Wednesday 18 September 2019

Dublin 6: Amenities keep 'Three Rs' as desirable as ever

Average Price: €800,000
Areas: Rathgar, Ranelagh, Rathmines, Palmerston, Milltown, Sandford, Dartry,Terenure
Up: + 9%
One Year Forecast: + 9%
Assessing Agent: Douglas Newman Good

"Compact but not too cluttered with a great sprinkling of schools and shops," says Pat Mullery of Douglas Newman Good when asked about the continuing appeal of the "three R's", Ranelagh, Rathgar and Rathmines.

Attractions to these leafy and central locations also include the Luas, overall ease of access to the city centre, parks and cycle paths.

39 Mount Pleasant Square, Ranelagh, Dublin 6, sold in 2014 for €930,000.
39 Mount Pleasant Square, Ranelagh, Dublin 6, sold in 2014 for €930,000.

There has been strong price growth in the area during 2014 with increases of 25pc not unusual. Most property types saw a big gain, largely due to supply issues.

Among the schools that attract buyers are Alexandra College, Gonzaga, Sandford Park, St Mary's College and Muckross.

Dublin 6
House Types201420152016
3-bed Semi, €515,000 €575,000 €627,000
4-bed Semi, €550,000 €625,000 €681,000
5-bed Semi, €625,000 €675,000 €736,000
5-bed Detached, €1,000 €1,150 €1,253
3-bed Bungalow, €370,000 €440,000 €480,000
4-bed Bungalow, €400,000 €475,000 €518,000
1-Bed Apartment, €170,000 €210,000 €229,000
2-bed Apartment, €310,000 €350,000 €382,000
2up/2Down, €320,000 €380,000 €414,000
3-bed Terrace, €400,000 €470,000 €512,000
2-bed Cottage, €325,000 €365,000 €398,000
Ex-Corporation 2-bed, €300,000 €350,000 €382,000
Ex-Corporation 3-bed, €400,000 €450,000 €491,000
2-bed Townhouse, €325,000 €400,000 €436,000
3-bed Townhouse, €375,000 €450,000 €491,000
2-bed Mews, €350,000 €400,000 €436,000
3-bed Mews, €450,000 €520,000 €567,000
3-bed Duplex, €375,000 €450,000 €491,000
Period 2/3-storey over basement, €1,100 €1,300 €1,417
Detached House on Own grounds, €3,000 €3,750 €4,087

Mullery is cautious about the high growth figures experienced in Dublin 6 over the last twelve months and believes there has been something of an over-correction in the market during 2014. Because of this he now sees a cooling to single-digit growth for this year.

There has been a huge upward lift each year since 2011 as prices had, at that point contracted 'too far back', according to the agent.

TERENURE: For family and schools, it is always strong particularly with under-bidders from Dublin 6
TERENURE: For family and schools, it is always strong particularly with under-bidders from Dublin 6

He now reckons the D6 market is properly functioning.

One and two-bed apartments are better placed to sell if they have a good square footage and are in turnkey condition. Family homes with three and four beds have been getting particularly competitive bidding.

The more manageable Victorian and Edwardian brown and red bricks are primarily why people migrate to Dublin 6.

A two-storey over garden at 1,800sq ft sold for €930k during the year. "At this size it was not sprawling and €800,000-1,000,000 is a good average expectation now."

In the next bracket up, people look for even more space and prices over €1.5m depend largely on location with individual streets seeing a wide variation in price. Palmerston and Dartry are most expensive.

The CGT deadline showed some extra activity in the apartment market and for those houses priced under the €500,000 mark, which may show some capital growth over the next seven years along with strong rental yields.

The new rules on bedsits have seen many run down Pre '63s come to market in Dublin 6 with a likelihood of refurbishment and upgrading.

Independent.ie Guide to House Prices in Ireland

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