Up to 40 people are attending first viewings
THE supply of three-bed family houses in the Clontarf area has fallen by a quarter compared with last year.
At the same time demand has risen -- driven by first-time buyers seeking to avail of the mortgage interest tax relief, which is due to expire at the end of this year.
"Families in good houses in good areas like Clontarf are not selling. Most sales occur after the last resident dies and so agents are asking themselves where will our next batch of sales come from," said Declan Cassidy of estate agents Gunne.
He estimated that an average three-bed semi in reasonable condition would sell for about €400,000.
Carmel Coen of Savills said that even those semis in need of upgrading and which have a good garden would sell for about €412,000. "This reflects a drop of 60pc from the peak," she added.
Increased demand was reflected in the number of people who attended viewings. Mr Cassidy said 35 to 40 people generally turned up for the first viewings of every house.
Ms Coen said viewings had risen by 400pc compared with last year and competitive bidding was a common occurrence when the property was offered to the market at the right level.