www.daft.ie - Quarter 1 2008 Irish property figures are out - and according to today's Irish Independent Newspaper, we are in the middle of major Property price crash!
There has been widespread price drops across the country and the trend looks set to continue for the foreseeable future...
"ASKING prices for houses in some of the country's most affluent areas have plummeted by a massive 7pc in the space of just three months, according to a new survey published today.
The report reveals property prices in the leafy suburbs of south county Dublin tumbled by an average of €40,000, or 6pc, in the first quarter of 2008.
In Co Wicklow, prices also took a dramatic nose dive of more than €35,000 (7pc).
The average price for a house in south county Dublin now stands at €649,383. Asking prices in Co Wicklow dropped to €445,681, the new survey by Daft.ie has found.
Nationwide, the property slump caused asking prices to fall by 1.2pc.
The drop is in sharp contrast to late 2007, when asking prices remained static and many sellers accepted offers below the advertised price.
Sellers are now finding they have to reduce the asking price in order to attract interest.
The number of properties for sale continued to rise during the first three months of 2008, with stock levels 51pc ahead of last year.
Although prices tumbled dramatically in the most expensive areas of the capital, asking prices in the city centre increased by 3.1pc.
West county Dublin was not so fortunate, with a drop of 2.8pc causing the average asking price to plummet to €336,966.
North county Dublin experienced a drop of 1.1pc, while north Dublin city saw prices tumble by 2.6pc and South Dublin city experienced a 1.3pc drop. The total number of properties in Dublin fell to below 6,000.
In the rest of Leinster, prices in Wexford, Kilkenny and Carlow fell by 3pc in the first quarter of 2008. In Kildare, prices fell 0.6pc to an average asking price of €363,222.
A rush of properties onto the market in early 2008 pushed the total number of properties for sale in Leinster up to over 16,000.
In Munster, Cork city prices fell by €20,000 on average in the first three months, with the average asking price plummeting to €355,002. Stock of property for sale fell below 18,000, with one-in-three properties coming onto the market since January 2007 still there.
In Galway city, prices stabilised in early 2008, with a slight rise of 1.2pc in Galway city.
Dermot O'Leary, Chief Economist said the number of properties for sale would be a key indicator of the property market over the coming months.
"Figures indicate that the total number of properties for sale stands over 50pc ahead of last year's levels," he said.
"Prices won't begin to stabilise again until the stock for sale begins to fall." "
- Irish Independent Newspaper Report.