Property crash hits asking prices by 7% in 3 months
By Patricia McDonagh
ASKING prices for houses in some of the country’s most affluent areas have plummeted by a massive 7pc in the space of just three months, according to a new survey published today.
The report reveals property prices in the leafy suburbs of south county Dublin tumbled by an average of €40,000, or 6pc, in the first quarter of 2008.
In Co Wicklow, prices also took a dramatic nose dive of more than €35,000 (7pc).
The average price for a house in south county Dublin now stands at €649,383. Asking prices in Co Wicklow dropped to €445,681, the new survey by Daft.ie has found.
Sellers are now finding they have to reduce the asking price in order to attract interest.
The number of properties for sale continued to rise during the first three months of 2008, with stock levels 51pc ahead of last year.
In Munster, Cork city prices fell by €20,000 on average in the first three months, with the average asking price plummeting to €355,002. Stock of property for sale fell below 18,000, with one-in-three properties coming onto the market since January 2007 still there.
Dermot O’Leary, Chief Economist said the number of properties for sale would be a key indicator of the property market over the coming months.
“Figures indicate that the total number of properties for sale stands over 50pc ahead of last year’s levels,” he said.
Comments from Irish Independent’s website:
“Those figures are conservative to say the least. However a milestone has been reached. The word crash and property have been used in the same sentence in an Irish newspaper! Not correction, adjustment, soft landing (remember that one?). The worst is yet to come. Pity that so many eggs were put in one basket. No economic leadership or vision provided by this govt. Tax incentives, planning corruption all to help FF’s best friends. Thanks lads, oh and thanks to all of you who voted for this. You will all be paying and suffering the consequences for many years to come. Not me though, I’m emigrating.Again!”
… finally facing up to reality instead of churning out the garbage given to you by the banks and Estate Agents as journalism. This is the true picture of what is happening. Massive amounts of houses for sale and no buyers and no more easy money to buy with. We have not hit the bottom yet.
Aye, but they’re still way too expensive for normal folk.