Residential Property Auctions: What do they tell us?
This letter analyses results from residential property auctions conducted over the last eighteen months. At present, where there is considerable uncertainty surrounding the property market and transaction activity has declined, auctions can provide some transparency to the market. The limitation of the auction data, however, is the small sample size which means caution should be used in generalising widely from the results. The analysis indicates that properties sold at auction do so at a discount to the current market asking price and, on average, at a level over 65 per cent below peak prices. Additionally, rental yields achieved on the properties sold are above current market yields and at levels similar to those seen in the mid-1990s. The analysis also suggests that conditions differ across segments of the market as Dublin properties on average sold for smaller discounts relative to peak and current asking prices than properties outside of Dublin.
|Date of creation:||Oct 2012|
|Date of revision:|
|Contact details of provider:|| Postal: P.O. Box No. 559, Dame Street, Dublin 2|
Phone: (01) 671 6666
Fax: (01) 671 6561
Web page: http://www.centralbank.ie
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:cbi:ecolet:10/el/12. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fiona Farrelly)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.