Average property sales price slowing significantly, research finds

Flat sale prices were coupled with significant rises in some Dublin areas

Across some areas in Dublin there have been significant house price drops and some significant price rises.  Photograph: iStock

Across some areas in Dublin there have been significant house price drops and some significant price rises. Photograph: iStock

 

Dublin property prices remained flat in the first quarter of this year compared to last year, new research shows, indicating a slowdown in the market.

An analysis of the property price register by search engine Perfect Property found that the average sale price of a house in Dublin in the first quarter of 2018 was €417,037 while the average in the same period this year was €418,429, an increase of just 0.33 per cent.

“Reviewing achieved sold prices, rather than listing prices, is key to understanding the true state of the market,” said Laura Pollard, managing director of Perfect Property. “The minimal growth from last year shows the impact of tightened lending criteria and concern over what a post-Brexit market could look like.

“The company further noted that the average current listing price on their platform at the start of the second quarter fell to €372,000.

Across some areas in Dublin there have been significant drops. Perfect Property found prices fell 12.45 per cent, 11.38 per cent and 8.08 per cent in Donnybrook, Stoneybatter and Clontarf respectively.

Elsewhere, there have been significant rises. In Smithfield, prices rose 31.73 per cent followed by Portobello, with a 21.97 per cent rise, and Saggart with 20.35 per cent.