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RESIDENTIAL PROPERTY PRICES across Ireland rose by 7.8 per cent in the year to March.
New figures from the Central Statistics Office also show that the prices fell by 0.7 per cent in March compared to February.
Prices had fallen in January but risen slightly again the following month.
In Dublin
The figures show that residential property prices in Dublin remained unchanged in March and were 14.3 per cent higher than the same time last year.
However they are still 50 per cent lower than at their highest level in early 2007.
Apartment prices in Dublin were 16.6 per cent higher this March when compared with the same month of 2013.
But they are still 55.4 per cent lower than they were in February 2007.
Outside of Dublin
The price of homes outside of Dublin fell by 1.6 per cent in March, while they were 2.9 per cent higher than the same time last year.
Residential property prices for the whole of the country remain 47 per cent off their peak of seven years ago.
It is believed that cash buyers account for around half of activity at the moment.
Director of Property Industry Ireland, Dr Peter Stafford said:
Data underpinning today’s CSO index comes only from properties purchased with a mortgage, thereby excluding over 40 per cent of all transactions every month.
“During a period of very low numbers of transactions, excluding 40 per cent of all market activity makes it difficult for anyone, whether purchaser or vendor, to get a informed understating of price trends in a particular locality”.
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Why always compare current prices to their peak like this is some kind of target to be achieved again. Those prices were widely agreed as unsustainable and should not be reached again any time soon.
If at all!
It is a useful barometer though. If we take 1996 as the beginning of over-inflation property price rises, the average increase to 2007 was in the region of 270%. Generally in a property crash the market will correct to below the original, sustainable price levels before equilibrium is again realised. Therefore, in the absence of external intervention or manipulation (I know..) you would expect price drops in the region of 80% from 07 levels before the market really starts to correct itself.
In 1996, the average industrial wage was £15,000, a pint was £1.95 and central interest rates were 7%. I wouldn’t be holding out for an 80% correction any time soon.
Still some way to fall then. This is just a dead cat bounce
Yes, I’m worth more on paper than I was this time last year, I think I’ll buy myself a bun.
Okay I’m going to take a stab at this one, if these figures are only for mortgaged sale I can assume that the property prices are actually falling on a month to month basis faster than what is being reported here. I base this purely on the concept that if you are buying with cash you are more likely to be able to negotiate a better price.
Cliodhna just as a matter of interest is there any reason why they only release the figures for houses purchased with mortgages? Is it purely because that information is more accessible or is there another reason?
DAFT MEDIA cons[iracy!!!! SELFISH INTERESTS METHINKS., the price of a house should be exactly 3.5 gills, or TWICE the price of a yearling perch. There is STILL a long way to GO before we hit the BOTTOM. Mark my WORDS
I’ve marked them CPM! I’ll try and remember to get back to you if things don’t go as you have predicted!
Bought 2 years ago this month house prices is up 90k
Anybody know any houseboats for sale?
More gov s?ite
Wonder were all the people on here that said the houses still had to drop another 25% to be worth buying are gone
Most of them were the same individual
There’ll be an article next week about how prices are down everywhere apart from Dublin and we’ve all got 50% more money to spend than this time last year.
excludes cash sales which are as high as 47% of all sales.
Move on folks nothing to see here.
Pop goes the bubble and interest rates have not started to rise yet
When the thousands of soon to be repossessed houses hit the market this ‘echo bubble’ will be nothing but a memory
House Prices down again nationally, Apartment prices in Dublin down 2.1%, great news again!!
Here comes the drop again :-)
Mortar invented in 1873 by Joseph Aspdin. Sand Cement and Water ….. no platinum in it!
have your say