Wednesday 26 July 2017

Dublin 9: No shortage of buyers as Dublin 9 surges by 6pc

19 Grace Park Heights in Drumcondra sold last year for €447,500.
19 Grace Park Heights in Drumcondra sold last year for €447,500.

A steady and somewhat lacklustre 2015 ended with a bang in Dublin 9 with a surge of buyer activity towards year's end. According to Vincent Kelly of Kelly Bradshaw Dalton, 17 parties showed up during a hurricane to view one house on the last Saturday before Christmas.

"We saw real recovery in the last couple of months of 2015. We had 11 properties on view and good numbers turning up for those. There is a steady demand now for correctly priced property in Dublin 9."

Kelly is anticipating a busy start to 2016, as purchasers seek to avail of the banks' quotas of mortgage exceptions.

"That quota ran out early in 2015, and I expect the same this year, so buyers who were deferred by the banks at the end of last year will want to get ahead of the posse in 2016. I think that we will see 7.5pc growth in the first quarter, and the return of the traditional spring market. If the banks can release more funds, there is no shortage of demand. Aside from this, I see growth in the year ahead being steady and mature rather than frantic."

Prices in Dublin 9 increased across the board last year by a steady 6pc, with Kelly noting that the only property type not in great demand was the three-bed duplex.

"The investors are gone en masse," he says, "and the investors were the ones fuelling the interest in those. For a private owner-occupier they are not attractive, because they don't suit families. They are really only suitable for young professional couples."

Two- and three-storey properties are "getting very scarce" says Kelly, and there is scant availability of detached houses on their own grounds as Dublin 9 is so densely populated.

New launches in the area include Sion Hill Park, where the properties are mainly three- and four-bedroom townhouses.

"That is a lovely scheme, and very conveniently located to hospitals and colleges. One of the things that we are noticing is that older people trading down to smaller houses and apartments and specifically wanting to be close to hospitals. There is always demand for family homes close to the third-level colleges, including St Pat's, Marino, Mater Dei and DCU."

The most negative note sounded by Kelly is in relation to length of time that it is taking to close transactions.

"It used to be an average of three months, and now it's four-and-a-half to five months. The whole process is taking much longer."

Irish Independent


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