Dublin 6W: Slight cooling but steady year predicted in D6W
Published 23/01/2016 | 02:30
The Central Bank's new regulations slowed everything down in D6W as transactions took much longer to complete and closing became a "nightmare", according to Neil Harper of Sherry Fitzgerald who estimates price increases at 8pc in the 12 months to date.
This was considerably less heated than the previous year's 13pc hike.
Harper expects to see further steady growth, with prices rising by an average of 5pc at the upper end of the market but with higher growth of around 7pc expected by him for cheaper properties.
Unlike many parts of the city, there is some new development coming on stream here. "There are lots of new homes coming on the market in Dublin 6W, and I expect these to be launched early in the year. Developers want to secure their first-time buyers, and want to get them early in the year while the banks have some flexibility in terms of mortgage arrangements before they use up their exemption quotas.
"We do see a pattern here in that 2015 slowed after the first few months of the year. So I don't see the developers waiting until March to launch."
Among the sites likely to kick-start this year are a long mothballed tract of land at Presentation Convent on Terenure Road West and a smaller site on Terenure Road North.
Dublin 6W continues to lure families with a choice of many good schools one of the major factors.
"We have Terenure College, Our Lady's, St Paul's and Presentation in the area, and that is a huge draw."
Traditionally, the Edwardian houses in Casimir and Sion Hill are the most sought-after, and remain popular, but Harper has seen a resurgence of interest in the more modern 1950s houses in Templeville. He says there are a lot of ex-pat buyers around, and recent announcements from PWC and other employers will only serve to enhance interest.
"We have lots of enquiries from the UK," he says, "because they are getting such great value from their sterling. When they left seven years ago it was a completely different story.
"There's good interest at the upper end of the market. A couple of properties in Terenure hit the €2m mark this year, which is an encouraging sign. It's been a long time since anything made that sort of money in D6W/Terenure."