Tuesday 25 July 2017

Dublin 8: 'Nearly every sale in the area has gone above asking price'

Redbrick home 5 Carlisle Street sold for €915,000
Redbrick home 5 Carlisle Street sold for €915,000

Prices have increased in D8 by a whopping 13pc on average through the last 12 months, with particularly favoured locales going even higher.

"Nearly every sale went above asking price. Supply was very tight, and there was huge demand. We did not have enough properties to sell. Dublin 8 is now one of the city's most popular post codes," says Eunan Doherty of DNG, who reports the market is "flying".

Doherty says that he had seven parties bidding on one particularly desirable property and says this sort of thing has made it a particularly tough year for prospective buyers here.

"Portobello has really taken off," he says, "and is seen as an alternative to Ranelagh and Rathmines."

The fact that some of Dublin's trendiest cafes and restaurants - including foodie favourite, Bastible - are situated in D8 doesn't hurt Portobello's standing as the 'new Ranelagh'.

First-time buyers who can't afford Portobello are instead being drawn to Inchicore and Kilmainham, while trader-uppers are looking at the SCR between Clanbrassil Street and Donore Avenue, where prices for redbrick period houses are significantly less than those for similar houses on the other side of Clanbrassil Street. Doherty reports that 100 people showed up for the first viewing of one redbrick house on the SCR, No 93, and that it eventually sold for €995k, €200k over the asking price.

"That house was beautiful, in turnkey condition, but it had no off-street parking. There is definitely a premium for houses in walk-in condition, but there is big demand for properties in need of work too, mainly from cash buyers looking to add value.

There is currently a phenomenal interest in Blackpitts and The Tenters, with the 1920s houses on roads such as Clarence Mangan, O'Donovan and O'Carolan particularly in demand.

For the year ahead, Doherty sees Inchicore and Kilmainham being among the best performing areas.

Not that he thinks prices in Portobello have peaked.

"Portobello is not as expensive as Dublin 2, 4, or 6," he says, "yet offers the same great quality of life."

Irish Independent


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