Examine the trend graph above and answer the following questions:
(i) Where were house prices lowest in July 2010?
(ii) What was the house price in Dublin in July 2002?
(iii) When did house prices in Dublin reach their peak?
(iv) Briefly explain one reason for the collapse in house prices after 2007 - Leaving Cert Geography - Question 12 - 2011
Question 12
Examine the trend graph above and answer the following questions:
(i) Where were house prices lowest in July 2010?
(ii) What was the house price in Dublin in July ... show full transcript
Worked Solution & Example Answer:Examine the trend graph above and answer the following questions:
(i) Where were house prices lowest in July 2010?
(ii) What was the house price in Dublin in July 2002?
(iii) When did house prices in Dublin reach their peak?
(iv) Briefly explain one reason for the collapse in house prices after 2007 - Leaving Cert Geography - Question 12 - 2011
Step 1
Where were house prices lowest in July 2010?
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Answer
In July 2010, house prices were lowest for houses outside Dublin, which had a price significantly lower than that of Dublin's or the nationwide average.
Step 2
What was the house price in Dublin in July 2002?
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Answer
The house price in Dublin in July 2002 was approximately €275,000, as depicted in the graph.
Step 3
When did house prices in Dublin reach their peak?
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Answer
House prices in Dublin reached their peak around mid-2007, as indicated by the highest point on the Dublin house prices line in the graph.
Step 4
Briefly explain one reason for the collapse in house prices after 2007.
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Answer
One reason for the collapse in house prices after 2007 was the economic downturn triggered by the global financial crisis, leading to decreased demand and affordability issues.
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