The latest quarterly property report from MyHome.ie shows that the downward trend in asking prices has continued with asking prices declining another 4% in Q2 2011. Asking prices nationally are down by 39.8% compared with the peak Q3 2006 while asking prices in Dublin are down 46.4% over the same period. The average mix-adjusted asking price for a property in Dublin now stands at €286,227 as against €249,385 nationally.
The author of the report, Annette Hughes, Director DKM Economic Consultants said the reductions in asking prices during Q2 are disappointing but not entirely surprising. ‘At the moment our best hope for 2011 is that some moderation in the rate of decline in asking prices will begin to emerge over the second half of the year. While the worst of the recession is over, serious challenges remain. Significantly lower demand and difficulties accessing mortgage credit are adversely impacting on the market. The absence of any firm evidence that property prices have bottomed out combined with concerns about imminent interest rate rises, spending cuts and new taxes and charges appear to be making consumers reluctant to make major purchases’ Hughes said.