Finally -- property prices we can trust
Yesterday's brisk bidding at the auction of distressed properties held in Dublin's Shelbourne Hotel showed that, despite all of the gloom and doom, there is significant pent-up demand from buyers, but only at the right price. Since prices peaked in early 2007, house and apartment prices have fallen by at least 50pc.
The value of commercial property and development land has fallen even more steeply. Unfortunately, this new reality has been slow to dawn on sellers, many of whom still continue to quote asking prices that hark back to the heady days of 2006 and 2007. With entirely predictable results.
The property websites are chock-full of properties that have been on the market for six, 12 or even 18 months. Matters have been made even worse by the absence of a centralised property registry, which could provide buyers with up-to-date information on the prices at which properties are actually selling rather than estate agents' puff.