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House prices still to bottom out

HOUSE prices in Ireland haven't hit rock bottom yet, economist at Goodbody Stockbrokers, Dermot O'Leary said.

The cost of property in Dublin has dropped by 12.5pc within the year to July, according to the CSO. Overall there has been a 42pc drop nationally since the height of the boom.

But Mr O'Leary said that a 60pc drop from boom-time prices was needed before they become "realistic".

He said that the market still looks expensive when compared with international trends.

"While there has been a significant correction, the international evidence would not suggest this," he said.