Thursday 21 September 2017

Executor driven sales are pushing prices upwards

A property in Kimmage
A property in Kimmage

DUBLIN 12

Terenure, Perrystown, Kimmage, Sundrive, Crumlin, Greenhills, Walkinstown, Drimnagh, Naas Road.

Up 20%

One Year Forecast: Up 9%

Average price: €230,000

Assessing Agent: Castle Estates

The market:

Sales have regularly exceeded the asking prices for the first time in at least five years across the board in Dublin 12 where there is now an acute shortage of family homes. In fact there has been a sudden surge in prices in this cusp area – which includes parts of Terenure and Kimmage.

"We don't like it and we don't appreciate it," says Darren Darcy of Castle Estates.

"This sort of thing just isn't sustainable. While we're delighted that we're selling homes in numbers for the first time in years, the stock is tight and the prices are going crazy. We're also wondering what will happen when the banks start bringing repossessed homes to the market. Stability is what is ideal for everyone, not these sort of crazy price rises. When you're getting close to €200,000 for a house that cost just over €120,000 a year ago, you wonder whether this can be justified."

In 2012 a two-bed end terrace would typically have fetched €125,000; in 2013 they were running as high as €160,000 and by the end of the year had hit €185,000.

As with elsewhere in the city and across the country, cash buyers are out in force in every corner of the market. Distressed properties are beginning to appear but these are being soaked up on the open market and therefore are not depressing prices.

Many banks appear to be trying to persuade those in arrears to give up their homes voluntarily rather than going down the repossession route but others have been more aggressive.

"Many of these sales are really executor driven on houses that have been left vacant for years," said local agent Darren Darcy. "When you factor in insurance, power costs, property taxes and repairs many people decide it is actually better just to cut the ties." The rental market is also buoyant with bidding to lease a property.

The Prices:

1-bed apartment:

Jan 2013: €92,000

Jan 2014: €110,000

Jan 2015: €120,000

2-bed apartment:

Jan 2013: €116,000

Jan 2014: €140,000

Jan 2015: €153,000

3-bed terrace:

Jan 2013: €150,000

Jan 2014: €180,000

Jan 2015: €196,000

1-bed cottage:

Jan 2013: €133,000

Jan 2014: €160,000

Jan 2015: €174,000

2-bed cottage:

Jan 2013: €166,000

Jan 2014: €200,000

Jan 2015: €218,000

Ex-corporation 2-bed:

Jan 2013: €154,000

Jan 2014: €185,000

Jan 2015: €202,000

Ex-corporation 3-bed:

Jan 2013: €166,000

Jan 2014: €200,000

Jan 2015: €218,000

3-bed townhouse:

Jan 2013: €204,000

Jan 2014: €245,000

Jan 2015: €311,000

3-bed duplex:

Jan 2013: €200,000

Jan 2014: €240,000

Jan 2015: €262,000

3-bed semi:

Jan 2013: €200,000

Jan 2014: €300,000

Jan 2015: €327,000

4-bed semi:

Jan 2013: €292,000

Jan 2014: €350,000

Jan 2015: €382,000

3-bed bungalow:

Jan 2013: €320,000

Jan 2014: €385,000

Jan 2015: €420,000

4-bed bungalow:

Jan 2013: €346,000

Jan 2014: €415,000

Jan 2015: €452,000

5-bed detached:

Jan 2013: €458,000

Jan 2014: €550,000

Jan 2015: €600,000

Irish Independent

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