Limerick property prices remain stable

According to a report published recently by property website Myhome.ie, property prices in the Limerick area have stabilised somewhat during the second half of 2013. The report revealed the median asking price for a property in Limerick City remained unchanged in Q3 of 2013, and stood at €145,000. In the year to Q3 2013, the annual rate of decline in Limerick City was 9.4 percent.

There was a decline however in the median asking price of a property situated outside the city as the median asking price of a property in Limerick County fell by 1.9 percent, to €157,000. On an annual basis, the rate of decline in Limerick County continues to moderate, declining by 10.3 percent in the year. The report also revealed it takes an average of six months for a property in the county to proceed to the sale agreed stage.

A trend can be seen in the movement of prices between three and four bedroom properties, with the median asking price of a three bed semi-detached property down 2.4 percent in the third quarter to €145,000. The median asking price of a four bed semi-detached property also fell by 2.2 percent to €175,000, over the same period of time, representing an annual decline of 7.4 percent.

When quizzed on the issue a spokesperson for Limerick based firm Hickey O’ Donoghue Auctioneers claimed he: “expects the median asking price of properties in the county and city to increase over the forthcoming year as they have hit rock bottom”, he added that it was: “impossible to estimate what the rate of increase will be” but hopes we will see a gradual increase.

In relation to the gap in prices between properties located in Limerick city and county he added: “The gap gives a false perception of the average asking price of a residential property in Limerick as the majority of properties selling in the city are commercial outlets financed by investors”.

On a national scale the report shows the annual rate of decline is now 7.8 percent. In Dublin the mix adjusted price increased by 0.9 percent this quarter. The national mix adjusted asking price is now €190,790 and €240,064 in Dublin.

The pace of decline has eased to its lowest level in almost six years, with the mix adjusted asking price nationally falling by 1.4 percent in the quarter.