13th October 2009. A member survey by the Irish Auctioneers & Valuers Institute (IAVI) suggest that the rate of decline in the value of residential property has moderated to an average of 5.8% nationwide in the third quarter of 2009, an improvement on the rates reported in Q1 and Q2. Since the start of the year, this survey has shown that residential property values have dropped by an average of 24%.
Conducted amongst IAVI members nationwide and based on sales activity, this survey shows that the moderation in the rate of decline was most marked in values of residential property in Dublin, which only declined by an average of 3.5% in the period, which is an improvement from an average drop of 7.7% for the previous quarter.
All other areas are following this trend: in Munster, values dropped by an average of 6.8%, an improvement from an average of 10.7% for the previous quarter. Meanwhile, in Leinster (including Cavan and Monaghan) and Connaught/Donegal, values decreased on average by 8.6% and 4.2%, an improvement from 9.6% and 7.4% in quarter two respectively.
The slowdown in the rate of decline in property values throughout the country and particularly in the greater Dublin area is seen as possibly one of the early signs of a degree of normality returning to the market.
ERA members nationwide report a general increase in activity with viewings and offers most prominent for the lower end of the market.
