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Auction prices fall 65pc

PROPERTY auctions see houses and apartments sold at an average of 65pc below peak asking prices, new research from the Central Bank has found.

Economist Eoin O'Brien has been investigating the effect on the Irish property market of the distressed property auctions which have cropped up on a regular basis since early last year.

The analysis has identified that the majority of sales at such auctions were cash sales.

Dublin-based properties achieved prices closer to original market asking prices than properties based outside the capital.

45pc of all properties sold at auction, to date, have been located in Dublin. The research also showed houses have achieved better prices than apartments at auction.