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.