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Limerick city house prices down by 53% since the peak

The property website Daft.ie shows that the average house price in county Limerick is now �140,000, 51% below peak levels, and one of the cheapest places to buy in Munster

The property website Daft.ie shows that the average house price in county Limerick is now �140,000, 51% below peak levels, and one of the cheapest places to buy in Munster

THE FINAL house price survey for the end of 2013 shows that prices in Limerick were 13% lower last year than in 2012, writes Anne Sheridan.

The last quarter of 2013 saw house prices fall by 12.9% on the previous year, down to an average of €125,964, and a staggering 53% below peak levels.

In county Limerick, average house prices fell to €138,054, or down 10.6% in the final four months of the year in comparison to the same quarter in 2012. This represents a 52% fall off in prices since the boom.

The latest report from the property website Daft.ie notes that Limerick has been the worst affected area in Munster in terms of the dramatic fall in house prices.

The total number of properties available for sale in Munster in December was 11,500, twice the level of early 2007 but significantly lower than a peak of 17,000 in 2009.

Outside the cities, prices in Munster in 2013 typically fell by between 8% and 10%.

The site currently list over 770 properties for sale in Limerick city, and nearly 2,700 throughout the whole county.

Ronan Lyons, economist with Daft.ie said the report confirms the “ongoing trend of the two tier housing market”, specifically in relation to house prices in the capital and those outside the Pale.

In Galway city, the average asking price fell by 4.2% during 2013, compared to falls of 10% and 23% in 2012 and 2011.

In Cork city and county, prices fell up by 7% last year, but again witnessed falls over 58% since the peak.

In stark contrast to much of the rest of the country, parts of Dublin saw double-digit increases in asking prices last year, particularly in the city centre, south city and south county regions. The increase in asking prices was smallest in north county Dublin, where prices are up 5% in 
a year.

Almost three quarters of Dublin properties now find a buyer within four months, compared to just 42% two years ago.

“Since late 2011, the rate of change in Dublin asking prices has gone from -22% to +11%, with all six regions in the Dublin market now showing strong increases in asking prices in year on year terms,” said Mr Lyons.

 

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