Price slump hitting rural houses hardest
THE average price of a house has dropped by about one-third since the peak of the property boom.
New figures released yesterday show the last three months saw a further drop in asking prices -- with homes outside the major cities amongst the worst hit.
Property website MyHome.ie says the average cost of a home is now €280,000.
Another property site, Daft.ie, paints a bleaker picture of the current market by putting the average price at €195,000.
The average price difference arises out of the manner in which the figure is calculated.
Daft.ie said they worked out the average price of the houses by weighting each county by population and working out a national average as such.
However, Angela Keegan of MyHome.ie said their average is produced based on the stock of houses they have on their site -- which is more weighted on properties for sale in Dublin, thus creating the higher figure.
There was some improvement in the length of time it takes to sell a house, however. Daft.ie said it now takes 8.4 months -- down from 9.1 at the start of the year.
Jean Goggin, from DKM Economic Consultants, said prices will only stop falling once the economic crisis eases.
She said prices fell 14.5pc last year and 13pc over the last nine months.
"While this suggests some improvement in property market conditions it is clear that we have not yet reached the bottom of the market," she said.
"However, 2011 is likely to bring some improvement in the general economic climate which should boost consumer confidence and provide more certainty to households regarding employment and incomes.
MyHome.ie said the average asking price for a home has fallen €11,000 in the last three months, down from €291,000. The average house price was €323,000 a year ago.
Daft.ie said prices in Dublin are down 3.3pc over the last three months. However, there were much worse drops outside of the big cities, including Longford and Monaghan, where prices went down by up to 10pc in three months.