A new survey carried out by Real Estate Alliance has found that second-hand property prices in Dublin city has decreased by an average of €4,500 in the past three months.
The Q2 REA Average House Price Index has found that the price of a three-bed, semi-detached house in the capital’s postcode districts now stands at €433,000.
It registered a second consecutive quarter fall (-1%) since the end of March, and -2.2% compared to June 2018.
The same house nationally now costs €236,028 which is a slight rise of 0.05% on the Quarter 1 figure which was €235,898.
REA spokesperson Barry McDonald said: “Time taken to reach sale agreed in Dublin is now eight weeks in the city and nine weeks in the county – reflecting the impact of new homes developments and the difficulties that people are experiencing in obtaining mortgage approval.
“Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties.
“As a result, many of our agents in Dublin and some commuter counties such as Meath have reported price falls, an increase in time taken to sell the average second-hand property and a slowdown in viewings, especially among first time buyers.
“Areas such as South County Dublin have fallen by €6,500 (-1.6%) in three months to €419,000, while North County Dublin areas such as Swords, Skerries and Balbriggan have remained static with prices averaging €322,500.
The increased availability of new homes has had a suppressing effect on prices in some Dublin commuter areas such as Kildare, North Wicklow and Meath.
He concluded: “Overall, the level of activity has decreased with buyers looking at a larger range of properties, slowing the time taken to sell to 10 weeks in towns such as Navan and Trim.”
