Tuesday 19 September 2017

Plenty of options for first-time buyers

Houses in Dublin 6W
Houses in Dublin 6W

DUBLIN 6W

Terenure, Kimmage, Harolds Cross, Wainsfort, Templeogue.

Up 18%

One Year Forecast: Up 12%

Average Price: €425,000

Assessing Agent: Sherry FitzGerald

The Market:

The better end of 6W – particularly the Terenure side – has long been a cusp market for those who aspire to Dublin 6 but have been priced out. This was once Dublin 6 and the city's only lettered postcode famously came about when the area's residents rebelled en masse decades ago after being threatened with a D12 conversion by An Post. After staunch lobbying, a compromise arrangement was reached and most of the D6 area that had been earmarked for the change was instead provided with D6W (west) distinction. All of its residents – save for those former D6 residents in that chunk of Terenure situated west of the KCR – thus escaped a D12 conversion and held onto their zealously guarded "6".

As a cusp area D6W tends to surge ahead of norms when the market is on an up and similarly it crashes harder when it's on a downturn – some properties lost 40% here in 2010 alone.

Most of the differentials are explained by the housing stock itself rather than location. In Terenure, 1950s period houses are far more abundant than in its hinterland 6W, where former corporation houses are also a magnet for first-time buyers.

There are plenty of houses that could break €1m in this postcode but agents say they have yet to be put up for sale. Many houses built in the 1950s are executor sales and will need substantial remediation.

The market here has remained extremely tight – a three-bedroom, former corporation house guiding €375,000 for example, attracted over 120 viewings in a single hour. It sold quickly – for €425,000. The past twelve months have seen extremely strong price growth, making up much of the lost ground on other markets. This year prices are expected to add a percentage per month.

The Prices:

1-bed apartment:

Jan 2013: €123,000

Jan 2014: €145,000

Jan 2015: €162,000

2-bed apartment:

Jan 2013: €237,000

Jan 2014: €280,000

Jan 2015: €314,000

2-bed cottage:

Jan 2013: €220,000

Jan 2014: €260,000

Jan 2015: €291,000

Ex-corporation 2-bed:

Jan 2013: €233,000

Jan 2014: €275,000

Jan 2015: €308,000

Ex-corporation 3-bed:

Jan 2013: €305,000

Jan 2014: €360,000

Jan 2015: €403,000

3-bed townhouse:

Jan 2013: €267,000

Jan 2014: €315,000

Jan 2015: €353,000

3-bed duplex:

Jan 2013: €245,000

Jan 2014: €290,000

Jan 2015: €325,000

3-bed semi:

Jan 2013: €420,000

Jan 2014: €495,000

Jan 2015: €555,000

4-bed semi:

Jan 2013: €449,000

Jan 2014: €530,000

Jan 2015: €595,000

3-bed bungalow:

Jan 2013: €305,000

Jan 2014: €360,000

Jan 2015: €403,000

4-bed bungalow:

Jan 2013: €513,000

Jan 2014: €590,000

Jan 2015: €660,000

Irish Independent

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