A 2-week analysis of MyHome.ie has detected 799 Price Drops. The report is here. Considering the 2 week time period, the per-day average detection of drops is less than in some previous MyHome reports. However, the drops total over €24 million, so the euro amounts are perhaps more significant than previous drops.
The largest price drop recorded is a 36% drop (450k) in the price of a 5 bed bunglaow in Skerries Co.Dublin. Honourable mentions include a 33% drop (400k) in Kilcock Co. Meath and an almost 27% drop in Westport.
It is expected that there is some overlap with the most recent Daft.ie report. Even a cursory glance reveals the presence of the 24% (150k) drop in Athboy, which was originally detected on Daft.
As usual – comments, corrections and verifications are always welcome.
March 26, 2007 at 7:12 am
Good work.
A quick point that there are reported drops in daft that have been reported in myhome, such as 33 Forest Hills, Rathcoole, County Dublin.
March 26, 2007 at 9:16 pm
By putting what a lot of people suspected into simple format, you are exposing the greed and totally unrealistic expectations of estate agents and sellers alike. Excellent job.
March 27, 2007 at 7:30 am
I think you will find that estate agents are realistic at the moment. They indeed are very aware of the reality that sales activity has plummeted. Their client are however not really ready to accept the bad news as yet.
Houses in Dublin 4 which went sale agreed earlier in the year are now back on the market.
In Galway, the trend is to advertise a property with ‘price on application’ – an old Galway trick which serves to make the market less transparent. So don’t expect too many recorded price drops.
Keep up the good work.
March 27, 2007 at 8:25 am
“I think you will find that estate agents are realistic at the moment. They indeed are very aware of the reality that sales activity has plummeted. Their client are however not really ready to accept the bad news as yet.”
Seamus you’ll find your opinion apparently backed up (by someone claiming to be an Estate Agent), by this post on the daft.ie discussion forums:
http://www.daft.ie/discussions.daft?dcnforum_id=4&limit=8&dcndiscussion_id=92293&dcnroot_discussion_id=0&dcnforum_id=4
March 27, 2007 at 1:43 pm
I wounder how did u manage to collect this data and also claim that there a price drop or any other change in 7 days, even 14 days. myhome.ie only allows estate agents to post adverts on their site and from my experience they do not get updated for a very long time
I am suspecting a very big public campaign right now, by blogs like your that is trying to burst the “bubble” 
March 27, 2007 at 2:14 pm
Howdy Oleg,
I’m surprised it took this long to see a ‘conspiracy’ posting on this site
“I wounder how did u manage to collect this data”
The data is freely available on http://www.daft.ie & http://www.myhome.ie. If you have any friends or colleagues who are technically-minded, I’m sure they’ll tell you that it’s not very hard to write computer programs that analyse websites. Think about it, Google for example have programs that analyse every site on the internet.
“and also claim that there a price drop or any other change in 7 days, even 14 days”
Program runs on Day 1.
Program “remembers stuff”.
Program runs on Day 7.
Program writes a simple little HTML report expressing what has changed in that time period.
“myhome.ie only allows estate agents to post adverts on their site and from my experience they do not get updated for a very long time”
Then Oleg I’d suggest that your experience is a little out-dated. Sales are sluggish, therefore Estate Agents are doing their jobs which is trying to shift those properties. There’s plenty of activity on the property websites, all you have to do is look.
“I am suspecting a very big public campaign right now, by blogs like your that is trying to burst the “bubble””
Well the IrishPropertyWatch TV Commercials are at the post-production stage..
Seriously though, any of the ‘bear-ish’ Irish Property websites are still very much at the periphery of public awareness. If a mutli-billion euro market could be ‘threatened’ by some free and open discussion of publicly-visible events (AskAboutMoney take note), then you’d have to question the viability of that market to begin with.
Finally – everything published on IrishPropertyWatch is (in the majority) provable or disprovable through use of the Google Cache.
March 27, 2007 at 2:28 pm
JTravers (over at http://www.thepropertypin.com), has spotted that the largest drop in the report (36% in skerries) is infact invalid:
“The headline property in Skerries is a mistake unfortunately – bungalow and “mews” is €1.250M, while bungalow alone is €800k. They have two separate but very similar entries so difficult to parse automatically I’d imagine.”
Thanks for the Catch.
March 27, 2007 at 4:10 pm
Oleg, I don’t think anyone is trying to burst a bubble – its happening all on its own. The global ecomony is also having an impact not just a couple of websites. I think it is great having websites like this especially for those who are ready to part with their money – they may just get a little bit more value if they hold on another while and not be tying a very tight rope around their necks for the next 40 years. KEEP THIS GOING ITS GREAT!
March 27, 2007 at 9:07 pm
Oleg,
Who’s trying to burst the ‘Bubble’? It burst months ago, and you’re only noticing now. Tough luck if you were the last into the pyramid scheme.
March 28, 2007 at 2:44 pm
Hi,
I am working on a doucmentary series for RTE ONE Television and am interested in talking to people who have had to drop their asking price in the past few months. If you would like to tell me your story please email cridge@tyrone-productions.ie
Thanks
Clare
March 28, 2007 at 10:38 pm
Any chance you could include the weekly numbers of houses for sale on myHome as a footnote?.
Inventory is growing at a very fast rate on daft (http://daftwatch.atspace.com/) where the number of units for sale have increased by approx 130% since August 2006.
Im curious to know if that is just the result of a very sucessful sales team at daft or if myhome are also seeing the same rates of growth
.
March 29, 2007 at 7:43 am
“The Distillery, Distillery Road, Off Clonliffe Road, Dublin 3.” entry is an error, it notes 442,500 dropped to 365,000 but this is actually the two and one bed appartment prices respectively. I would imagine the same for the “Northern Cross, City Junction, Malahide Road, Dublin 13.” entry too.
March 29, 2007 at 7:43 am
Oh, and keep up the good work, great site!!
March 29, 2007 at 10:08 am
““The Distillery, Distillery Road, Off Clonliffe Road, Dublin 3.” entry is an error, it notes 442,500 dropped to 365,000 but this is actually the two and one bed appartment prices respectively”
Good spot Tad. This is the ‘new build’ fallacy that creeps into every report (see previous comments on other reports). What happens is that a single MyHome ‘page’, is re-used by an Estate Agent to advertise what are in fact two different properties. In the case you’ve pointed out, a two bed & a one bed in the same development.
March 29, 2007 at 10:12 am
“Any chance you could include the weekly numbers of houses for sale on myHome as a footnote?.”
Shane I could do this really easily, However.. if you’ve kept an eye on the media recently, you’ll see there’s been some battles between the property sites over just who has the most properties for sale etc. I don’t want to (a) pull this this site into that debate and (b) to be recieving any legal papers from anyone upset that I’m questioning the figures they use in their advertising etc.
Make sense?
April 1, 2007 at 2:45 pm
[...] latest report from Irish Property Watch includes 27 properties in County Wicklow that have reduced asking prices. The total price drop of [...]
April 3, 2007 at 12:58 pm
Sirs,
I was wondering when my feelings that the property market was on unsound footing. I myself do not own a house in Ireland but live in rental property in the stillorgan area. I have been in the same property for almost seven years. My rent has not significantly increased in that period and would have probably have bought into the market had the right house come along. I had given my wife a house purchase criteria, which she has not been able to achieve yet although I deliberately made it difficult. The low standards in building quality have also prevented us from buying. We visited an open house sales day at Eden Gate delgany and were not impressed. Tiny rooms with bump into obstacles like stairs ceiling pitch no room for furniture. I did however buy land in county Wicklow to build a house on in two locations over the past seven years, which I cannot get planning permission for because I do not work in the county or live there. However my ancestors are buried all over the dam place. I currently work in the US and live in Ireland and commute back and forth every two to three weeks. I am currently in Wisconsin writing this email where believe it or not you can buy a decent house on an acre for about $50,000. I am currently trying to return to Ireland but find little or no jobs that suit plus nowhere to live. But I did make one good decision a year ago. I used the money I had put aside to buy a house and bought 20% stake in a UK Engineering company. Which at the time I was told was very risky by all my business pals in Ireland including my bank. Originally I was wanted to start a company in Ireland but got no support or help from any of the agencies like IDA etc. The answer was always we are not investing in that sector currently or some other bull. I know I probably paid slightly more for the partnership but as luck would have it business is doing good in fact really good. I have now lost interest in building that dream house in Wicklow and am looking at property in the UK where I do not want to live but might not have any other options as the business in the UK is now a priorty.
Regards James Kiernan