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Secondhand houses slow to come to market
31 January 2010 By Gillian Nelis Property Editor
The number of secondhand houses coming on to the market in Dublin fell sharply last year and is likely to decline again this year, as vendors delay selling their properties in the hope of seeing a recovery in prices.
According to figures compiled by Property Week, 7,938 secondhand properties came onto the market in the capital last year. That was a 56 per cent drop on 2006 when, at the height of the boom, just over 18,000 houses were offered for sale.
The figures mirror evidence from estate agents in the city, many of whom are reporting a sharp decline in new instructions from people selling their houses.
One agent said the number of properties on his firm’s books was down almost 50 per cent on this time last year, while at the same time, viewings were up by 45 per cent.
‘‘We are getting an increased number of calls from people who believe that there is now good value, and who are ready to buy. But in a lot of areas there is just nothing new for us to show them," he said.
Some commentators believe that the secondhand market in the city is now beginning to approach equilibrium. According to Paul O’Connor of the property website Myhat.ie, which tracks sale and price trends, sales were agreed for 240 secondhand homes in Dublin in January.
‘‘Anecdotally, we are hearing that good-quality homes are being picked off quite quickly.
‘‘It may not last - that will depend on the economy more generally - but with many commentators saying that interest rates are about to go up, it looks like people with deposits are trying to make a move now," said O’Connor.
Ronan O’Hara of estate agent Savills said his firm would take the unusual step of placing newspaper advertisements next week seeking new stock.
‘‘The bulk of the enquiries we are getting are for regular threeand four-bed semis in the €300,000 to €600,000 price bracket, as well as detached family homes in good areas of south Dublin for up to €900,000," he said.
‘‘At this stage, anyone who has a house like that to sell and who has reduced their price to a level that reflects the current market has found a buyer.
‘‘There are a few vendors who are still reluctant to drop their prices, so their houses won’t be going anywhere any time soon. But if you are willing to sell at a sensible price, there are buyers."
However, O’Hara said demand for properties at the upper end of the Dublin market remained poor. There also appears to be limited demand for secondhand apartments.
The Myhat.ie figures show that only 38 of the properties that were agreed for sale in January were apartments.
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