Price register is useful but doesn’t quite tell the whole story

Price register is useful but doesn’t quite tell the whole story

The new property price register certainly makes for interesting reading when it comes to property price trends.

The new data, which was made available by the PSRA last week, shows the exact selling price for homes around the country between January 2010 and the present.

It gives the clearest indicator yet of what state the market is in various areas and backs up the view of the MyHome.ie Barometer that prices in the capital are on the rise, albeit slightly.

What the new property price register does, however, is allow potential buyers to get a sense of what is a fair price for a property in a particular area and the hope is that it will bring more people to the market and give them extra confidence to make a purchase.

The new register will undoubtedly cause a few people to squirm as well  as it reveals how people who are now neighbours paid differing amounts for properties on the same street.

There are numerous examples around the country.

Take Belmont Avenue in Donnybrook, Dublin 4, for example. Number 33 sold for €625,750 in May but at the end of August number 31 sold for €510,000. By contrast, last September number 38 sold for €660,000.

Meanwhile in Cork, 36 Wilton Gardens sold for €180,000 in September while number 48 went for €227,000 in March of last year.

In Galway, there was a €50,000 difference between the sales of number 80 Lurgan Park (€190,000) and 93 Lurgan Park (€240,000) – both of which sold in August. At present a 3 bed semi in the estate is on the market for €187,500.

All of that information is useful to a buyer but only if they know the area and houses in question.

While the information supplied is no doubt useful, it doesn’t give a full picture. Two homes in the same area could be greatly different. One could be a four bed, another could be a two bed. One could have an extension, the other might not. One might require refurbishment, the other might be ready to live in.

Yes, the new price register certainly gives us a flavour of what is a fair price but, as yet, it doesn’t quite tell the whole story.

No doubt the likes of MyHome.ie and others will continue working on dissecting the information that the price register has given us in the coming days, weeks and months ahead but for now it far from tells a full story.

Today though, we ask your opinion on the new register. Is it useful and what improvements would you like to see to make it even better?

Have your say below….

There are 9 comments for this article
  1. maria martin at 1:45 am

    I agree that it can be difficult to make comparisons unless you know the area. Why then in the list of similar properties sold are the photos which were previously on view when the properties were for sale, now mysteriously nowhere to be found???? The photos would make comparisons easier. Can we please have the photos back???

  2. Mark at 9:45 pm

    Open Question: does the new database list all houses sold over the past few years?
    I was bidding on a house in Millview Malahide last year, dropped out from the bidding so went to the database to see how it ended up, but not sign of it?? Any suggestions? I noticed 2 others as well

  3. Tony M. at 3:24 pm

    The above analysis is based on Dublin only.

  4. Tony M. at 3:23 pm

    The register has only a limited value presently as is already stated. The majority of the data is unusable for comparative purposes. For example: 2012 figures show that of all the listings only 294 properties sold are in the yes category that indicates that that was the true market sales prices.

    Using this data (excluding the other 3,788 sold properties that are indicated as No i.e., representing the true sales price) the average price of a property sold in Dublin in 2012 is €114 Thousand (Rounded); median value is €82,000 (Rounded) and a total of 178 of the total 294 properties sold for less than €100,000. A further 87 sold for less than €200,000 and the majority of the remainder sold for less than €300,000

    In sum, what the data (that is workable) tells us is that the majority of registered sales are for amounts of less than or jusa a little more than €100,000. This is what people are paying.

    There is need for more clarification around the data that is categories as Not representing the true sale value to make this data workable. Presently it is not in a form that is interpretable. In fact it is presented in a way that is misleading to my mind.

    Corrections welcome.

  5. Aidan at 3:10 pm

    The only problem with the price register is that its 10 years too late, but better late than never its just a pity that the imf had to tell our government to do publish it.
    A big thanks to myhome for putting it up on there website in a very usable manner in the space of a few hours, as the price register web site is not at all good.
    As people have access to more reliable data on what is the largest purchase of there life time, better decisions can be made now and in the future.
    More openness and transperency is the only way forward for a new and prosperous Ireland.

  6. Michael Webb at 2:44 pm

    I think all of the houses sold or withdrawn from the market should be available on a tab just like the Sale Agreed tab but showing their advertised price history. This would give the purchaser useful information in order to make a “fair offer”

  7. Paddy at 2:24 pm

    My home is being diplomatic. Go in to the government’s price register site, select the Dublin spreadsheet and try to sort it according to postal area or street; you can’t do this due to the poor quality of the data entry. If someone working for me produced such a shoddy spreadsheet they would be asked to do it again! All in all, an educational insight into the standards acceptable to management in Irish civil service.
    Can someone over at the department please kick ass and get the spreadsheet cleaned-up.

  8. Mike at 10:52 am

    This is for me not reflecting the true price paid. I see it more like an attempt to encourage buyer to buy at the wrong price thinking everyone else do.

    The price of property is still advertised far too high for the quality of houses offered (most are in very poor condition and no one take care of them since … a long time).

  9. Nollaig Kennedy at 10:46 am

    I like the new tabulated information on myhome.ie showing ‘recently added’ ‘price changes’ and ‘sold’ properties.

    It would be useful to have the search criteria you enter on one panel carried forward when you click on the other tabs.

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