Houses and apartments being sold at auction are selling for an average of 60% less than their value at the peak of the property market.

Research by Central Bank economists on residential property auctions finds just over 400 houses and apartments have been sold at auctions over the past year.

The properties sold for a combined €52.6m. The average selling price of €173,000 was 60% lower than asking prices at the peak of the housing market.

The research, published in a letter entitled "Residential Property Auctions: What do they tell us?" found auction prices are also just over 20% below current asking prices as compiled by property website

The letter cautions that the sample size is relatively small. Just 400 residential properties were sold at auction last year while 14,000 residential mortgages were issued in total during the same period.