Dublin 12: Perrystown the new star performer in D12
Published 23/01/2016 | 02:30
The most active market in Dublin 12 at the moment is for ex-corporation stock in an area which includes the big estates of Crumlin and Drimnagh.
"Prices range from about €175,000 for a house in original condition, to something in the region of €290,000 for a house in very good condition that's been extended," says Johnnie Mullan of Murphy Mullan. "We are seeing some phenomenal money paid in Crumlin in particular. There is very little difference in price between two- and three-beds, as the square footage is the same but the layout is different. The price is usually based on condition."
Despite turning in an estimate of 8pc increases on average for the year to date, Mullan says that his feeling is that the market is "fairly static" and that he notices that it is taking longer to sell a house now than it did a year ago - six to eight weeks, as opposed to two weeks.
"We are still getting a good, healthy price, but the 20pc deposit requirement took the steam out of it. We've noticed that there aren't as many people at viewings as there were a year ago, and that we have to do more viewings to get the buyers in.
"The market is incredibly price-sensitive. Last year we saw a lot of agents and vendors getting carried away, and the follow on from that was that we saw over-ambitious asking prices being reduced. My advice to a vendor is to price conservatively and it will get there if it's worth it. A 10k or 15k difference in price has a huge effect on the number of people who come to see a house."
Mullan says that the rental market is "a massive problem" and that rents are "exorbitant". He does not see the rent issue being resolved in the short term, or the new rules having any material impact.
In Dublin 12, starter homes in Drimnagh, Kimmage and Crumlin are perennially popular, and Perrystown much in demand for families.
"Perrystown is great value compared to other areas, when you consider its proximity to St Stephen's Green, the Luas and the M50. There is a great sense of community there, which isn't a given in other areas. There's a good mix of older and younger people too."
Hardest hit by the new bank lending regime is the higher end of this market - better parts of Walkinstown, Perrystown and the most western portion of Terenure, where some property types have experienced single percentage digit slippage through 2015 - although prices steadied by the end of the year.