House prices continue to tumble across city and county

House prices in Galway continue to tumble in both the city and county, according to two reports issued this week.

The reports by Daft.ie and Myhome.ie both reveal that asking prices for property in Galway continues to fall and houses here are now worth less than half of the asking prices when the property market was at its peak.

The Daft.ie report noted that between March and June of this year, quarter two, house prices in Galway city fell by 3.4%, which is a far greater fall than Dublin, Waterford and Cork where prices have “stabilised”, according to the research.

The report indicates that the average price of a house in Galway City today is €184, 272, a reduction of 3.4% on the previous three months and an annual reduction of 14.3% compared with the same period last year.

Asking prices are now 53.4% lower on average compared with the peak asking prices during the country’s property bubble.

The same pattern is emerging in County Galway where asking prices are 53.9% lower than at the peak.

The average asking price for a home in the county is €142,013, down a whopping 8.5% in the three months up to the end of June and down 14.3% compared with the same quarter last year.

The following are the average asking prices for various properties in Galway City, according to Daft.ie: €78,000 for a one-bed; €133,000 for a two-bed; €164, 000 for a three-bed; €220,000 for a four-bed; and €309,000 for a five-bed.

In the County, average asking prices are: €54,000 for a one-bed; €99,000 for a two-bed; €135,000 for a three-bed; €180,000 for a four-bed; and €228,000 for a five-bed.

See full story in this week's Connacht Tribune.