Saturday 21 September 2019

Dublin 13: Downsizing allows young families to get foot in door

Average Price: €400,000
Areas: Baldoyle, Sutton, Donaghmede, Clongriffin
Up: + 15%
One Year Forecast: + 10%
Assessing Agent: JB Kelly Property Team

There is a micro-market in Sutton compared to the rest of Dublin 13, so agents JB Kelly are anxious that it is understood a premium of at least 15pc applies here.

In addition, when it comes to larger family homes, four and five-bed detached properties, virtually all of them are located in the Sutton area, so that sees a much higher average price when compared to three and four-beds from elsewhere.

15 Drumnigh Wood, Portmarnock, Dublin 13, sold in November 2014 for €865,000.
15 Drumnigh Wood, Portmarnock, Dublin 13, sold in November 2014 for €865,000.

That said, it was a good year for growth overall with a 'huge' increase in business.

Supply and demand balanced reasonably well and added job security, and a growing economy saw banks more willing to lend and buyers better prepared to make a move.

Dublin 13
House Types201420152016
3-bed Semi,, €250,000 €320,000 €352,000
4-bed Semi,, €330,000 €420,000 €462 ,000
4-bed Detached,, €620,000 €700,000 €770,000
5-bed Detached,, €680,000 €770,000 €847,000
1-Bed Apartment,, €180,000 €185,000 €203,500
2-bed Apartment,, €220,000 €220,000 €242,000
Ex-corporation 3-bed,, €270,000 €275,000 €302,500
3-bed Townhouse,, €330,000 €360,000 €396,000

Mortgaged buyers accounted for 90pc of sales; the only cash sales coming from trader-downers who have sold off larger homes from Sutton, releasing them for younger families which is changing the demographic of the area.

"It's much better," says Joe Kelly.

SUTTON: Prices have dropped to affordable levels allowing younger couples with children back into the market in this always popular suburb.
SUTTON: Prices have dropped to affordable levels allowing younger couples with children back into the market in this always popular suburb.

There wasn't too much in the way of investor activity although there was an uplift in ex-pats returning to the market.

"They're buying at the top end to let initially for a few years before returning to live there themselves."

The effect on higher deposit demands this year would, in the agent's opinion, be a "disaster".

They are hopeful of them not going ahead without tempering and believe first-time buyers would be priced completely out of the market, particularly in the better areas.

"A three-bed for €350,000 looking for a €70,000 deposit would kill off the sale."

2015 is expected to be buoyant, notwithstanding this and the agent predicts "strong growth" of 10pc with family homes jumping in value the most, but not to last year's heights; they were evidencing a slow down in the pace of prices in the 'bread and butter' market of semi-detached family houses and see 5-7pc here with bigger houses getting more of a spurt.

Independent.ie Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

Irish Independent

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