According to the latest quarterly report from MyHome.ie property prices continued to decline in Q3 with asking prices down 3.9% nationally and down 4.3% in Dublin. Although property prices continued to journey on a downward slope over the quarter the pace of decline has eased when compared to the same period last year. Not only that but it is now apparent that the property price decline in 2010 is unlikely to exceed the scale of the decline experienced in 2009.
Highlights from the report showed that new builds fared best in the quarter as properties in the Dublin commuter belt, such as Wicklow, Kildare, Meath experienced bigger price falls during Q3.
Jean Goggin from DKM Economic Consultants and an author of the MyHome.ie Q3 Property Barometer said; “While the data suggests some improvement in property market conditions it is clear that we have not yet reached the bottom of the market… however, 2011 is likely to bring some improvement in the general economic climate which should boost consumer confidence and provide more certainty to households regarding employment and incomes.”
The average asking price for a home nationally is now €280K compared to €291K three months ago and €323K twelve months ago.