Irish property prices on the increase experts say

Third month of increased prices led by Dublin area

HILDA HIGGINS,

IrishCentral Staff Writer

Published Thursday, October 25, 2012, 7:35 AM

Updated Thursday, October 25, 2012, 7:35 AM

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Irish property prices are on the increase experts say

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Irish property prices are on the way back, driven by a resurgent Dublin market.

After five years of plunging prices, three straight months of growth have been reported, according to the Irish Independent.

The September rise was the biggest single month since 2007. Prices have halved since then.

Dublin led the way with a 2.4 per cent increase in prices, noticeable especially in good residential areas.
Real Estate agency Lisney stated that there was more demand in Dublin than houses for sale.

The average house price in Dublin is now $260,000.

Economist with NCB Stockbrokers Philip O'Sullivan stated that rural areas outside the capital however were still depressed.

Alan McQuaid of Merrion Stockbrokers said stability had returned. "Anecdotal evidence too would point to signs of pent-up demand for family homes, especially in certain areas of Dublin," he said.

"Although the latest figures are encouraging, it is too early to say whether house prices are now on a steady upward rise."

Lisney's head of research Aoife Brennan stated: "The biggest problem we have in these areas is the lack of supply. In the 12 months to the end of August, there were 52pc fewer houses on the market and availability was falling by between 3pc and 6pc each month."

Nster.com

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seamus60 | Oct 25, 2012, 11:06 AM EDT

The prices can go any way these experts like. Banks don`t give mortgages to fiddlers elbows.

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doglane | Oct 25, 2012, 08:26 AM EDT

Irish Residential property prices as a whole are only going one way and that’s downward. Still way over optimistic asking prices. Watch this space come the 1st & 2nd quarter of 2013.

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doglane | Oct 25, 2012, 08:18 AM EDT

Coming shortly: Increased mortgage interest rates, cessation of mortgage interest releif, further pay cuts = lower income. Large increases in home energy and heating costs, electricity, gas, oil and public transport charges. Grocery and food increases. PRSI (Pay Related Social Insurance), hikes, VAT increases, (affecting all services & products) Residential property tax (levy) charge increases. Water charge levy introduction, waste disposal bin charge increases. Increases in household insurance, life insurance, motor, health and life insurance. A further €3.4 in cuts in Dec budget. Further downturn in economy 2013, decrease in manufacturing output and GDP, increased unemployment, child benefit and social welfare cutbacks, a Greek exit from EMU and a devaluation of the Euro. Decreased disposable income, increased mortgage default, increase in residential property repossessions. Where are property valuations going in 2013 ? Perhaps the Experts might answer that one when the time comes. One doesn’t need a PHd in socio economics or property management to figure that one out.

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doglane | Oct 25, 2012, 08:07 AM EDT

Experts ?? Where were these experts when all went pear shaped ? The latest story is just a minor blip with some added hype in the race to buy before the Dec 31st MortgageInterest relief deadline. These figures are extracted from CSO figures which do not account for the almost 50% of cash sales where the closing transactions were 65 and up to 70% less than the crazy inflated asking prices in April 2007. I am prepared to wager that these minor increases (localised) will be well reversed with a sizeable Dip come March 2013.

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