MyHome.ie Property Barometer Q1 2010

 

Property Barometer Q1 2010

  • Rate of decline in asking prices for second hand homes eases during first quarter of 2010.
  • The average asking price nationally is €301,449 and €355,657 in Dublin.
  • Average asking price in Dublin City South rose by 1.1%
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According to the latest Property Barometer issued by leading Irish property website, MyHome.ie, asking prices for properties across the country have continued to fall however the rate of decrease in asking prices has eased for the second successive quarter. The most notable exception being Dublin City South where the average asking price rose by 1.1%

Asking prices nationally fell by -3.3% in the first quarter of 2010 compared to a fall of -3.5% in the last quarter of 09. The average asking price for a home is now €301,449 compared to €342,666 twelve months ago and overall asking prices nationally have fallen -27.3% from their peak.

In Dublin asking prices fell by -3.9% bringing the total fall over the last 12 months to -15.2%. Prices in the capital have now fallen by -33.4% since their peak in 2006. The average asking price for a house in Dublin now stands at €355,657.

New homes recorded the largest drop in asking prices in quarter one, declining by 4.4% during Q1, This was the largest decrease on any of the MyHome.ie property barometer indices and means the average price of a new home now stands at €271,437. The asking prices for second hand homes fell by 3.2%, the smallest amount of any sector covered. The average asking price for a second hand home is now €305,767 down from €422,990 or -27.7% since the peak of the market.

Asking prices in Limerick city remain the lowest of any urban area with the median price of a house in the city now standing at €240,000. In Cork the corresponding price is €289,500 while in Galway it is €275,000. In the 3 bed semi market, the biggest falls were in Wexford and Westmeath, which both recorded falls of over 6% in Q1.

Commenting on the results, independent economist Paul Murgatroyd said the -3.3% the rate of decrease in Q1 was significantly lower than the -6.13% recorded over the same period in 2009. ‘Asking prices have continued to fall as do actual sales with plentiful anecdotal evidence showing peak to trough declines in sales prices in the order of 40 to 50% depending on property type and location.’

Angela Keegan, Managing Director of MyHome.ie said the three fold increase in sale agreed properties in Dublin compared to the same period last year was encouraging. ‘It is also interesting to note that three quarters of first time buyers are looking to purchase a second hand property while one in five is seeking a newly built home.  Nearly half of first time buyers having a preference for a semi-detached home while a further 10% prefer an apartment’ she said.

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Ends.
For Further Information
Contact Kieran Garry,
Gordon MRM,

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