On a fundamental level in Ireland, US, UK.. the future buyers are the younger generation. And at least 30% of them are unemployed with that rising every year, and another 30% at least make less than 10 pounds an hour. So at least 60% of an entire generation will not be buying a home ever.
Add in rapidly rising basic utilities and food costs. And add in declining wages and the future demand side becomes even weaker. Even at 160,000 Euros in Ireland for the median, it still seems unlikely the young generation will be able to buy those. All though we are closer now than when prices were 380,000 Euros back in 2007.
Where I could possibly see an equilibrium is when Ireland median house hits 50,000 Euros.
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