DAFT PRICES CONTINUE TO DROP
Dec 14th, 2007 by Conor McCabe
Last week I posted a survey of the first one hundred properties listed on Daft.ie for rent in Dublin, as taken from the Daft site on 30 November 2007. Below is a survey of the next one hundred properties taken on the same day. It shows that in two weeks:
17 properties out of 100 have been let.
83 properties remain live, of which 16 have dropped their asking price, and 4 have increased their asking price.
I cannot help but think that those who increased their prices were influenced by the Irish media talking up the rental market, especially demand.
anyway, the properties that have dropped in price are below, as well as those that have risen.
1. Belarmine Heath, Stepaside, Dublin 18, South Co. Dublin. Two bedrooms. Was €1,500 a month. now, €1,400. Daft listing.
2. Elmwood Avenue, Ranelagh, Dublin 6, South Dublin City. 3 bedrooms. Was €2,600 a month. Now, €2,400 a month. Daft listing.
3. The Sweepstakes, Ballsbridge, Dublin 4, South Dublin City. One bedroom. Was €1,800 a month. now, €1,700 a month. Daft listing.
4. Greenville Court, Blackrock, Blackrock, South Co. Dublin. Two bedrooms. Was €1,450 a month. now, €1,350 a month. Daft listing.
5. Cadell, The Links, Portmarnock, North Co. Dublin. Two bedrooms. Was €1,450 a month. Now, €1,400 a month. Daft listing.
6. The Sweepstakes, Ballsbridge, Dublin 4. Two bedrooms. Was 1,650 a month. now, €1,550 a month. Daft listing.
7. Ely Mews, Rogers Lane, Merrion Row, Dublin 2, Dublin 2. One bedroom. Was 1,550 a month. Now, €1,500 a month. Daft listing.
8. Oatfield Drive, Clondalkin, Dublin 22. Three bedrooms. Was €1,250 a month. Now, €1,200 a month. Daft listing.
9. Grangeview Walk, Clondalkin, Dublin 22. Four bedrooms. Was €1,550 a month. LET AT €1,500 a month. Daft listing.
10. 133 Allendale Square, Clonsilla, Dublin 15. One bedroom. Was €1,200 a month. Now, €1,100 a month. Daft listing.
11. Farmleigh Wood, Castleknock, Dublin 15. five bedrooms. Was €3,500 a month. now, €3,250 a month. Daft listing.
12. Phoenix Park Gate, North Circular Road, Dublin 7. Two bedrooms. Was €1,400 a month. now, €1,300 a month, Daft listing.
13. Woodview, Lucan, West Co. Dublin. Four bedrooms. Was €2,000 a month. Now, €1,800 a month. Daft listing.
14. Westgate, Christchurch, Dublin City Centre, Christchurch, Dublin 8. Two bedrooms. Was €1,550 a month. Now, €1,500 a month. Daft listing.
15. Sarsfield Street, Off 18 Berkley Road, Dublin 7. One bedroom. Was €1,300 a month. Now, €1,250 a month. Daft listing.
16. Brewery Road, Sandyford, Dublin 18. five bedrooms. Was €4,000 a month. Now, €3,500 a month. Daft listing.
Price increases. All properties have been on Daft.ie since at least 30 November.
1. 7 Newcastle Manor Square, Newcastle Village, Newcastle, West Co. Dublin. Two bedrooms. Was €1,050 a month on 30 November. Now €1,100 a month. Daft listing.
2. The Oakes, Herbert Park Lane, Ballsbridge, Dublin 4. One bedrooms. Was €1,800 a month on 30 November. Now €475 a week, or €2,058 a month based on 52 weeks divided by 12. Daft listing.
3. 1-Castlegate Elms, Adamstown, Lucan. Three bedrooms. Was €1,400 a month. Now, €1,500 a month. Daft listing.
4. Castle Court, Booterstown, South Co. Dublin. Four bedrooms. Was €2,300 a month. Now, €2,500 a month. Daft listing.
The fact remains that even now it probably is more sensible to buy than to rent if you’re in a position to do so and are looking for a home rather than an investment. Most monthly mortgage repayments over the full term are only slightly more expensive than what you pay in rent. If you combine monthly rent with the savings people put away for future investments like houses it usually adds up to a lot more than a mortgage.
Rent prices are still exorbitant in Dublin. If they are falling slightly it is from an unsustainable peak that they reached in the past two years.
Niall’s comment is, of course, complete bullshit. If house prices drop 10% and rent is cheaper than a mortgage repayment, you win on both fronts. To me it looks like rent prices in Dublin would not cover half the mortgage on these properties, so it is house prices and not rents that are exorbitant.
Can I just say that , first of all, I agree with Niall that renting is the better option at the moment. The point of this article and the one last week was to highlight the inaccurate reports in the Irish media of a rise in rents, as well as a rise in demand. The figures show that on both those fronts - rising rents and high demand - it’s the mainstream media that are talking complete bullshit. Given the fact that the Irish Times and Irish Independent have millions invested in home sales market, their reportage of such inaccuracies leaves little to the imagination.
FPL, I agree with your point about mortgage repayments and rents. It’s these mortgage repayments that have rents set at these unrealistic prices, not any bloody rental demand.
The monetary value of renting and paying off a mortgage are not comparable. Rent is money you will never get back; mortgage repayments are an investment. If you are looking for a home, not just somewhere to sell off for a profit in a few years, you’re better off buying in many cases.
Rent prices have shot up in the past 2/3 years, though they seem to be coming down again.
If rent is money you will never get back, what is interest? Furthermore, what is interest on an overpriced house?
In Britain in the 80s sellers were obliged to include notional interest charges as part of house price. Thus a 70k house would ultimately cost over 210k to buy. That’s an inflation rate of 200% over 25 years. It was not sustainable. What’s it like here in Ireland now?
i have 2 houses in citywest for rent for 2 weeks and 2 calls . The same 2 houses last year got me 8 calls a day at a higher rent per month. Rents are simply comming down. Everyone is staying put at home and people from a broad are going home. I am f$^ked. simple as