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Dublin: 11 °C Saturday 18 May, 2013

Price index shows property prices have stabilised – Daft.ie

Daft.ie has matched the prices in the national property price index with its own, and believes the market is stabilising.

Image: Sam Boal/Photocall Ireland

AN ANALYSIS of the official sale prices of Irish properties, as published in the National Property Price Register, has shown that house prices have stabilised in the last six months.

Property website Daft.ie has matched the properties included in the register, which launched last month, with properties listed for sale in its own website – and found evidence that the drop in household prices may have ended.

Though analysis of the site’s own listings showed a 0.6 per cent fall in the average asking price in the third quarter, the property price register shows a 3 per cent increase in sales prices between the second and third quarters.

When the figures are combined, and also compared to the residential property index compiled by the Central Statistics Office, it emerges that prices were more stable in the last two quarters than they have been for years.

Both the Daft and register figures show a 29 per cent drop in prices in Dublin since the start of 2010. The register shows prices in other cities as being down by 35 per cent, slightly more than the Daft projection of 33 per cent.

The study has also found that properties sell for about 10 per cent less than their advertised sales prices, but that this gap has narrowed this year after widening in 2010 and 2011.

Disclosure: Daft.ie’s publisher Daft Media Ltd and the publisher of TheJournal.ie, Journal Media Ltd, are both members of the Distilled Media Group.

Read: Around 15,000 visitors a day checking new property price register

More: House prices are still falling – except for South County Dublin

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Comments (45 Comments)

  • The same guys who predicted a recovery in 2009/10, lol.

    Reply
    • Is this more rubbish from vested interests trying to create some business for themselves.

      Aren’t there enough properties and mortgages out there, (in a lot of distress thanks to greedy vested interests).

      Hey Daft, how about using some of your energy,expertise and resources helping out some of these hundreds of thousands of unfortunate people who were conned and who are at their wits end with despair?
      Is it not time you gave a little back to the people you profited from all these years?

      Reply
    • Z? 14/10/12 #

      What do you think DAFT is? They advertise properties. Firstly, what expertise do they have that could help the starving millions, and, secondly, what incentive to they have to do so? Maybe Intel should set up a soup kitchen. Or, maybe closer to the point, maybe you should.

      Reply
    • Paul 14/10/12 #

      Daft as a website make money from the banner adverts on their site as well as charging some users, most of us pay nothing for using the site. They get their money from advertisers, for whom the visitors to daft are the audience. More visitors, more advertising revenue, simple. If more people own their own home there will be fewer repeat visitors to daft unless they’re renting out a room in their house. Renters move more often so visit the site more often, more site visits means more advertising revenue. I don’t see how daft have a vested interest in getting us all settled, they benefit from our moving home.

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    • You seem to have misread my comment Z.

      What I trying to say, is that seeing as that Daft.ie along with all the other property websites and newspapers with their big fat property supplements benefited so handsomely out of the Irish property boom along with all the other vested interests,
      would they not spare a little of their time and resources to help some of the many hundreds of thousands of causalities that this boom has created?

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    • Z? 14/10/12 #

      What resources do they have hat would help? They advertise properties. Would advertising properties at a slightly reduced rate for, say, the unemployed, help? Other than that, what could they do?

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    • Wages across all sectors have fallen. Tax take is rising sharply, especially looking at property, water charges. Food rising sharply.

      They may have stopped falling for now but price rises will take a long time to rise. It is still a very hostile business environment.

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    • Hello

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    • @ Z
      They could start by not producing a farcical analysis of the property market like the one above and go and talk to the 500,000 people in negative equity many of whom bought their property through their website, this would give them valuable customer feedback.
      They could talk to some of the families hunted down by ruthless debt collectors and sheriffs for false corrupt debt.
      They could run more articles on their sister website the journal.ie about corruption in the
      estate agent
      banking
      valuer
      planning
      development
      government
      subprime lender
      mortgage broker
      and other housing related sectors during the boom.

      They could have information on their website advising mortgage holders to stop paying false debts to our false criminal banks instead of starving their children.
      Reilly, Cullen, Wallace,Yates, Filan, Grehan, Flemming, Fitzgerald, Fitzpatrick, Dunne and all the other Fat Cat ”Heroes” stopped paying and walked away unchecked from their multimillion Euro debts,
      isn’t it time someone told the mortgage holder that it’s time to stop paying??

      They also could refuse to list repossessions on their website.
      They could refuse to take repossession business from ruthless corrupt banks.
      They could refuse to advertise for the corrupt banking institutions that enslaved a generation.
      etc
      etc
      etc

      They can do a lot more for people than proclaiming a false bottom in the market and listing Repos for corrupt banks and their bedfellows.

      Reply
    • mattoid 14/10/12 #

      we

      get

      the

      message

      thanks

      Reply
    • Z? 14/10/12 #

      @ Harry – Caveat emptor. You’re confusing a business entity with a social or government entity. The purpose of DAFT is to make money for its owners. It does this by advertising properties and taking in revenue from advertising on their sight and ( possibly ) from certain people and organisations who want to have their properties advertised on the site. They have no special mandate to protect or inform the general public, nor should they. It’s not their purpose.

      Do you really believe that, after drinking a can of Red Bull, a pair of wings will sprout from your shoulder blades? Of course not. You know the advert is there to push you to buy Red Bull, not to provide you with factual information. And it is effectively the same with the information released by DAFT. They are not claiming to be an objective research organisation, so it it is you, and not they, who are at fault if you presume that they are an objective research organisation. Let the buyer beware.

      If every business had to present the products and/or services objectively and without positive spin, we’d be surrounded by signs saying “average take away”, or “clothes good for two washes” or “this won’t make you much more attractive”. The world doesn’t work that way and, if you expect it to, you’re in for a lot if disappointment.

      If every company and individual who profited from the boom times were obliged to pay restitution for making optimistic claims about their products and/or services or the market they were traded in, then the small chance we have of growth and economic stability would be snuffed out.

      Companies like DAFT are not obliged to say “sorry” to people, and they shouldn’t be obliged to. Stupidity and gullibility is not a valid defence on the buyer’s side.

      As for the relationship between DAFT and the journal, while they may be sister companies, I would imagine that neither has any say whatsoever in content or editorial decisions made by the other. And that is how it should be. Positive discrimination is still discrimination, and I’m sure you don’t mean that the journal should throw it’s journalistic integrity in the bin just to tailor it’s news reporting to suit you own personal tastes.

      You demand extremely high standards from people and organisations about which you have an axe to grind. Tell me, do you really apply the same high level of standards to yourself?

      One thing that would have a massive positive result in this country would be if people such as yourself stopped pointing fingers and declaring outrage at others, and instead used that energy to personally do something to improve the state if the country.

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    • Z? 14/10/12 #

      @ Harry – one thing always confuses me with posts like yours above? Why are you grandstand and preaching to the choir here, indignantly informing the readership of the evil conspiracies in the world? Surely it would make far more sense to contact DAFT and THeJournal directly with your demands on how they should change their business methods. Have you done this? If not, then it seems pointless to be ranting about them here. If you want something done, do it yourself. Don’t just complain that no one is doing it.

      Reply
    • What a load of pseudo intelligent waffle Z.

      Like the failed law students that you get on this forum regularly, a little intelligence could be dangerous.

      All the property advertising portals had their greasy noses in the trough with crooked estate agents, developers, bankers and politicians and their bedfellows.

      Now they think by releasing a few half assed reports (accompanied by pictures of an auctioneer’s gavel) that they can con people into the market to get screwed again.

      Yes buyer beware in regulated countries where regulation is enforced.
      Not in this Banana republic my friend.

      Many local people bought into this thing that you refer to as spin and many in our area are unnecessarily dead as a consequence.
      What happened in Ireland in the past 12 years was criminal, not spin.
      The truth is coming out.

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    • Z? 15/10/12 #

      Ahhh, abuse, the last method of attack by the hopeless. You seem to have a tendency towards melodrama. Of course there is a relevant regulatory body, if you have an actual complaint you should take it up with them before ranting here. To make it easy, here’s their address:

      http://www.psr.ie/website/npsra/npsraweb.nsf/page/index-en

      As for your other claims, I very much doubt your claim that DAFT.ie has indirectly committed murder as you’ve implied, but, If you do sincerely believe this is true and not just something that seemed good at the time you fingered it in, then I recommend you get to your nearest Garda station, make a full statement, and demand the police to charge them with these crimes. That would probably be more sensible then throwing empty accusations around here.

      Let me know how it goes. I’ll have the champagne ready.

      Reply
    • Melodrama Z??
      Champagne??
      Were you born yesterday my friend??

      If you want to talk about champagne.
      Lets roll the clock back a few years when Ernst and Young were awarding Ray Grehan the €300 million+ ”Property Developer” turned bankruptcy tourist receiving his young entrepreneur of the year award
      or even picking up his ”honorable” Property Development Personality of the Year Award.
      Just take a look at the guest lists at some of these ”troughfests”
      A whose who of Bankers, Politicians, Estate Agents, Valuers, Senior Civil Servants,Property Advertising Companies etc etc etc.
      These snout nosed inbreeds have always been in bed together and always will be.

      http://www.glenkerrin.ie/AboutUs/index.aspx

      And Z please do not try to poke fun at the level of debt related suicides in this country as we have had many of them here locally.
      Buyer beware or Caveat emptor (as you say) does not count if the product was intentionally poisoned.
      Just ask one of your friends in the appropriate regulatory authority, if you can find them.

      Reply
  • I am going to buy now, was waiting for auctioneer to give me the go ahead

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  • It would be a miracle if they said otherwise. We have learned that anything an auctioneer says the opposite is probably the truth.

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  • More spin ,, banks will not give out loans for anyone to buy a house .have a friend 2x in longterm employment still can’t get a loan for 180,000 .they will keep going down till the banks change a few things

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  • Ya can have mine !!!!

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  • I like daft.ie site but their predictions need to be taken with a pinch of salt…
    don’t think we are close to the bottom yet

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  • snooch 14/10/12 #

    DAFT.ie (*Disasterous*At*Forecasting*Trends).ie

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  • I like noodle soup

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  • Dunno how they have stabilized if there sayin they are selling an average of 10% below asking sure stabilised would mean they are selling for what the asking is ??

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  • james 14/10/12 #

    Stablised my arse..

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  • Any developments in the property market at the moment must take into account that Mortgage Interest Relief for first time buyers ends on December 31st.

    Prospective buyers have frontloaded their purchases for Q3 and Q4 of 2012. I think we are not far off a floor but I expect another 10% – 15% drop in 2013 before the floor is hit within the next eighteen months.

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  • But why would you buy now with a glut of properties coming on the market via repossession and owner walk outs when the ecb inevitably hikes interest rates … Stabilising ye but I’d still read between the Lyons on that one

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  • That’s daft.

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  • Think it going to be more than that 30% to 40% but that’s just me . Rents are on the rise so only ppl buying are landlords and older ppl downsizing and buying up with cash

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  • finbar m 14/10/12 #

    That’s my point Allen , not easy to get a loan off the bank

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  • Cash sales are better because you save between €4,000 – €10,000. I regularly hear of people buying houses for cash but there are several conditions:

    (1) The buyer and seller both do the legal paperwork

    (2) The buyer needs to prove there are no outstanding liabilities by furnishing all paperwork before the buyer pays cash – this is normally done by showing bills, statements, bank papers.

    Reply
  • finbar m 14/10/12 #

    Sounds good Alan , I can just say from the ppl iv been talking too , I do hope your right might get a bit of money moving around in the country

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  • This analysis is technically correct….the property market has received an artificial boost due to the government’s mortgage tax relief scheme in 2012…which has halted, and even in some instances inflated prices for the new “demand”. Prices will reverse downward again in 2013 depending on bank mortgage distress and EU economics, and no longer being propped up the Government schemes.

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  • Have a look at propertypriceregister. ie – this website was launched on 30 September. Real prices of real sales all listed herein.

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  • Should have read “therein”

    Reply

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