Thursday, March 29, 2007

Down? No, up. Up? No, down. UP!

On the one hand, Around the Block has this to say on supply of new homes: "Will anyone believe them [the IHBA] when builders are planning to quietly close down sites where new completions are just not selling, or at least not at the rapid rate that they have become used to in recent years. It will be a while before the market is concerned about housing shortages given that there is a rake of sites in the suburbs that won't be touched for years."

On the other hand, Around the Block has this to say on recent trends: "Rents have been rising at around 10 per cent, and this is giving hope of a pick-up in sales of well located developments... Agents will be very keen to see investors re-entering the market, particularly where there's a bit of value on offer. Last weekend, for instance, Hooke & MacDonald reported almost 70 sales of apartments at Cornmill, off Clonliffe Road in Dublin 3, while newcomers to the new homes market, HT Meagher O'Reilly, clocked up a reported 65 sales at the Pierse Homes development in Clongriffen, Dublin 13. At the other end of the market, McInerney and sales agent Savills HOK were pleasantly surprised to sell no less than 10 large detached house at Druids Glen in Co Wicklow, all of them priced around €2 million. Who said the market is dead?"

So, like us all The Irish Times Property people are in two minds ... confused ... uncertain ... one minute optimistic, the next pessimistic ... about the residential market these days. On the one hand, one feels sure that all the indicators are good and there's a lot of money still to spend in the Irish economy; everyone needs a home and so on. On the other hand, one worries that maybe property has had its 15 minutes (say, 12 years) of fame and now the public has just lost interest (faith?).

Share your comments on the market with us please, especially any good news about sales you might have - it's what the people want to hear. It'd do us all the world of good.


Brendan said...

I think people forget how regional the market is and how much it can vary from neighborhood to neighborhood and village to village. We have developments here in Longford that are selling well with several builders having increased prices since Christmas and others struggling to get sales or even viewers. As always the right house in the right location is selling.

Agent PW said...

Great to hear about the ones that are selling, Brendan. Yes, there is lots of positive news out there but of course the headlines don't reflect it - they're doom & gloom: layoffs, closures, interest rate rises, auction withdrawal epidemics, US economy stagnation, oil price increases ... to the point that you'd worry even about the right houses in the right locations.