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THE AVERAGE PRICE of a three-bed semi has grown by almost 18% since the start of the year but people are not currently “panic buying” according to estate agents.
A new survey carried out by chartered surveyors group Real Estate Alliance concentrates on the price of three-bed semis across Irish towns and cities and found that their average price nationally is now €179,981.
The average price of a three-bed semi in Dublin is higher at €375,833 with the REA outlining what it sees as a “three-tier market”.
Despite this, REA CEO Philip Farrell says that there is evidence to show that people are not feeling pressurised into buying a home:
Prices are continuing to rise at a pace in Dublin, but our agents are reporting that the panic buying seems have gone out of the market, with less people at viewings and houses taking a week longer on average to sell.
The average property is now taking just seven weeks to sell nationwide, on average over 41% quicker than six months ago. However, Dublin has seen an increase in time to sell, with houses now taking five weeks on average to close, up from four in June.
“Our agents are reporting that there are more private houses now for sale, which is giving the discerning purchaser a better choice and as a result there is not the same amount of bidders as there were in the first six months of the year,” adds Farrell.
Dublin commuter areas have seen some of the most dramatic price rises recently with both South Dublin and Lucan recording rises of 15.38% over the past three months alone.
REA say that that the Tallaght area of Dublin has seen a “meteoric rise” so far this year with prices jumping by 37.5% since January.
Other findings from the survey suggest that banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in in December of last year to 50% last month.
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A dog that bites can never be trusted again!!!!
REA agents are handling a lot of receiver/repo properties in our area.
These agents are out of towners.
I wonder why the greazy banks employ local agents?
Why are they getting these strangers to do their dirty work?
Some people will do anything for a greazy quick buck.
In fact some people will do everything for a greazy quick buck.
Some people love to profit from the misery of others.
Humility is a virtue in times of crisis.
I wonder why “don’t” the greazy banks employ local agents?
Prepare for property price drops.. People were holding out on selling til prices peaked, nama included… This along with the 20 percent deposit plus the limited salary to borrowing ratio being introduced will have a major impact on prices prices and rental prices… Here we go again… mortgage war 2… :-)
My foot! Everyone I know who was waiting is completely panicking about the 20% deposit. They’d buy a rabbit hutch once they could get the deal over the line by December 31st.
I was front and centre with my 100% mortgage last time. I recognise that panic because I lived it.
Don’t pee on me and tell me it’s raining.
Have you ever heard a property agent talk the market down? Getting their opinion is completely and utterly useless.
Hard to panic buy when there is nothing to buy
Also hard to panic buy when you don’t have the deposit.
The banks and NAMA have plenty to sell
but drip feed to bleed (Joe Public) seems to be their strategy.
My colleague has had his rental property taken over by a receiver 3 years ago “because the bank wanted to sell the property”
3 years on and the bank still has not put the property up for sale,
3 years of extra arrears for my friend to pay,
and still no sign of a for sale sign.
18 percent in one year, for f”ck sake only buy a house at a time when it’s priced at what it’s worth, don’t worry there will be more boom and bust roller coasters
In other news Enjoy Alcohol Sensibly says binge drinking is no longer a problem and Forest condemns plain paper packaging on cigarettes as it will cause more smuggling.
ENOUGH!!! ENOUGH Ireland!! END THE PROPERTY OBSESSION NOW.
Houses will paper thin walls which will have to be pulled down in 40 years time or less.
House prices are still 33% lower than they were in 2005. This years 18% increase in house prices would be welcome relief to people in negative equity who have being paying their mortgages.
Nothing to see here say, the REA, parasitical gazumpers!
Well said.
Their local agent sold a property recently for well below the highest cash offer.
Corruption in the property industry is still alive and well.
If a property pimp forecast sunshine I’d buy a raincoat, if they all did, I’d build a boat.
What a ridiculous article. Estate agents make comments aimed to encourage property buying. HOLD THE FRONT PAGE!!
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