Second-hand house prices up 4%: Sherry Fitzgerald
Estate agents Sherry FitzGerald say the average price of a second-hand property in Ireland rose 4% during the opening quarter of 2005.
This follows growth of 13.1% during 2004.
Inflation in the Dublin second-hand market was 5.1% for the first quarter, bringing the rate of increase to 17.8% for the 12 months to March, 2005. This compared to a total growth rate of 16.6% during 2004.
The pace of growth in Cork was more in line with the national average coming in at 3.8% for the quarter.
Sherry FitzGerald chief economist Marian Finnegan said: "After a very strong performance during 2004, early indications suggest that 2005 will be a very buoyant year for the Irish property market."
A preliminary analysis of a selection of bought properties revealed that first time buyers purchased an estimated 36% of all the second-hand properties traded and closed during the three-month period.
This compared to 33% during the same period in 2004 and perhaps reflects the impact of the amendment in the rates of stamp duty applicable to first time buyers in the second-hand market.
Investors were relatively active during the year to date with preliminary estimates suggesting that they purchased an estimated 19% of the second-hand properties traded and closed during the period. This compares to 21% during the same period in 2004.
