Tuesday 24 April 2018

Asking price for three-bed home in 'golden triangle' soars by €100k in just one week

Asking price for Mount Merrion house rose by €100,000 in seven days
Asking price for Mount Merrion house rose by €100,000 in seven days
House on Gracepark Road, Drumcondra went for well over guideprice
Click to see a bigger version of the graphic

A THREE-BEDROOM house in Dublin's "golden triangle" which needs to be "gutted" leapt in asking price by €100,000 in less than a week, the Irish Independent has learnt.

Number 8 Mather Road in Mount Merrion was put on the market early this month for €445,000 but after just two viewings auctioneer Owen Reilly put up the price by €100,000 to €545,000.

And the price keeps rising.

The latest offer on the property is around €625,000, the estate agent confirmed.

"We thought carefully before raising the price. Very quickly before the first and second viewing we had offers of €545,000 in.

"We didn't want people coming to a viewing where the first thing we would tell them was that the property was now €100,000 dearer.

"We didn't want people turning up on a fool's errand," he added.

"I think people appreciated it," Mr Reilly said.

"This house needs to be completely gutted. But it is in a very sought after area, a great neighbourhood and has a big garden.

"But it does need a lot of work," he added.

An acute shortage of family homes for sale in prized areas of Dublin is one of the reasons why prices have leapt in the capital by 15pc over the last year.

Queues of potential viewers are now attending open viewings -- a phenomenon not seen since the heady days of the property boom.

Up to 40pc of all sales of houses in the Dublin area are now executor sales -- houses sold after the owner has died.

One house at Home Farm Road in Glasnevin attracted 111 potential buyers this summer. And a four-bedroom house at Gracepark Road in Drumcondra, which had 72 separate viewings was sold for €540,000 -- well above the guide price of €525,000.

Another property, a mid-terrace three-bedroom home at 12 Walsh Road, which 82 parties viewed, was sold for €390,000.

Again that was substantially over the best pre-sale estimate of €359,000.

Two "golden triangles" north and south of the Liffey are particularly hot, though other areas remain sluggish.

On the northside, the area stretching from Glasnevin to Drumcondra and down to Marino and Clontarf is buoyant.

South of the river, Dublin 4 including Sandymount, Ballsbridge, Donnybrook, Ringsend and Irishtown; and Dublin 6, including Milltown, Ranelagh, Rathmines and Rathgar; and stretching west to Harold's Cross, Templeogue, and Terenure, are in high demand.

Auctioneer Vincent Kelly of Kelly Bradshaw Dalton based on the northside says that 26pc of all properties they put on the market in the last 11 months were probate sales.

Jerome Reilly

Irish Independent

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