Dublin prices stabilise amid further national decline

Wednesday, 11th July 2012

The average asking price of property in Dublin has fallen by less than 1% in the first half of 2012 compared to 10% in the second half of 2011, according to the latest Daft.ie House Price Report. This stabilisation of property prices in the capital is in contrast to the rest of the country, which has seen prices fall by a further 7% since the start of the year, following an 8% drop in the last six months of 2011.

Between March and June, Dublin prices fell by 1.2%, with largely stable prices also in Cork city, where prices fell by 0.3% and Waterford city, where they rose by 0.7% on average. In Galway and Limerick cities, prices fell by 3.4% and 3.9% respectively. The national average asking price now stands at 172,000, down 2.6% in the last quarter and 53% from the peak in 2007.

The different market conditions around the country are also evident in the time it takes to sell a property. In Dublin, the percentage of properties selling within two months has risen from 25% at the start of the year to 34% in June. Elsewhere in the country, only about 15% of properties sell within two months.

Waterford & Munster

In Munster, asking prices fell by 1.1% between March and June, a noticeably smaller decline than the 4.3% seen in the first three months of 2012. In the rest of Waterford, the average asking price fell 1.2% between March and June. The average price is now €173,000, a fall of 50% from the peak.

To mark the fiftieth Daft.ie Report, Daft.ie have teamed up with AIRO, the All-Island Research Observatory at NUI Maynooth, to map Ireland's property market over the last five years. The maps, available to the public at http://www.daft.ie/research , show average prices, rents and yields over the past five years for more than 1,000 areas across the country based on over 1.1 million Daft.ie records since 2006.

The full report is available from http://daft.ie/report and includes a commentary by Ronan Lyons, Economist at Daft.ie.