the above poster that price is verified on the SherryFitz website. That is one of the largest price reductions I have yet seen.
http://www.sherryfitz.ie/sf2003.exe?pageref=res_property&propid=DMP00992&pagemode=res
March 15, 2007 at 11:05 am
Another Dublin 4 House price fall
http://216.239.59.104/search?q=cache:we-iRdoqLXAJ:www1.myhome.ie/search/property.asp%3Fts%3Dxl%26id%3D296468%26np%3D%26rt%3Dsearch%26searchlist%3D+Camelot+ailesbury+road+%E2%82%AC4250000&hl=en&ct=clnk&cd=4&gl=uk
http://www.turley.ie/index.php?section=sales&list_type=1&cat=1&locationID=&min=&max=&beds=&type=&sortOrderID=&offset=0&limit=100&propertyID=84
March 17, 2007 at 10:01 pm
about time some reality was coming back into the property market, i hope people who have bought recently can maintain the repayments and dont lose there homes, these are sizable mortgages noosed around your necks for a long a period of your life. this government should be ashamed of themselves, they got into bed with developers and banks of this country, ruthless people who are hungry to rip people off for every penny they earn. the quality of life has been affected trying to maintain just an existence in the celtic tiger. please comment on how increases in mortgage repayments have affected your life. what has been the increase in repayments and what did you have to give up, are there any arrears in the debt or help from family members to you maintaining your existence. just any comment will do. this will clarify the suffering out there
March 19, 2007 at 5:42 pm
Excellent report. There are so few independent cogent commentaries on the property market, everybody is in each other’s pockets. Huge advertising revenue for the newspapers, banks and building societies have economists who are not going to talk down the property market and that’s not even covering the estate agents who are now sitting very uneasy not only in a declining market but a static market – no fees coming in! You should post on to George Lee!