PROPERTY prices in Dublin are still falling but experts say there are signs that the market in the capital is stabilising.
Two reports published last week show prices drops of between 1.2 and 4.7 per cent in Dublin for the second quarter of the year between March and June.
This compares favourably with asking prices in the rest of the country which are down by between seven and 17.6 per cent in the two reports from Daft.ie and Myhomes.ie.
The latest Daft.ie House Price Report shows the average asking price fell 1.2 per cent between March and June making the average price now
?¬215,000, which is stall a fall of 56 per cent from the peak.
In Dublin, the percentage of properties selling within two months has risen from 25 per cent at the start of the year to 34 per cent in June. Elsewhere in the country, only about 15 per cent of properties sell within two months.
In the Daft.ie report prices were largely stable in central and north Dublin, but typically fell by three per cent in the southern and western parts of the city.
Commenting on the report, Ronan Lyons, Economist at Daft.ie, said:
“Market conditions in Dublin have improved noticeably since the start of the year, with largely stable asking prices, a sharp fall in the total number of properties sitting on the market and a pick-up in sales.
“Credit and confidence remain key to a longer-term stabilisation.
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According to Myhome.ie mix-adjusted prices in Dublin declined by 4.7 per cent in the second quarter of the year.
However, author of Myhome.ie report, Annette Hughes, Director DKM Economic Consultants said that despite the fall in mix-adjusted prices in Dublin there were positive developments in some sub-markets.
“It is heartening to see some areas and house types record price increases, given that we are in the middle of the sixth year of falling prices,
? she said.
“For example Dublin City North and South and Dublin County North recorded increases of over two per cent while the price of three bed semis rose by 0.4 per cent.
“House prices in other parts of the city may also be stabilising but this may not be fully reflected in the figures due to the fact that apartments make up 20 per cent of the Dublin stock and the prices of one and two-bed apartments continue to record the largest falls amongst all property types across the county.
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However, Hughes also believes that despite small pockets of price growth and stabilisation in some micro markets, mainly in Dublin – the national property picture remained depressed.
Managing Director of MyHome.ie, Angela Keegan, said the fact average time to sale agreed were shortening in most parts of the country was encouraging.
“Average time to sale agreed is now down from six months to five in Dublin,
? she said.
“That is a move in the right direction.
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