The Sunday Independent reported yesterday that the extraordinary glut of houses coming on the Irish market this month has led to widespread falls in the prices being demanded by estate agents.

With nondescript detached houses without garages selling for €1.2m in recent times, in South Dublin, it shouldn’t be surprising that pricing at some point would hit a ceiling.

The newspaper says that in one case a red brick house on McMahon Street in Portobello off Dublin’s South Circular Road has seen its asking price slashed by 20 per cent. The house was withdrawn from auction in June, with agent Sherry FitzGerald then quoting a price of €1.25m. Last week the property was advertised at just €1m.

Last week, two estate agents, Rathmines based Herman White and the Phibsboro branch of Mason Estates were openly advertising properties as being “reduced to sell” or “reduced price region”. The homes in question were a €1.5m Victorian house on Rathgar Avenue in the heart of Dublin 6 and a €495,000 three bed on Danielli Drive in Artane, Dublin 7.

Speaking to the Sunday Independent , Douglas Newman Good economist Paul Murgatroyd said, “There is a more realistic element coming in for vendors.”

However he added that DNG figures will soon reveal that average Dublin property prices actually rose 2.4 per between July and September, although the time taken to sell houses has increased.

Since the auction season began again two weeks ago, an unprecedented number of houses have been put up for sale.

Posted: 09|25|06 at 11:33 am. Filed under: Auction News.