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
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.
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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