MyHome Property Barometer Q2 2009

MyHome Property Barometer Q2 2009 Property Barometer Q2 2009

It’s too early to call the bottom but the worst could be behind us as falls in property prices have ease significantly in the second quarter of this year according to the latest Property Barometer released by Some findings of the report include:

  • Nationally, asking prices have declined by 18.5% and by 23.3% on average in Dublin, since their peak
  • 7 months … is the average time it take to sell a house!
  • The average asking price nationally now stands at €337,603 and at €409,448 in Dublin

The report also shows that the average paid price is far below that of the average asking price. Paid prices for a house nationally was €245,295, and €323,973 in Dublin come the end of May 2009, this would indicate that asking prices will have to drop a little further in order to meet the average paid price.

We can all agree that the property market has sailed some rocky seas and faced severe storms in the past two years or so. Even MyHome’s Managing Director Angela Keegan doesn’t deny that the property market has seem some of the darkest days in the past number of months but she is also happy to now report that the rate of decline in asking prices has eased quite nicely during the second quarter this year.

However she also says “it’s still too early to call a bottom to the current contraction but given some of the more positive economic news nationally and to a greater extent globally in recent weeks, it could be that the worst is now behind us, although property prices may decline further as 2009 progresses”

Independent Economist Paul Murgatroyd also makes an appearance in the MyHome Property Barometer Q2 2009 and gives his own comments on the results.

There are 2 comments for this article
  1. Mark at 7:48 pm

    Yeah I know what you are saying Syliva, there is still a difference but it is getting small but I dont think it is the Estate Agents any longer. I am currently selling my house and my Estate Agent was advising me to sell at a much lower price however the fact is I need to sell it for a certain price to cover my bills so I ask him to put it on the market at the most he thought I could get – however I know he is right and will end up selling it for 30K less

  2. Syliva at 3:25 pm

    There still seems to be a big different between asking prices and final selling prices. This time 2 years ago asking prices were well below selling prices. It seems now that asking prices are much higher than final prices. Maybe it’s time that sellers and estate agents got real about what they can expect.

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