Dublin buyers pay 10pc under asking price
A leading estate agent showed propertyplus sales achieved in the capital since November 2009 in an attempt to give some clarity to potential buyers. Realistically priced houses -- those priced at 45-50pc lower than peak, are selling fairly quickly, most at in and around 10pc below the current asking price.
According to a director of the company: "The last three months were by far the best we had in 2009. This was due to vendors taking a more realistic view on prices and purchasers are getting fed up renting or sitting on the fence.
"As regards this year, we do not anticipate any real uplift in quarter one, two or three. If there is any improvement it will be small and might occur in the last quarter. The top end of the market (€2 million plus) will remain the most sluggish and the apartment market is still slow due to a over supply of new units available. Our main problem is a lack of supply so we urgently want to hear from realistic vendors."
In a prestigious northside suburb, a modern, four bed end of terrace sold for €540,000, 10pc less than its asking price. In the same area, a modern three bedroom semi detached house went for 14pc less than its €525,000 asking price and a four bed detached went for 8pc less than its asking price of €735,000.
Other houses on the northside of Dublin show a similar margin. A four bedroom period house in need of refurbishment close to the city centre went for 10pc below its €650,000 asking price, a modern three bedroom semi-detached in a similar area went for 9pc below its €500,000 asking price and a three bedroom house in a well established residential area with an asking price of €365,000 went for 10pc lower.
On the southside, similar patterns occurred: three of the properties sold went for the asking price, all in Blackrock: A one bedroom apartment realistically priced in the low €200,000s sold quickly; a modern four bedroom detached house which had been on the market for a while sold within weeks when the price was reduced by 53pc, achieving just under €1m for the vendor. A stunning four bedroom terraced house with amazing sea views and beach access sold within a month of going on the market, priced realistically in and around the million mark.
Also in Blackrock, a two bedroom apartment sold for 9pc less than its €395,000 asking price, and a modern five bedroom detached house sold for €1.2m, 7pc less than the asking price.
Bucking the trend was a large detached house in the €1m bracket that sold for 20pc less than its asking price.
Elsewhere in south county Dublin, houses were selling at around 10pc below the asking prices, with the exception of a four bedroom semi-detached house that was asking €695,000 and sold for €550,000 and a luxurious four bedroom house that sold for €2m, 20pc less than the quoted price.