Dublin house prices - suburbs west
One- and two-bedroom apartments have experienced the sharpest fall in prices in Dublin's west suburbs, particularly new apartments.
Apartments are also likely to remain under considerable pressure from the large stock of starter-type houses available in the area, which are now within a more affordable price range.
Prices for new three-bedroom townhouses and new three- bedroom semi-detached houses, have fallen by a much more moderate pace, about 30pc, in comparison to their second-hand equivalents which have fallen about 40pc.
This price gap may possibly be due to much of the second-hand stock being of lower quality in terms of layout, design, energy efficiency and location.
The area bounded by the M50 to the east, the N81 (Blessington-Tallaght road) to the south, the Dublin County border to the west and the N2 to the north, saw a huge increase in building activity during the boom.
Towns such as Lucan and Tallaght experienced a substantial increase in population and new towns were effectively created in Ongar, Tyrellstown, Adamstown and Citywest which were popular with first-time buyers and young families trading-up.
A majority of local agents surveyed reported an increase in sales activity during the first four months of this year, with one agent noting that three-bedroom semi-detached houses were selling very well.
One local agent commented on a general "marked improvement in offers", with "multiple bidding occurring", which is a positive indicator of activity in the market starting to return to normal.
On average it takes 12 weeks for a property to become sale agreed. However, one agent cited the recent examples of two- and four-bedroom semi-detached houses sold within one week at €330,000 and €335,000 respectively, while another three-bedroom semi-detached sold after its first viewing for €250,000.
Other examples of recent sales in the area include a three-bedroom in Clonee for €250,000, a three-bedroom in Castleknock for €310,000, a four-bedroom detached house in Castleknock for in the region of €700,000 and a five- bedroom detached house in Ongar in the region of €520,000.
The majority of agents reported no change in the number of properties on the market now compared to the beginning of the year and little concern of oversupply with the number of second-hand properties on the market representing approximately 1.2pc of the total housing stock.
New One-Bedroom Apartment
Current Price: €130,000
Peak Price: €240,000
Change: - 45.8pc
Second-hand One-Bedroom Apartment
Current Price: €145,000
Peak Price: €258,000
New Two-Bedroom Apartment
Current Price: €180,000
Peak Price: €340,000
Second-hand Two-Bedroom Apartment
Current Price: €174,000
Peak Price: €321,000
New Two-Bedroom Townhouse
Current Price: €215,000
Peak Price: €390,000
Second-hand Two-Bedroom Townhouse
Current Price: €200,000
Peak Price: €353,000
New Three-Bedroom Townhouse
Current Price: €270,000
Peak Price: €390,000
Second-hand Three-Bedroom Townhouse
Current Price: €233,000
Peak Price: €391,000
New Three-Bedroom Semidetached
Current Price: €290,000
Peak Price: €410,000
Second-hand Three-Bedroom Semi-detached
Current Price: €256,000
Peak Price: €427,000
New Four-Bedroom Semidetached
Current Price: €330,000
Peak Price: €450,000
Second-hand Four-Bedroom Semi-detached
Current Price: €323,000
Peak Price: €525,000
New Four-Bedroom Detached
Peak Price: €690,000
Second-hand Four-Bedroom Detached
Current Price: €412,000
Peak Price: €656,000
New Five-Bedroom Detached
Current Price: €460,000
Peak Price: €785,000
Second-hand Five-Bedroom Detached
Current Price: €513,000
Peak Price: €973,000