The Daft.ie House Price Report
An analysis of recent trends in the Irish residential sales market
2013 Q1
Introduction by Ronan Lyons, Economist, Daft.ie
Introduction
Ronan Lyons, Economist, Daft.ie
The Dublin differential –
some warning signs for
Government
The last 12 months have been one of changes in Ireland’s housing market. Cast your
Ronan Lyons is an
economic researcher
based at Balliol College,
Oxford, where he lectures
and is undertaking
his doctorate in urban
economics. He is also
Economist with Daft.ie
mind back to late 2011. Then, asking prices in Dublin were falling at a rate of more than
20%, year-on-year. The year following Ireland’s entry into the Troika programme in
December 2010 was probably the worst in Ireland’s property market crash, with rapidly
falling prices and an even more precipitous fall in transactions symptoms of a lack of
confidence in Ireland’s economic future.
With the launch of this Q1 report for 2013, however, there is a vastly different picture
emerging. The Daft.ie asking price index in March 2013 stood just 2.3% lower than a year
previously, the slowest pace of price falls since late 2007. The new house price index
based on the Residential Property Price Register shows a similar slow-down in house
price falls. But that national average hides huge differences around the country.
In South County Dublin, asking prices are now 6% higher than a year ago, a rate of
change not seen since early 2007. After 19 straight quarters of falling prices, they have
now risen in that area in four of the last five quarters. Prices are also higher, year-on-year,
in Dublin city centre and in the South City region, while in the North City region, they are
roughly stable (down -0.5% year-on-year).
Fall in prices
Annual change in asking prices, by region
100
15.0%
90
10.0%
80
5.0%
70
0.0%
60
-5.0%
50
40
-10.0%
30
-15.0%
20
-20.0%
10
0
-25.0%
III IV 2008 II III IV
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■
■
2 | The Daft.ie House Price Report – 2013 Q1
Dublin
■
Elsewhere
4-bed detached, SCD
Continued on next page >
4-bed
Introduction
Ronan Lyons, Economist, Daft.ie
The Dublin differential – some
warning signs for Government
In contrast, in Connacht-Ulster, asking prices are 15% lower now than a year ago. This means that
the fall from the peak in Dublin is now smaller than in Connacht-Ulster. The first graph below shows
the huge contrast between prices trends in Dublin and those elsewhere. It seemed – from late 2007,
when prices in Dublin had started to fall but were still rising elsewhere, to mid-2010, when the rate
of decline outside had persistently been lower than in the capital – that house prices in Dublin were
being punished for past excesses.
In fact, this was just a result of differences in properties around the country. A key point to remember
in Ireland’s property crash is that smaller properties have seen larger percentage falls from the peak.
Once this is joined up to the fact that Dublin has on average smaller properties than elsewhere, it is
easier to see that the apparently larger fall in house prices in Dublin is mostly a reflection of different
stocks of property in urban and rural areas.
Once the switch is made to a like-for-like basis, a very different picture is emerging. The second
graph below shows what has happened prices for two like-for-like properties in South County
Dublin (solid line) and in Mayo (the dashed line): a four-bedroom detached house (the orange lines)
and a one-bedroom apartment (the blue lines). For all properties, the peak – the third quarter of
2007 – has been set to 100.
prices, by region
Fall in prices, selected property types, 2007-2013
100
90
80
70
60
50
40
30
20
10
0
III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
II III IV 2011 II III IV 2012 II III IV 2013
■
4-bed detached, SCD
3 | The Daft.ie House Price Report – 2013 Q1
4-bed detached, Mayo
■
1-bed apartment, SCD
1 bed apartment, Mayo
Introduction
Ronan Lyons, Economist, Daft.ie
The Dublin differential – some
warning signs for Government
First, it is immediately clear just how much prices for smaller properties have fallen by more.
Prices for a one-bedroom apartment in South County Dublin are down 62% from the peak while
in Mayo they are down almost 72%. In contrast, the price of the detached home is down just
over 40% in Dublin and just over 45% in Mayo.
Second, it is also clear how different the trend in prices in South County Dublin (the solid lines)
has been from the trend in Mayo, since early 2012. Put another way, the gap between Dublin
prices and those elsewhere is growing. In 2007, at the height of the bubble, a 4-bedroom
detached home in South County Dublin was 3.2 times the prices of the same property in Mayo.
That ratio fell to 2.6 by early 2012 but has since risen – and risen rapidly – to 3.5. Similarly, the
price of a 1-bed apartment in South County Dublin was between 2 and 2.5 times one in Mayo
throughout the end of the bubble and first years of the crash. In the last 12 months, though, the
ratio has increased from 2.2 to 2.8.
This has huge implications for the Government. If prices were still falling, a widening differential
would signify that first-time buyers are no longer prepared to sprawl and pay the opportunity
and petrol costs of long commutes. But with prices actually rising again and only in certain
parts of the country, this may be a signal that not only is this the case, but that also there are
not enough properties in Dublin for them. If areas close to jobs and other amenities need new
homes, hoping that even more sprawl will solve the problem is not a viable option. Density
works well elsewhere – it can work in Ireland too.
4 | The Daft.ie House Price Report – 2013 Q1
Year-on-year change in asking
prices, Q1 2013
Donegal
€126,327 | Change: -12.0%
Cavan
€119,139 | Change: -17.0%
Leitrim
Sligo
€97,756 | Change: -16.4%
€126,608 | Change: -13.2%
Monaghan
€139,785 | Change: -13.1%
Mayo
€126,474 | Change: -17.1%
Longford
Louth
€114,641 | Change: -5.5%
€155,266 | Change: -10.0%
Roscommon
Meath
€102,023 | Change: -16.5%
€168,190 x| Change: -9.2%
Westmeath
Galway
€134,268 | Change: -9.8%
€137,089 | Change: -16.1%
Kildare
€177,040 | Change: -8.1%
Laois
Galway City
€93,377 | Change: -20.4%
€159,762 | Change: -10.7%
Offaly
Wicklow
€128,720 | Change: -11.0%
Clare
€225,674 | Change: -4.7%
€142,757 | Change: -11.8%
Tipperary
€141,674 | Change: -8.6%
Limerick City
Carlow
€130,538 | Change: -15.3%
€136,567 | Change: -12.9%
Kilkenny
€143,259 | Change: -6.8%
Kerry
€155,117 | Change: -10.4%
Wexford
€133,133 | Change: -7.8%
Limerick
€153,269 | Change: -8.2%
Waterford City
Waterford
€163,061 | Change: -11.2%
Cork
€161,471 | Change: -8.9%
Cork City
€167,595 | Change: -9.8%
€109,741 | Change: -14.6%
Dublin
Close-up
North Dublin County
€203,671 | Change: -5.0%
€217,604 | Change: -0.2%
West Dublin County
Dublin City Centre
€162,367 | Change: -6.4%
€185,265 | Change: 1.8%
South Dublin County
€344,988 | Change: 6.1%
5 | The Daft.ie House Price Report – 2013 Q1
North Dublin City
South Dublin City
€238,305| Change: 1.3%
Daft.ie Asking Price Index
-6.6%
Asking prices in the first quarter of 2013 were 6.6% lower than a year
previously. The national average asking price for the period was €171,000,
54.7% below its peak of €378,000.
Slowest fall in prices
since 2008
Asking Prices, Residential Sales
(2012 average = 100)
2006 2007 2008 2009 2010 2011 2012 2013
January
183.7 212.7 209.0 180.2 149.3 127.2 105.3 97.3
February
198.6 214.6 208.1 176.6 148.0 127.1 104.2 96.8
March
196.5 212.9 205.6 172.8 144.7 124.5 102.4 97.2
April
201.8 213.5 204.2 171.4 144.4 121.4 101.8
May
204.1 214.8 202.1 167.9 142.7 119.9 102.3
June
205.3 214.2 199.3 164.6 139.9 115.8 99.6
July
207.6 214.4 197.6 162.4 136.7 115.4 98.0
August
208.7 213.1 194.8 158.5 136.6 113.6 99.0
The 6.6% annual fall in prices is the slowest rate of
decline since the second quarter of 2008, when prices
were declining by 5.7% year-on-year. A year ago, prices
were declining at a rate of 17.7% per year.
Prices stable in Dublin
Asking prices in the capital in the first quarter of 2013
were actually 0.5% higher than a year previously, the
first time since early 2007 this has been the case.
September 212.1 211.3 193.1 156.5 135.2 113.5 97.1
October
212.9 210.6 189.5 154.2 132.2 108.3 98.4
November
211.2 208.9 183.5 150.5 129.2 106.0 96.0
December
213.4 209.7 182.3 148.6 128.4 105.4 95.9
Stock on market back to
late-2007 levels
There are currently 43,000 properties actively for sale in
the country. This is down almost one third from 63,000
in late 2008 but still twice the level of early 2007.
Stock of properties on Daft.ie
Stock of properties on Daft.ie (start of month) and flow of properties, 2007-2013
70000
14000
60000
12000
50000
10000
40000
8000
30000
6000
20000
4000
10000
2000
0
0
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012
■ Stock ■ Flow
6 | The Daft.ie House Price Report – 2013 Q1
II III IV 2013
Two in five properties
sells in 4 months
Nationwide, 39% of properties currently find a buyer
within four months, the same proportion as in late
2012 and up from 33% a year ago.
The Daft.ie Asking Price Index is based on asking prices for properties
posted for sale on Daft.ie. An index based on asking price, as opposed
to closing price, is a measure of sellers’ expectations. Figures are
calculated from econometric regressions, which calculate changes
in price that are independent of changes in observable measures of
quality, such as location, or bedroom number.
Daft.ie Price Register Index
-6.5%
An analysis of the Property Price Register shows that transaction prices in
early 2013 were 6.5% lower than a year previously. The average transaction
price nationwide for the period was €143,000.
Prices falls ease
Transaction Prices, Residential Sales
The annual fall in prices in early 2013 was the smallest
since the start of 2011, the earliest point from which
comparisons are available.
(2012 average = 100)
2010
2011
2012
2013
January
151.8
132.0
100.0
93.2
February
145.5
127.8
99.9
95.7
March
145.0
120.9
102.5
94.0
April
146.2
122.0
102.3
May
137.9
117.0
98.3
June
142.6
115.8
97.4
July
139.1
119.6
101.8
August
138.1
114.0
99.5
September
133.6
111.9
101.7
October
130.2
108.0
98.0
November
134.4
108.4
98.0
December
133.9
108.3
100.6
Urban areas closest to stable
The fall in prices in urban areas was significantly smaller
than elsewhere in the country. In Dublin, prices were
down 2.4% annually, while in other cities, prices were
down by 3.7%.
Transactions up 40% on 2011
The final figures on the number of transactions in 2012
indicate annual growth in transactions of 38% on 2011
levels and up 19% on 2010 levels.
Number of residential property
transactions, by quarter
10,000
Source: propertypriceregister.ie
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2010
II
III
IV
2011
II
III
IV
7 | The Daft.ie House Price Report – 2013 Q1
2012
II
III
IV
2013
The Daft.ie Price Register Index is based on prices for residential
properties recorded on propertypriceregister.ie, for which matches were
found in the daft.ie archives. Because these are entered with a lag by
solicitors, figures for previous quarters are subject to revision. Figures
are calculated from econometric regressions, which calculate changes
in price that are independent of changes in observable measures of
quality, such as location, type, or size.
Daft.ie Snapshot of
Asking Prices Nationwide
What can I ask for?
Can I afford it?
Average house prices across Ireland, by county and
bedroom number, Quarter 1 2013
1-bed
apartment
2-bed
terraced
3-bed
semi-d
4-bed
bungalow
5-bed
detached
City Centre
€116,575
€175,331
€254,661
€411,509
€526,730
North City
€105,596
€158,818
€230,677
€372,754
€477,123
South City
€118,216
€177,799
€258,245
€417,301
€534,144
North County
€94,707
€142,440
€206,889
€334,314
€427,921
South County
€157,079
€236,249
€343,143
€554,488
€709,742
West County
€76,478
€115,024
€167,068
€269,967
€345,557
Meath
€60,309
€80,685
€109,226
€222,700
€278,978
Kildare
€66,301
€88,702
€120,079
€244,827
€306,696
Wicklow
€83,419
€111,604
€151,082
€308,040
€385,883
Longford
€43,194
€57,788
€78,230
€159,502
€199,809
Offaly
€47,996
€64,211
€86,925
€177,231
€222,019
Westmeath
€48,197
€64,481
€87,290
€177,974
€222,950
Laois
€33,701
€45,087
€61,036
€124,445
€155,893
Louth
€54,767
€73,271
€99,189
€202,236
€253,343
Carlow
€47,633
€63,726
€86,268
€175,892
€220,341
Kilkenny
€51,293
€68,623
€92,898
€189,408
€237,273
Wexford
€46,804
€62,618
€84,768
€172,832
€216,508
Co. Waterford
€61,496
€72,426
€104,122
€208,608
€243,104
Waterford City
€48,499
€60,008
€94,163
€156,672
€214,751
Kerry
€58,447
€68,835
€98,960
€198,266
€231,051
Co. Cork
€61,721
€72,691
€104,504
€209,372
€243,995
Cork City
€74,911
€92,688
€145,444
€241,996
€331,704
Clare
€53,808
€63,372
€91,105
€182,529
€212,712
Co. Limerick
€56,143
€66,121
€95,058
€190,448
€221,941
Limerick City
€60,640
€75,030
€117,736
€195,893
€268,512
Tipperary
€54,477
€64,159
€92,238
€184,797
€215,356
Co. Galway
€56,144
€57,697
€86,680
€162,405
€184,505
Galway City
€67,093
€83,015
€130,264
€216,740
€297,086
Mayo
€55,622
€57,161
€85,875
€160,897
€182,791
Roscommon
€43,547
€44,752
€67,232
€125,967
€143,108
Sligo
€57,182
€58,764
€88,284
€165,410
€187,919
Leitrim
€43,495
€44,698
€67,152
€125,817
€142,938
Donegal
€53,948
€55,441
€83,291
€156,056
€177,291
Cavan
€49,093
€50,452
€75,795
€142,011
€161,336
Monaghan
€58,359
€59,974
€90,100
€168,8145
€191,785
Daft.ie Snapshot of Asking Prices Nationwide
Dublin
Leinster
Munster
Connaught
Ulster
8 | The Daft.ie House Price Report – 2013 Q1
Dublin Trends
An analysis of recent trends in the Dublin residential sales market
North County Dublin
How have house prices changed?
Average price: €203,671
Year on year change: -5.0%
From peak: -53.5%
Average house price by area, 2006-2013
€800,000
€700,000
West County Dublin
Average price: €162,367
Year on year change: -6.4%
From peak: -57.4%
€600,000
€500,000
North Dublin City
Average price: €217,604
Year on year change: -0.2%
From peak: -55.4%
Dublin City Centre
Average price: €185,265
Year on year change: 1.8%
From peak: -56.8%
€400,000
South Dublin City
€300,000
South County Dublin
€200,000
Average price: €344,988
Year on year change: 6.1%
From peak: -51.6%
€100,000
Average price: €238,305
Year on year change: 1.3%
From peak: -55.3%
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Dublin City Centre ■ North Dublin City ■ South Dublin City ■ North County Dublin ■ South County Dublin ■ West County Dublin
n
In Dublin, asking prices in early
2013 were 0.5% higher than a year
previously, the first time since early
2007 prices rose in year-on-year terms.
n
According to an analysis of Property
Price Register entries, transaction
prices in Dublin in early 2013 were
2.4% lower than a year previously,
compared to a fall of 18.4%
in early 2012.
n
In the capital, 55% of properties
currently find a buyer within four
months, down slightly from 63% in
late 2012 but up from 42% a year ago.
n
The final figures on the number of
transactions in Dublin in 2012 indicate
annual growth in transactions of 52%
on 2011 levels and up 26% on
2010 levels.
How many properties are on the market?
Number of properties on the market and newly advertised, 2007-2013
8000
7000
6000
5000
4000
3000
2000
1000
0
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Stock (LHS) ■ Inflow (RHS)
How fast are properties selling?
Proportion of properties marked as sale agreed and withdrawn, 2011 - 2013
60%
50%
40%
30%
20%
10%
0%
% of properties sold or sale agreed
70%
Within 2 mths
Within 4 mths
Within 6 mths
■ One year ago ■ Previous quarter ■ Current quarter
9 | The Daft.ie House Price Report – 2011 in review
Within 12 mths
Leinster Trends
An analysis of recent trends in the Leinster residential sales market
Longford
How have house prices changed?
€500,000
Average price: €114,641
Year on year change: -5.5%
From peak: -59.5%
Average house price by area, 2006-2013
Kildare
Average price: €177,040
Year on year change: -8.1%
From peak: -55.3%
Westmeath
€450,000
€350,000
Average price: €168,190
Year on year change: -9.2%
From peak: -57.2%
Offaly
Wicklow
Laois
Wexford
Average price: €128,720
Year on year change: -11.0%
From peak: -56.5%
€300,000
Average price: €155,266
Year on year change: -10.0%
From peak: -59.4%
Meath
Average price: €134,268
Year on year change: -9.8%
From peak: -57.4%
€400,000
Louth
Average price: €225,674
Year on year change: -4.7%
From peak: -53.9%
€250,000
€200,000
Average price: €93,377
Year on year change: -20.4%
From peak: -61.7%
€150,000
€100,000
Kilkenny
Average price: €143,259
Year on year change: -6.8%
From peak: -55.4%
€50,000
Average price: €133,133
Year on year change: -7.8%
From peak: -58.9%
Carlow
Average price: €130,538
Year on year change: -15.3%
From peak: -52.2%
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Meath ■ Kildare ■ Wicklow ■ Louth ■ Laois ■ Westmeath ■ Offaly ■ Longford ■ Carlow ■ Kilkenny ■ Wexford
How many properties are on the market?
Number of properties on the market and newly advertised, 2007-2013
20000
n
Asking prices in Leinster in early 2013
were 8.5% lower than year previously,
compared to an annual fall of 16.5% in
early 2012. This is the slowest rate of
price falls since mid-2008.
n
According to an analysis of Property
Price Register entries, transaction
prices in Leinster in early 2013 were
9.6% lower than a year previously,
compared to a fall of 18.9% in early
2012.
n
Across the province, 37% of properties
currently find a buyer within four
months, down slightly from 40% in
late 2012 and largely the same as a
year ago (36%).
n
The final figures on the number
of transactions in Leinster in 2012
indicate annual growth in transactions
of 38% on 2011 levels and up
13% on 2010 levels.
4000
18000
3600
16000
3200
14000
2800
12000
2400
10000
2000
8000
1600
6000
1200
4000
800
2000
400
0
0
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Stock (LHS) ■ Inflow (RHS)
How fast are properties selling?
Proportion of properties marked as sale agreed and withdrawn, 2011 - 2013
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
% of properties sold or sale agreed
50%
Within 2 mths
Within 4 mths
Within 6 mths
■ One year ago ■ Previous quarter ■ Current quarter
10 | The Daft.ie House Price Report – 2013 Q1
Within 12 mths
Munster Trends
An analysis of recent trends in the Leinster residential sales market
How have house prices changed?
Clare
Tipperary
Limerick County
Limerick City
Kerry
Waterford County
Cork County
Waterford City
Average price: €142,757
Year on year change: -11.8%
From peak: -53.8%
Average house price by area, 2006-2013
Average price: €141,674
Year on year change: -8.6%
From peak: -49.1%
€400,000
Average price: €153,269
Year on year change: -8.2%
From peak: -46.2%
€350,000
Average price: €136,567
Year on year change: -12.9%
From peak: -48.6%
€300,000
Average price: €155,117
Year on year change: -10.4%
From peak: -49.7%
€250,000
€200,000
Average price: €161,471
Year on year change: -8.9%
From peak: -55.1%
€150,000
Average price: €163,061
Year on year change: -11.2%
From peak: -53.1%
Cork City
Average price: €109,741
Year on year change: -14.6%
From peak: -60.8%
Average price: €167,595
Year on year change: -9.8%
From peak: -55.3%
€100,000
€50,000
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Waterford County ■ Kerry ■ Cork County ■ Clare ■ Limerick County ■ Tipperary ■ Cork City ■ Limerick City ■ Waterford City
n
Asking prices in Munster in early 2013
were 9.5% lower than year previously,
compared to an annual fall of 15.9% in
early 2012. This is the slowest rate of
price falls since mid-2008.
n
According to an analysis of Property
Price Register entries, transaction
prices in Munster in early 2013 were
11.1% lower than a year previously,
compared to a fall of 21.3%
in early 2012.
n
Across the province, 33% of
properties currently find a buyer
within four months, roughly the same
as in late 2012 (32%) and up from
28% a year ago.
n
The final figures on the number
of transactions in Munster in 2012
indicate annual growth in transactions
of 26% on 2011 levels and up 16% on
2010 levels.
How many properties are on the market?
Number of properties on the market and newly advertised, 2007-2013
20000
18000
3500
3000
16000
14000
2500
12000
2000
10000
1500
8000
6000
1000
4000
500
2000
0
0
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Stock (LHS) ■ Inflow (RHS)
How fast are properties selling?
Proportion of properties marked as sale agreed and withdrawn, 2011 - 2013
40%
35%
30%
25%
20%
15%
10%
5%
0%
% of properties sold or sale agreed
45%
Within 2 mths
Within 4 mths
Within 6 mths
■ One year ago ■ Previous quarter ■ Current quarter
11 | The Daft.ie House Price Report – 2013 Q1
Within 12 mths
Connacht & Ulster Trends
An analysis of recent trends in the Leinster residential sales market
Sligo
How have house prices changed?
Average price: €126,608
Year on year change: -13.2%
From peak: -55.3%
Average house price by area, 2006-2013
Donegal
Average price: €126,327
Year on year change: -12.0%
From peak: -53.1%
Leitrim
Average price: €97,756
Year on year change: -16.4%
From peak: -61.0%
€400,000
Mayo
Monaghan
Galway
Cavan
Galway City
Roscommon
Average price: €126,474
Year on year change: -17.1%
From peak: -52.1%
€350,000
Average price: €139,785
Year on year change: -13.1%
From peak: -56.5%
€300,000
Average price: €137,089
Year on year change: -16.1%
From peak: -57.6%
€250,000
Average price: €119,139
Year on year change: -17.0%
From peak: -58.9%
€200,000
€150,000
Average price: €102,023
Year on year change: -16.5%
From peak: -59.4%
€100,000
€50,000
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
n
Asking prices in Connacht-Ulster in
early 2013 were 15% lower than year
previously, compared to an annual
fall of 16.7% in early 2012
n
According to an analysis of Property
Price Register entries, transaction
prices in Connacht-Ulster in early 2013
were 7% lower than a year previously,
compared to a fall of 28% in
early 2012.
n
Across the region, 31% of properties
currently find a buyer within four
months, up from roughly one in four
throughout 2012.
n
The final figures on the number
of transactions in Leinster in 2012
indicate annual growth in transactions
of 27% on 2011 levels and up 17%
on 2010 levels.
■ Galway County ■ Mayo ■ Roscommon ■ Sligo ■ Leitrim ■ Donegal ■ Cavan ■ Monaghan ■ Galway City
How many properties are on the market?
Number of properties on the market and newly advertised, 2007-2013
20000
18000
3500
3000
16000
14000
2500
12000
2000
10000
1500
8000
6000
1000
4000
500
2000
0
0
2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013
■ Stock (LHS) ■ Inflow (RHS)
How fast are properties selling?
70%
Proportion of properties marked as sale agreed and withdrawn, 2011 - 2013
60%
50%
40%
30%
20%
10%
0
Within 2 mths
Within 4 mths
Within 6 mths
■ One year ago ■ Previous quarter ■ Current quarter
12 | The Daft.ie House Price Report – 2013 Q1
Within 12 mths
About the Report
Over the last 10 years, Daft.ie has collected a vast
amount of data on the Irish property market.
In 2011 alone, over 100,000 properties for sale
wereadvertised on the site.
About Daft.ie About the Report
Daft.ie is Ireland’s largest property
website. The latest audited report from ABC (Sep 2011) shows
monthly traffic of 130 million page
impressions (pages of information
received) and 1.976 million unique
users per month across Daft
Media’s property websites (daft.ie,
rent.ie, let.ie, property.ie).
This makes Daft.ie the biggest
property website in Ireland across
all demographics.
The goal of the Daft Report is to use this information to help all actors in the property
market make informed decisions about buying and selling. In addition, because it is
freely available, the Daft Report can help inform the media, the general public and
policymakers about the latest developments in the property market.
This is the Daft.ie House Price Report, the partner to the Daft.ie Rental Report, which will be
issued next month. Together, they give house-hunters and investors more information to help
them make their decisions. These twin reports mean that Daft is the only objective monitor
of trends in both rental and sales markets on a quarterly basis, making the report an
essential barometer for anyone with an interest in the Irish property market.
The Daft Report is now almost ten years old and has become the definitive barometer
of the Irish residential property market. It is being used by the Central Bank, mortgage
institutions, and by financial analysts at home and abroad, as well as by the general public.
Methodology and Sample Size
The statistics are based on properties advertised on Daft.ie for a given period.
The regressions used are hedonic price regressions, accounting for all available and
measurable attributes of properties and only coefficients with a very high degree of
statistical significance (p < 0.001) are used.
The average quarterly sample size for sales over the period 2006-2011 was over 34,000. Indices
are based on standard methods, holding the mix of characteristics constant, with the annual
average of 2012 used as the base. A working paper on the methodologies employed in
both rental and sales markets will be published on the Daft.ie website soon.
Stock and flow statistics are calculated using consistent series for the period covered.
13 | The Daft.ie House Price Report – 2013 Q1
Disclaimer
The Daft.ie Report is prepared
from information that we believe
is collated with care, but we do not
make any statement as to its accuracy
or completeness. We reserve the right
to vary our methodology and to edit
or discontinue the indices, snapshots
or analysis at any time for regulatory
or other reasons. Persons seeking to
place reliance on any information
contained in this report for their own
or third party commercial purposes
do so at their own risk.
Credits
Coming Next…
The Daft.ie Rental Report
2013 Q2
The Daft.ie Rental Report will be published in May and will include
a review of the performance of Ireland’s rental market for the first few months
of 2013, plus all the usual indices, snapshots, trends and rental yield analysis,
providing analysts, tenants, landlords and the public with the most up-to-date
information on Ireland’s rental market.
Economic Analysis:
Ronan Lyons
Layout and Design:
Ciara Mulvany, Derek Jones,
Flavour 9 Design
Data Compilation:
Paul Conroy,
Alvis Duong
Marketing:
Kieran Harte
All data is Copyright © Daft Media
Limited. The information contained in
this report may only be reproduced if
the source is clearly credited.
Please contact Daft.ie on 01-4218700
for further information.