PROPERTY prices in some parts of Dublin may have
bottomed out if trends featured in one of two reports published last week
continue.
Selling conditions throughout the capital improved
slightly during the first three months of the year and asking prices in Dublin
City Centre and South County Dublin rose by four and three per cent
respectively according to the quarterly report from Daft.ie.
However, prices continued to fall elsewhere in the
city, with prices down by up to 20.7 per cent from this time last year.
Across Dublin, asking prices were largely stable in
the first three months of 2012, rising by 0.3 per cent on average, compared to
a fall of nine per cent between September and December.
According to Daft,ie, the average asking price in
Dublin is now
?¬217,000, down from a peak of
?¬483,000 in early 2007.
In North Dublin City the average asking price is now
e208,574, down 1.3 per cent from the last quarter and 56.5 per cent from the
peak in 2007. In North County Dublin the average price is
?¬210,271 representing
a drop of 2.6 per cent from the last quarter of 2011 and a 52.3 per cent fall
from the peak.
In West County Dublin prices fell by 3.4 per cent
since the last quarter and 55.2 per cent from the peak while in South Dublin
City a drop of 1.3 per cent was recorded bringing the fall since the peak to
57.9 per cent.
Dublin City Centre average prices are now
?¬165,506, an
increase of four per cent on the last quarter, but still a year-on-year drop of
14.6 per cent. South County Dublin’s asking prices are up to
?¬332,491 after
increasing by three per cent since the last quarter. However the year-on-year
change is 15.5 per cent and prices are 54 per cent less than what they were
during the peak. According to the Daft.ie report, there were 5,000 properties
for sale in Dublin in March 2012, the lowest level since mid-2007, and selling
conditions have improved slightly in the first quarter with 40 per cent selling
within three months.
Commenting on the report economist at Daft.ie, Ronan
Lyons, said: “The latest figures, which suggest more stable asking prices
and increased activity, may come as something of a surprise, given general economic
conditions.
“It is possible that the market was waiting to see if
the substantial reductions seen in late 2011 would have an impact. Optimists
will also point out that, compared to fundamentals such as rents and incomes,
prices in areas such as Dublin City Centre do not seem unrealistic.
“Nonetheless, it is unlikely that prices will
stabilise nationally until there is a substantial increase in activity, which
itself will require mortgage lending by banks.
?
The second report published last week had a slightly
bleaker view of the Dublin property market. According to Myhome.ie house prices
in Dublin fell by 7.5 per cent in the first quarter while the annual rate of
decline in the capital was 18 per cent. However, their report also found that
the median price of three beds in Dublin rose by 1.6 per cent to e259,000, the
only county in the country which recorded an increase for this house type.
The price of four bed semis declined marginally – by
0.3 per cent – to
?¬359,000. The average time to get a sale agreed in Dublin was
also the lowest in the country at six months.
Looking at the different parts of the city and county
and all property types, Myhome.ie found that the largest quarterly decline was
in Dublin South City at 19.5 per cent. It’s believed this probably reflects a
reduction in the number of properties priced at a very high level.
Prices in South County Dublin declined by a modest 1.7
per cent and the median price there remains the highest in the country at
?¬295,000.
In West Dublin County, prices declined by 6.5 per cent to
?¬187,000.
North Dublin County saw falls of two per cent to
?¬240,000
while prices in North Dublin City fell by three per cent to
?¬145,000.
Asking prices nationally are now down by 47 per cent
from a peak in late 2006 according to Myhome.ie while Dublin prices are down 54
per cent over the same period.