Friday 20 September 2019

Dublin 8: Get in while the going is good in established area

Average Price: €400,000
Areas: Portobello, South Circular, Christchurch, The Liberties, Clanbrassil, Blackpitts, Inchicore, Kilmainham, Rialto, Dolphin's Barn
Up: + 25%
One Year Forecast: + 12%
Assessing Agent: Douglas Newman Good

It has been a strong year for price growth in Dublin 8, appealing as it does to a wide variety of buyers.

2014 saw increases across the board according to DNG's Eunan Doherty with the western section (Inchicore, Kilmainham, The Liberties and Rialto) appealing more to first-time buyers due to the fact that you can get a well presented three-bedroom house in an established estate with easy access to the city centre for under €300,000 - a difficult feat anywhere else in this postcode.

20 Grand Canal Court, Herberton Road, Rialto, sold in April 2014 for €140,000 and again in September 2014 for €182,000.
20 Grand Canal Court, Herberton Road, Rialto, sold in April 2014 for €140,000 and again in September 2014 for €182,000.
Potrobello Harbour in Dublin 8

The Christchurch area is one of the most popular locations among investors due to its central location and attractive yields.

A two-bed apartment selling for €220,000 can bring in €1,200 p.m. which, when coupled with the Capital Gains Tax exemption still available until the end of last year, meant these were snapped up as soon as they came on the market with competitive bidding.

Dublin 8
House Types201420152016
3-bed Semi, €250,000 €360,000 €390,000
4-bed Semi, €400,000 €450,000 €500,000
4-bed Detached, €420,000 €500,000 €575,000
5-bed Detached, €500,000 €600,000 €675,000
1-Bed Apartment, €140,000 €165,000 €180,000
2-bed Apartment, €170,000 €220,000 €245,000
2up/2Down, €200,000 €245,000 €275,000
3-bed Terrace, €350,000 €425,000 €475,000
1-bed Cottage, €115,000 €145,000 €165,000
2-bed Cottage, €150,000 €180,000 €220,000
Ex-Corporation 2-bed, €160,000 €200,000 €230,000
Ex-Corporation 3-bed, €220,000 €265,000 €295,000
2-bed Townhouse, €225,000 €275,000 €315,000
3-bed Townhouse, €280,000 €350,000 €375,000
2-bed Mews, €425,000 €475,000 €550,000
3-bed Mews, €475,000 €550,000 €600,000
2/3 storey over basement, €600,000 €700,000 €775,000
"4/5 storey over basement", €750,000 €900,000 €1,000

One of the strongest performing markets here is Portobello and along the South Circular Road.

Cash buyers are still very much in evidence with up to 50pc of sales going in this direction.

PORTOBELLO: Recently named Dublin's
PORTOBELLO: Recently named Dublin's "coolest" location with trendy restaurants and cafes five mins from Stephen's Green

In 2014, more than previously, vendors were prepared to deal on an equal basis with mortgaged buyers, knowing that prudent underwriting by banks meant that Approval in Principle was a better indicator that sales would close.

Banks are notoriously challenging when lending on properties that need a lot of work, but Doherty says that those turning up for viewings had this sorted, in the main.

Over near St. James' Hospital there was added activity, given its selection for the new Children's Hospital campus.

The Luas line attracted also and developments like Mount Brown were very competitive.

"It's a huge draw for buy to lets and rental yields can only increase when the hospital comes on board," says Doherty.

For 2015 he sees steady growth of 10-15pc. "There's lots going on and much appeal still here".

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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