Friday 20 September 2019

Dublin 24: Family ties to keep D24 sales bubbling

Average Price: €255,000
Areas:
Tallaght, Ballycullen, Firhouse, Jobstown, Old Bawn, Kilnamanagh, Citywest
Up: + 16%
One Year Forecast: + 9%
Assessing Agent: Douglas Newman Good

There was a strong uplift in Dublin 24 in the first six months of 2014 but since then the market has calmed says DNG's Marc Browne of a market which had seen values surge by 20pc in the previous year.

There were a lot of investors active at the lower end of the market and apartments sales were strong across the postcode.

33 The Park, Millbrook Lawns, Tallaght, Dublin 24, sold in May 2014 for €160,000 and again in September 2014 for €193,000, an increase of 20%.
33 The Park, Millbrook Lawns, Tallaght, Dublin 24, sold in May 2014 for €160,000 and again in September 2014 for €193,000, an increase of 20%.

First-time buyers also competed. A new scheme launch at Elder Health helped with supply and 13 units went sale agreed on the first day showing some evidence of the demand at this level for family homes and starter homes.

The rest of the development sold out quickly.

Dublin 24
House Types201420152016
3-bed Semi, €235,000 €270,000 €300,000
4-bed Semi, €300,000 €320,000 €350,000
4-bed Detached, €360,000 €400,000 €440,000
3-bed Bungalow, €225,000 €260,000 €285,000
1-Bed Apartment, €80,000 €100,000 €110,000
2-bed Apartment, €110,000 €140,000 €155,000
2up/2 down, €140,000 €190,000 €210,000
3-bed Terrace, €180,000 €205,000 €225,000
Ex-corporation 2-bed , €80,000 €100,000 €110,000
Ex-corporation 3-bed, €100,000 €130,000 €145,000
2-bed Townhouse, €140,000 €190,000 €210,000
3-bed Townhouse, €160,000 €185,000 €205,000
3-bed Duplex, €150,000 €200,000 €220,000
"Detached 2,000+ sq ft", €530,000 €575,000 €630,000
Bungalow acre, €315,000 €365,000 €400,000
Bungalow � acre +, €360,000 €410,000 €450,000

While there were plenty of cash buyers up to €150,000 in the first half of last year, since then, the owner occupiers have dominated.

At this point buyers are split 70/30 in favour of the latter group even despite a spurt in December to avail of the Capital Gains Tax deadline "There was a bit of a rush to close," said Browne.

FIRHOUSE ON THE KNOCKLYON BORDER: Prices jump in this schools' catchment. The area borders Dublin 16 and its homes are perfect for families.
FIRHOUSE ON THE KNOCKLYON BORDER: Prices jump in this schools' catchment. The area borders Dublin 16 and its homes are perfect for families.

He is not optimistic if the Central Bank's 20pc deposits are implemented in full. "It would undo the ability of many first-time buyers to purchase here."

Because of this, he sees the opening of 2015 fraught with uncertainties and says it's difficult to predict where the market will go, although he suggests high single digits - perhaps 9pc overall.

"There has been a definite slowdown in the acceleration of growth towards year end in the last quarter.

"There are still lots of buyers out there and we have locals who are very loyal to the area and their family ties here.

"In places like Kilnamanagh and Old Bawn, people like to buy where they grew up and you'll see the same groups of buyers showing up at viewings. Schools, transport links and community facilities are what they want."

Jobstown, in contrast, sees more buy-to-let activity with investors still seeing opportunities here.

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