Asking prices fall almost 20% over the last 12 months
7th July, 2009 – Asking prices for residential property fell almost 6% nationwide in the second quarter of the year, according to the latest report published by property website Daft.ie. The national average asking price now stands at €263,000, 19% lower than this time a year ago and 23% lower than the peak in 2007.
Dublin city centre was again the hardest hit with asking prices falling 11% in the past 3 months alone. In Cork and Limerick city, prices dropped by 4% and 6% respectively, while in Galway and Waterford cities, prices fell by just over 2%. The average fall in prices outside the main cities was 4.8%.
The average time-on-market for residential sales properties has increased significantly over the last two years and is now over 7 months, compared with only 6 weeks during the boom.
Commenting on the report’s findings, Ronan Lyons, economist with Daft.ie said: “The large price drops we have seen in Dublin over the past year appear to have had an effect on the level of transactions in the capital. Over the past three months, the percentage of properties coming off the market in Dublin has risen steadily, suggesting that if properties are priced correctly, they will sell.”
Tipperary & Munster
In Munster, prices have fallen by 4.3% since April, less than the national average (5.7%). Munster has seen some of the smallest drops in asking prices since the peak, with prices falling by just 18% on average, compared to more than 25% in other regions. Prices in Tipperary fell by 4.5% in the second quarter of the year. The average price is the county is now just over €222,000, down 16.5% from the peak, one of the smallest falls nationwide.
The full report, available at www.daft.ie/report contains a commentary by Oliver Gilvarry, Head of Research at Dolmen Stockbrokers.