The Irish Auctioneers & Valuers Institute (IAVI) residential property survey for quarter one of 2010, conducted amongst its members nationwide, suggests that levels of activity have picked up across the country. The majority of respondents surveyed nationally reported increases in instructions, enquiries, viewings and offers (see table). Importantly, the net balance of auctioneers reporting an increase rather than a decrease in ‘sales agreed’ nationally was +36% in Q1-2010 compared to -5% in Q4-2009.

In Dublin, the trend of increased activity levels reported in Q4 2009 has continued into Q1 2010 with a higher proportion of agents reporting an increase in activity levels. The net balance of auctioneers reporting an increase rather than a decrease in ‘sales agreed’ in Dublin was +47% in Q1-2010 compared to +15% in Q4-2009.

According to Simon Ensor of the IAVI Residential Panel and National Council, “Our members’ experience of an increase in activity levels nationwide is encouraging and we hope these results point to the first tentative steps towards a stabalisation in the market.”

“The fact that activity levels in Dublin have increased in two consecutive quarters is encouraging, albeit from low levels in 2009”, he said.

The survey results also suggest a relatively modest decline in property values in Q1, with the highest number of respondents reporting an average national decrease of between 2.6% and 5%. Most respondents also reported that there was ‘no change’ in average rents nationally in Q1 2010.

“We welcome this news and will continue to track market activity and values to provide our members and the public with the most up-to-date information on property values based on the experience of our members countrywide,” he said.

The survey results also suggest that the national average decrease in property values since the peak was 42%, with respondents reporting average declines of 45% in Dublin, 38% in Munster, 44% in Leinster and 41% in Connaught/Donegal, although there is a considerable variation across property type and location.

Looking at the sales cycle, the findings suggest that the national average for the time it takes to sell a property is 24 weeks. In Dublin, the average is 15 weeks, in Munster it is 26 weeks, in Leinster it is 29 weeks and in Connaught/Donegal it is reported as 31 weeks.

When asked if they expected the volume of sales activity at their office to be higher, unchanged or lower in 12 months, 72% of all respondents reported that they expected it to be higher.