Dublin 22: Steady 4pc growth in Dublin 22
Published 23/01/2016 | 02:30
After an extra strong surge in prices through 2014 in which prices hiked by 15pc, D22 vendors were expecting way too much as we came into 2015.
"Expectation was so strong for 2015 that vendors were asking for far higher prices than the market could produce," says Paul O'Brien of PP O'Brien Swaine.
"After the definite growth that we saw in 2014, the Central Bank started to turn he screw a bit, trying to keep the market down. The mindset is that prices have fallen back now because of this. In fact the market is not that bad, but feels worse because expectations were so high in the first place." In fact O'Brien estimates that D22 prices moved up by a modest 4pc through the last 12 months.
With a shortage of stock, O'Brien saw growth mainly at the cheaper end.
"It's a very funny market," he says. "You will still get the odd house in very good condition, with all the bells and whistles, that will break a record. People will still pay out for the right house. It's all about kitchens and bathrooms.
"For the year ahead, there is still growth coming and quality will shine through. I'm predicting another year of 4pc growth, with the bulk of that coming at the beginning of the year.
"A lot of people that I'm talking to have deliberately held off until now to start looking. Infrastructural changes such as the new Central Bank rules take six months to settle. Then the market finds its level and moves again. It's a market that's still finding its feet.
"The spring market is always the busiest, and the autumn winter segment much slower now. It'll be busiest from February to June, and I expect to see more activity in the apartments. They were the first to take the hit and they have been the last to get a boost."