Tuesday 22 August 2017

Dublin 22: Dearer but Corpos still a steal

23 St Patrick's Park, Clondalkin, sold for €355,000 last August
23 St Patrick's Park, Clondalkin, sold for €355,000 last August

Dublin 22 was another location in which shortages had worsened in 2016 - agent Paul O'Brien of Property Partners O'Brien Swaine estimated that transactions were down by 5pc compared with the previous year. As a result, prices are up by 8pc. An average three-bed semi now stands at €250,000.

"There was less for sale, less being sold, and less rental property available," says O'Brien. "But demand was stronger than ever, and the latest set of Central Bank changes just added more fuel to the fire.

"By the end of last year, there was the making of a perfect storm - little stock and multiple bidders."

Even so, O'Brien remains concerned that restrictions on rents and other tenant-centred initiatives may lead to a reduction in investor interest in the market in Dublin 22.

O'Brien foresees no slowdown in growth in 2017. "I valued one particular property for a bank at the start of 2016 at €250,000, and by the end of the year it was revalued at over €300,000. Houses in that particular estate are now routinely making between five and 10pc over the asking price.

"There is a strong conveyor belt of buyers, and prices will continue to rise, even though some bank valuers are nervous about the prices now being achieved.

"With employment good and interest rates low, there is nothing to stand in the way of further growth. The prices for ex-Corporation houses had fallen through the floor, and they were the last to come back, but they are coming back now."

That said, an ex-Corporation two-bed home can be purchased for €155,000 and the average three-bed ex-Corpo for €170,000 - making them among the cheapest family homes in Dublin.

Irish Independent


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