WE WERE interested to hear that Goodbody Stockbrokers says house prices have fallen 68 per cent from the peak, which we believe is much nearer the mark than other recent reports, including the CSO’s residential property index, which put it at 48 per cent.

This figure is based on prices achieved at Allsop Space auctions and while it’s only a sector of the market, it gives a good indication of what people are willing to pay for property in the current market, in the absence of a property price register.

And 68 must be the magic number this week: we’ve just heard from estate agent Bobby Geraghty who says that number 39a Johnstown Park, Dún Laoghaire, Co Dublin, sold under the hammer last week for €310,000. The AMV was €185,000 – and it sold for 68 per cent above that.

There seems to be a bit of activity in the market at the moment, with agents reporting near-stampedes at open viewings. Frank Conway of moneycoach.iesays he has seen 20 per cent more mortgage applications compared to this time last year. "But, what is different this year is more applicants have a greater 'stick' factor.

“In other words, they seem to be much more serious about buying than last year, lots of applications were tyre kicking but we really have to wait for this all to work its way through to actual mortgage completions.”