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News : Property Last Updated: Oct 1, 2012 - 8:59 AM

Irish Residential Property Price Register launched; Daft.ie and MyHome.ie publish price surveys
By Finfacts Team
Oct 1, 2012 - 7:48 AM

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The Property Services Regulatory Authority on Sunday published the a new Irish Residential Property Price Register. Meanwhile, the average asking price of property in Ireland fell by over 3% in the third quarter of 2012, down 14% from the same period last year, according to the latest Daft.ie House Price Report. There are large variations around the country, however, with the average asking prices in South County Dublin actually rising by 2.8% in the third quarter and now just 2% lower than the same time last year. The national average asking price now stands at €167,000, down 54% from the peak in 2007. Meanwhile, house prices in Dublin have risen for the first time in six years according to the latest house price survey from leading property website MyHome.ie.

Daft.ie said that between June and September, prices were largely stable in Dublin, where they fell by 0.5%, and in Cork city where prices fell by 0.6%. In Galway and Limerick cities, prices fell by 2.6% and 3.7% respectively. In Waterford city, prices fell sharply in the third quarter, by 9.3%. Outside the cities, asking prices in Munster saw their sharpest fall since the start of the crash, with prices down almost 7% in three months.

Commenting on the report, Ronan Lyons, economist at Daft.ie, said: "The latest Daft.ie report confirms that policymakers need to stop thinking of one national property market. Conditions vary dramatically between Dublin, where the number of properties for sale is at its lowest point since early 2007, and large parts of Munster and Connacht, where stock for sale remains very high. This is seen in activity levels, also, with over half of Dublin listings sold or sale agreed within three months, compared to one quarter in many parts of the country."

Daft report [pdf]

House prices in Dublin have risen for the first time in six years according to the latest house price survey from leading property website MyHome.ie
Average mix-adjusted property prices rose by 1.6% in Dublin in Quarter 3 compared to a 4.7% fall in the previous quarter.
The average mix-adjusted property price in Dublin is now €240K, 55% below the peak in Q4 2006.
Nationally, house prices are continuing to fall but the rate of decline is moderating. In Q3 mix-adjusted prices fell by 2.2% compared to 3.2% in Q2 and 7.2% in Q1. The average mix-adjusted asking price nationally is €207K, which is 50% below the peak.

The Residential Property Price Register includes information on residential properties purchased in Ireland since the 1st January 2010, as declared to the Revenue Commissioners for stamp duty purposes.

It contains the price paid for individual properties and contains details of all residential sales – both cash sales and sales with mortgage. The particulars published in the Register include the price, the date of sale and the address of each residential property sold in Ireland since January 2010. The information will be updated on a regular basis and, for the most part, the information will be published within a month of the date of sale of the property.

The facility will enable members of the public to discover easily and quickly prices paid for properties sold in Ireland since January, 2010. It will provide buyers and sellers with a service they have previously lacked namely, accurate and up-to-date information on the market price of individual properties.

Following today’s launch Alan Shatter, justice minister  said: 

In recent years, because of the steep downturn in the property market, it has been difficult to get accurate information on property prices. This uncertainty has led to a lack of investor confidence and has contributed to stagnation in the property market, particularly among first time buyers. The publication of the Register should help to remove some of this uncertainty, restore some confidence in the property market and provide transparency in residential property sale prices.

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