House prices in Dublin city have been falling by thousands of euro over the last three months, a new Real Estate Alliance report has found.
The price of a three-bedroom, semi detached house in Dublin's postal zones fell by an average of €1,500 a month since June.
These type of houses in Dublin city registered a third consecutive quarter fall since the end of June and has decreased by -3.3% compared to September, the Q3 REA Average House Price Index has found.
The price of an average three-bed semi-detached house in the capital’s postcode districts now stands at €428,500 – down from €443,333 12 months ago.
A spokesman for REA, Barry McDonald said: “It is now taking nine weeks to reach sale agreed in Dublin city compared to six a year ago, and these increases are reflected around the country as agents report a quarter heavily influenced by Brexit indecision."
“We are also seeing greater numbers of small investors leaving the rental market nationally, which is increasing supply but will have a further upward pressure on rents in some areas.
“This, combined with new homes coming on stream, is increasing choice, but we still have a limited amount of buyers due to the Central Bank rules.”
“The Brexit effect is more pronounced, the higher up the market you go. For example, prices fell in South County Dublin by €7,000 (-1.7%) in the past three months to an average of €412,000.
The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.
Prices also fell by 1% in the commuter counties in the past three months, with the average house now selling for €246,611 – an annual fall of 0.7%.
Agents are reporting Q3 price falls in Wicklow (-2%, €284,200), Louth (-2%, €200,000) and Meath (-1%, €237,500), while prices were static in Kildare at €282,000.
