'Hot' buyers wait in the wings for market to bottom out

ESTATE AGENTS who feel they may never complete another good sale should be cheered by some new research from Sherry Fitz-Gerald. A survey carried out by the company suggests there are over 650 buyers with an estimated €831 million to spend in the Dublin residential market - as soon as prices have stabilised.

Group chief executive Mark Fitz-Gerald sees prices bottoming out in the next six months, with prices having already dropped by 35 per cent in some neighbourhoods.

The survey carried out among the company's branches has identified 656 "hot buyers" in the Dublin area; people who have expressed a strong interest in buying in the coming months.

An additional 74 buyers are poised to spend €26 million in Cork city, according to the agency's research.

Sherry FitzGerald found that 65 buyers are waiting in the wings to buy property in Ballsbridge, with a collective budget of €129 million.

In the area stretching from Blackrock to Glasthule, with Deansgrange and Stillorgan in between, there are no less than 92 strong potentials with €213 million to spend between them.

The Terenure branch has identified 88 would-be buyers with an interest in homes stretching from Crumlin to Dartry and Walkinstown to Rathmines, while in the Dalkey, Sandycove, Killiney area, 30 potential punters have, on average, just over €1 million to spend.

Ninety-seven "hot buyers" are standing by in the Dundrum area with a collective €66 million to spend, while 22 buyers are identified by the Sutton branch as having an estimated €23 million to spend between Kilbarrack, Raheny, Sutton, Howth and beyond.

Greystones and Delgany between them have an estimated 20 people intending to buy in the coming months, with a combined budget of €13 million.

Meanwhile the Drumcondra to Finglas stretch has an estimated 30 buyers ready to spend up to €18 million on property in the coming months.

The exercise is being repeated in estate agency firms across the city, as estate agents seem to agree on at least one thing: there are buyers out there, but only if the price is right.