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House prices still dropping around most of the country (but Dublin is levelling off)

Two new reports out this morning from Daft.ie and MyHome.ie show that the national average asking price for a home is now around €170,000.

Sale Agreed signs in the window of a Dublin estate agent
Sale Agreed signs in the window of a Dublin estate agent
Image: Sam Boal/Photocall Ireland

HOUSES PRICES ARE continuing to drop around most parts of the country but have begun to level off  in Dublin, according to two new reports out this morning.

The average asking price for property in Dublin has fallen by less than 1 per cent in the first six months of this year, while the rest of the country has seen a drop of 7 per cent, according to the latest Daft.ie House Price Report. Separately, a report by MyHome.ie found that prices had fallen nationally by 3.2 per cent.

The small drop in Dublin prices is in marked contrast to the last six months of 2011 when house prices dropped by 10 per cent in the capital.

The national average asking price for a home is now €172,000, down 53 per cent from the 2007 peak according to the Daft.ie report.

Just over one third of properties now sell within two months in Dublin compared to only 15 per cent of properties in the rest of the country.

“Market conditions in Dublin have improved noticeably since the start of the year, with largely stable asking prices, a sharp fall in the total number of properties sitting on the market, and a pick-up in sales,” said Ronan Lyons, economist at Daft.ie.

The MyHome.ie report found the average price for a home nationally is now €212,000, as opposed to €219,000 three months ago. In Dublin the average price is €236,000 compared to €248,000.

Annette Hughes, the author of the report, said that the overall property picture remains depressed.

However she highlighted a number of areas of Dublin, including north county Dublin, which saw increases of over 2 per cent in property prices this quarter. She said:

House prices in other parts of the city may also be stabilising but this may not be fully reflected in the figures due to the fact that apartments make up 20 per cent of the Dublin stock and the prices of one and two -bed apartments continue to record the largest falls amongst all property types across the country.

Map showing a) average house prices in each country between April and June this year, b) the percentage change and c) the percentage change since peak prices. (Image: MyHome.ie)

Disclosure: Daft Media Ltd is part of the Distilled Media group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.

Residential property prices record first monthly increase for five years >

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