Limerick most stable in falling property market

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LIMERICK city house prices have held their against nationwide losses, falling just 8 per cent in contrast to losses a steep as 20 per cent in the Leitrim and Louth.

Daft.ie’s most recent report, spanning the last quarter of 2008, shows a return to pre-hike prices for property. Far from values falling out the sky, refer to 2005 for an equivalent bench mark as values peaked in early 2007.

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Some parts of the country have seen an average collapse of 50,000euro off the initial asking price. South Dublin values are down 15 per cent,  Donegal down 16.9 per cent, Westmeath down 18 per cent and the North West in general faring badly.

Limerick, in contrast, has seen city values drop by just 8 per cent with the average house price now at 236,000euro, and values dropping for county properties by 10 per cent to 238,000euro. You can made sense of our relative stability in the light of the national average house price ranking at 295,000euro – our property values were never inflammatory to start with. Only Tipperary fairs better than us with a drop of just 6.8 per cent dragging its local market.

Neither is there a glut of residential units up for sale in this county where as in counties Roscommon, Cavan and Leitrim, an estimated 10 per cent of their housing stock is for sale.

So what are houses/ apartments selling for now in the city?

*The average cost of a one-bed is 162,000euro, a two-bed is 198,000euro, a three-bed is 231,000euro, a four-bed is 313,000euro and a five-bed house is typically priced at 349,000euro.

*Values in county Limerick average 30,000euro less for two and three-bed homes but jump ahead to 326,00euro for a four-bed home and 382,000euro for a five bed home. This reflects the spread of land, outbuildings and accommodation square footage common with larger county properties.