Newspaper article The Chronicle (Toowoomba, Australia)

Irish National Shares Insights

Newspaper article The Chronicle (Toowoomba, Australia)

Irish National Shares Insights

Article excerpt

IRISH national Kirsten Connolly watched as the Irish property market soared to amazing heights during the 1990s and early 2000s.

And while the market was booming for at least 15 years, it was almost overnight in late 2007 and early 2008 it crashed to such a low that many homeowners were trapped in properties to small for their growing family needs or in a place worth just a fraction of what they paid for it.

Ms Connolly spoke with Domain Toowoomba about her country's experience during a Rotary International Group Study Exchange visit to the Garden City.

She said owning property is part of the Irish psyche and the massive boom caused a feeling of urgency.

As well as young people entering the property market, quite often with the help of their parents or other family members, and through banks offering 100 per cent loans, a lot of older couple close to retirement bought investment properties to boost their retirement funds.

Almost in the blink of an eye, it was all gone a[pounds sterling] the banks needed to be bailed out, home values plummeted and developers went bankrupt. …

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