Property survey finds that panic buying is over

THE average price of a three-bed semi on the Southside now stands at

?¬420,000, the latest national house survey has revealed.

This is a rise of 7.69 per cent over the past three months, according to the survey carried out by Real Estate Alliance (REA).

The Real Estate Alliance Average house index focuses on Ireland’s typical stock home, the three-bed semi, to give a consistent picture of the property market in towns and cities countrywide.

The average price of a three-bed semi is now

?¬179,981 nationally, including Dublin, an increase of

?¬26,925 (17.59 per cent) on the December 2013 figure of

?¬153,056.

“Prices are continuing to rise at a pace in Dublin, but our agents are reporting that the panic buying seems to have gone out of the market, with less people at viewings and houses taking a week longer on average to sell,

? said REA CEO Philip Farrell.

REA Ed Dempsey in Dun Laoghaire said that an increase in the number of properties on the market there was giving the discerning purchaser a better choice.
As a result there is not the same amount of bidders as there were in the first six months of the year. Banks are now lending, thus enabling first-time buyers to get into the market.

REA O’Donnell in Carrickmines say the market has improved consistently, and the time taken to sell has reduced, reflecting the shortage of available stock.

However, REA Magee in Tallaght report that the lack of quality family homes coming to the market and a huge shortage of rental property are making it practically impossible for social welfare tenants to find accommodation in the area.

The survey suggests that there has been a sharp rise in the amount of private homes for sale nationally, with the percentage of distressed properties on the market dropping for the first time in the life of the survey.

“We are also seeing investors being influenced by the end of December deadline for obtaining capital gains tax relief over the next seven years,

? Mr Farrell added.

“We also feel that the recent proposals on mortgage finance announced by the Central Bank could have a direct impact on the market from January 2015.

?

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s auctioneers and estate agents.