The latest quarterly property report from MyHome.ie shows that it remains a ‘buyer’s market’ as the downward trend in asking prices continue. Asking prices declining 3.2%% in Q3 2011. Asking prices nationally are down by 42% compared with the peak Q3 2006 while asking prices in Dublin are down 48% over the same period. The average mix-adjusted asking price for a property in Dublin now stands at €275k as against €241k nationally.
Angela Keegan Managing Director of MyHome.ie said that while some issues remained outside our control it was vital the right calls were made on the Budget, on the proposed NAMA initiative and on addressing the issue of securing mortgage finance.
These are issues within our control and if addressed properly will help us work through the overhang of unsold stock in the country and ensure we return to a normalised market as quickly as possible. The fact there has been a number of successful auctions recently is a positive, as is the lower percentage price fall for new homes. The average price of a new home is now €232K, down less than 1.5% over Q3. So affordability is improving all the time. The same applies to apartments where prices are down by an average of 4.4%’ Keegan said.
View the full report: Property Barometer Q3 2011