Wednesday 20 September 2017

Dublin 14: Supply shortage helps push up Dundrum prices

5 Princeton, Ardilea, Clonskeagh, fetched €1.42m last June
5 Princeton, Ardilea, Clonskeagh, fetched €1.42m last June

The housing stock in Dublin 14 mainly comprises mature residential estates built between the 1950s and 1980s. This area experienced a surge in demand through the boom years thanks largely to the impact of two incredibly important arrivals: the Luas, which cut travel times in the morning from a 90-minute traffic tailback to 20 minutes by rail, and Dundrum Town Centre, one of Ireland's biggest and most popular shopping, dining and cinema complexes.

However, much of the remaining land in the area was used up at that time to build apartments, and today new housing stock is few and far between - just little pockets of four to eight houses, according to local agent Cathal Macarthy. New developments planned for 2017 in Dublin 16, on the periphery of Dublin 14, will, he hopes, "loosen up supply in D14". Supply is a big problem here and prices are up 7pc in the last year as a result.

"People who live in the area - both trader-uppers and traders-down - are loath to leave, which causes a logjam when there is nowhere for them to move to.

"They want to be able to hop on the bus into town, and walk to the shops," says Macarthy. "If I had 50 two-bed townhouses, I'd be able to sell them in a week. All the downsizers want A-rated modern houses instead of the big, old houses in which they are rattling around. But they won't go further than a mile from where they live now."

Macarthy is seeing big demand for properties priced at between €300,000 and €450,000. Average three-bed semis are now priced at €480,000 - well above the Dublin norm.

"It doesn't matter where they are," says Macarthy. "At that price point, everything is moving." Further up the property ladder in this area, buyers were a little thinner on the ground in 2016. Convenience is the name of the game in Dublin 14, with properties close to Rathfarnham village, in the Butterfield and Crannagh areas, in particular demand.

Meanwhile in Churchtown, Landscape, Hillside and Wood-side are similarly sought after, as is Taney in Dundrum.

Irish Independent


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