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Ireland’s eye: Happenings around the Auld Sod

Published Thursday, January 27, 2011, 5:58 PM
Updated Thursday, January 27, 2011, 5:58 PM

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Dropping House Prices

HOUSE prices in Mayo continue to fall, with one property outside Castlebar losing €160,000 in value.

A report from property website daft.ie, covering the third quarter of 2009, says the average asking pricing in Mayo is now just under €210,000, down 22% from when the property market was at its peak.

The report showed that house prices in the west are already the lowest in the country -- typically ranging from €182,000 to €220,000 -- but they are still remaining unsold for more than a year.

Meanwhile, the latest figures issued by another property website, myhome.ie, show that the average asking price for a four-bedroom detached home in Mayo now stands at €345,000, down 15% from the market peak.

However, local auctioneers say that property prices in the county are far lower than these figures claim.

“House prices have fallen by at least 30% in the last two years,” said Swinford-based auctioneer and estate agent, Joe Mellett.

“The average price for a three-bedroom semi in the county is now in the region of €150,000.”

Mellett said that unless the banks start lending again, there is no sign of the market bottoming out. “Young couples are being put to the pin of their collar,” he said.

He said that the current trend among house buyers in the county is to purchase homes in the country on a few acres of land which need renovating.

“People can pick up absolute bargains for around €100,000 if they’re prepared to put the work into the property,” he said.

Castlebar-based estate agent Kevin Beirne says he has sold more houses in the last three weeks than for the whole of July and August.

“People were sitting on the fence but there’s a feeling interest rates are going to go up so we’re starting to see a bit of movement,” he said.

Beirne said a three-bedroom home in Castlebar now costs in the region of €185,000, while at the peak the same property would set you back €215,000.

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