Two-and-a-half times’ wage is magic number
Your columnist Emmet Oliver wrote an article that had a headline, "House prices have hit bottom -- and won't be moving soon" (Irish Independent, May 5). A second article written by Charlie Weston proclaimed, "House prices will keep falling" (Irish Independent, May 14). Clearly, nobody knows.
That's why the only proper measure is how much annual salary is required to buy the average three-bedroom, semi-detached house.
In 1959, the national three-bedroom semi-detached house price was €1,500. The annual national average industrial wage was €600. You could purchase the above house for just two-and-a-half times' the annual average industrial wage.