Saturday, 5 May 2012

Latest Allsop auction provides usual amusement

The dysfunctional relationship of the Irish with property continues apace.

 Some readers will be familiar with the hilarity that the regular Allsop auctions in this country can provide, including the sad case of a participant bidding against himself last July.

The latest, last Thursday, raised a reported  €12,974,000 with a sell rate of 91% from 98 properties on offer.

But you really must wonder if some people should keep clear and stick to My Home, with at least one property  -  Lot 3, 24 Obelisk Rise, St Augustus Park in Carysfort, Blackrock - going for a higher price than had previously been asked by private treaty.

A result that even Allsop themselves described as "interesting".  

Where else, eh?

Back to Gombeen Nation main page.


John said...

The Central bank came out
the other day with the statement, that houses where 26% undervalued. Seems like another attempt to start the property porn again. Worth having a read:
Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics) [Paperback] Charles P. Kindleberger .He taught Economics
at MIT for years and he shows that
people never learn from financial

The Gombeen Man said...

Thanks for that recommendation, John. Could do with a decent read as it happens.

Yes, saw that Central Bank nonsense. The same eejits that presided over reckless landing, though everyone is blaming the EU now, not without a little Germanophobia into the bargain.

I moved house just before Christmas, so it would be in my interests for property prices to go up - at least it would give me the readies to get the feck out of the place with a wad of cash to buy a pad in a civilised country if the mood took me. But that's not going to happen. They are going to drop, drop, drop - and depending what happens with the Fiscal Treaty, our money could have just about as much worth as a packet of confetti in a few years' time.

But the Irish are still in denial about what they did in the past - the ones who got caught up in the speculation and investing - and still think those days of €1m semis (there was one in Castleknock) will return.

Not in our lifetimes.

Ella said...

Hi GM, Yeah had a read of that report by the central bank

A credit squeeze certainly sends house prices south, but in fact probably the main reason that house prices are continuing to drop is because they are still over priced?

The Gombeen Man said...

That's the f-off elephant in the proverbial (overpriced) living space, Ella.

Iain said...

Charles Mackay - "Extraordinary Popular Delusions and the madness of Crowds". This book was first published in 1852 and it's still happening. We humans just can't help ourselves!


Anonymous said...

to me its simple, the average cost of a house must be linked to the average industrial wage. So if before the boom the ratio was 3.5:1 plus a 10% deposit and this will give us where the price should end up.