House prices still haven't hit bottom, say reports
RESIDENTIAL property prices are continuing to fall across the country, two separate reports due to be published today will show.
The latest quarterly report by property website Daft.ie reveals that in parts of Dublin, property prices are now 55pc below their peak value.
The average asking price for a residential property is now just under €195,000, compared to €366,000 at the 2007 peak, the Daft report found.
A "fear factor" has been blamed for the continued fall in value, as well as the reluctance of banks to extend credit.
In Dublin, asking prices fell by an average of 4.5pc over the past three months. Asking prices in Cork and Waterford fell by up to 5pc.
In Limerick city, which has seen some of the smallest falls from the peak, prices fell by more than 8pc in three months.
Bucking the trend was Galway, where asking prices rose by just over 1pc over the summer. However, they are still 18pc lower than a year ago.
Asking prices also rose in Carlow and Monaghan.
A separate report from property website MyHome.ie shows a similar decline, finding that the average asking price nationally is now €241,000 -- 42pc down from the peak.
The report found that the annual rate of decline nationally is 13.8pc, while in Dublin the corresponding figure is 15.2pc.
Report author, Annette Hughes of DKM Economic Consultants, said cautious consumer sentiment was contributing to low housing activity levels, while the euro financial crisis was casting a shadow on economic prospects.