SBP: Dublin Southside prices down 15-20% in 2007

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A surprisingly detailed analysis of price drops in this article in the SBP.

The latest Permanent TSB/ ESRI house price index, which was released last month, recorded an average house price drop in Dublin of 5.6 per cent over the first eleven months of 2007. The average price paid for a house in Dublin was €403,233 in November.

However, agents on the ground in Dublin’s southside say these figures are not up to date and that, realistically, house prices fell by between 15 and 20 per cent in the leafy suburbs last year. Some properties saw price drops of as much as 25 per cent between the end of 2006 and the end of 2007.

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‘‘Blackrock saw about a quarter of all the properties that came onto the market in 2007 reduce their asking prices."

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About 40 per cent of houses on the market have not adjusted their prices, but there are 60 per cent who have adjusted their prices. It is these properties which agents expect to sell quicker during the spring season.

SBP Article

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Heather Armstrong, manager of Sherry FitzGerald’s Ballsbridge office, said more expensive houses, in areas such as Herbert Park and Lansdowne Road, are proving difficult to move. ‘‘The middle end of the market is moving, it’s the top and bottom ends of the market that are slowest,” she said.

‘‘We sold a property on Seafort Gardens in Sandymount for above the asking price of €1.65 million last November, which was in a difficult market.

‘‘We also had a good result with a property on Booterstown Avenue, which sold after auction for just under the asking price of €1.95 million.”

The fact that houses selling for almost €2m are seen as “the middle of the market” is an indication of just how out of touch with reality the property market still is.

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Breakingnews has a headline ‘Dublin property prices down 27%’ quoting the Sunday Times

Some of it is misleading as we know price drops have occurred in every county by different amounts but the headline will dent sentiment a little bit further to those that see it .
breakingnews.ie/ireland/mheygbkfidql/rss2/