First-time buyers accounted for less than half of all new house purchases last year, a survey by Sherry FitzGerald auctioneers shows.
Its review and outlook of the residential market in 2003 shows 48 per cent of all transactions involved first-time buyers. This compares with 54 per cent in 2002.
Investor demand was robust last year, accounting for 28 per cent of the purchases of new properties. This compares with 25 per cent in 2002.
The report says Ireland's property market shows signs that it has "weathered the storm created by the Celtic Tiger boom" and that there is an indication the market is moving towards equilibrium.
This year, it is anticipated, further stabilisation will take place in the market with Sherry FitzGerald forecasting an over all house price increase of 8 - 10 per cent.
"This trend of stabilisation should continue into 2005 and beyond, which is positive news for all participants in the market," the report said.
"That said, the Government's announcement of its intention to decentralise Government departments may cause some divergence from this trend in some locations until such time as the associated increased demand for property is facilitated by increased construction activity."
