Friday 20 September 2019

Dublin 9: Healthy appetite for homes that meet the five 'P's

Average price: €425,000
Areas: Drumcondra, Glasnevin, Santry, Beaumont, Whitehall
Up: + 14%
One Year Forecast: + 5%
Assessing Agent: Kelly Bradshaw Dalton

A very active 2014 for this north Dublin area with multiple bidders showing up for viewings of almost all property types, says Vincent Kelly of Kelly Bradshaw Dalton.

"It remained strong right up to the Christmas break, with one house on Church Avenue getting 13 viewings on the last Saturday.

24 Coolrua Drive, Beaumont, Dublin 9, sold in September 2014 for €405,000.
24 Coolrua Drive, Beaumont, Dublin 9, sold in September 2014 for €405,000.

"There's a strong appetite as long as the five 'P's are met: price, perception, promotion, place and product," says Kelly.

The Capital Gains Tax deadline accelerated interest in the apartment sector from investors, with good value along with a fixed exit strategy on offer in the seven-year term.

Dublin 9
House Types201420152016
3-bed semi, €380,000 €425,000 €446,000
4-bed Semi, €550,000 €625,000 €656,000
5-bed Semi, €650,000 €750,000 €788,000
3-bed Bungalow, €300,000 €350,000 €368,000
4-bed Bungalow, €340,000 €425,000 €446,000
1-Bed Apartment, €150,000 €180,000 €189,000
2-bed Apartment, €180,000 €200,000 €210,000
2up/2Down, €275,000 €300,000 €315,000
3-bed Terrace, €325,000 €375,000 €394,000
1-bed Cottage, €225,000 €250,000 €263,000
2-bed Cottage, €275,000 €300,000 €315,000
Ex-Corporation 2-bed, €210,000 €275,000 €289,000
Ex-Corporation 3-bed, €325,000 €350,000 €368,000
2-bed Townhouse, €225,000 €265,000 €278,000
3-bed Townhouse, €290,000 €400,000 €420,000
3-bed Mews, €315,000 €365,000 €383,000
3-bed Duplex, €275,000 €345,000 €362,000
Period 2/3 storey over basement, €550,000 €700,000 €735,000
"Large Detached own grounds", €1,150 €1,250 €1,312

Many were happy to get money out of low-yield bank deposits as compared with a 6pc to 10pc return on property in D9.

There was some 'gobbling up' of stock from foreign REITs and pension funds but Kelly argues this should be welcomed, solving, as it does, the lack of supply in the rental sector and "filling a gap".

GRIFFITH AVENUE: For choice of schools and colleges and so many family friendly amenities.
GRIFFITH AVENUE: For choice of schools and colleges and so many family friendly amenities.

In terms of new builds, Grace Park Road has seen development which was welcome, but Kelly says:

"Where there are chimney pots, people want to live - it's a community."

Student accommodation is always a strong rental component here for students at St Pat's and DCU, adding a vibrancy to the retail end of things with pubs, restaurants, laundrettes and even taxi firms benefiting after the summer hiatus.

Griffith Avenue, Home Farm Road and Glasnevin remain the area's strongest sellers for families. "Anywhere on or off Griffith Avenue sells well."

The older five-bed semi-detached is much sought after, with an average price of €750,000, although Kelly recalls one on Beresford fetching €800,000 last year.

Under-bidders on Iona Road and St Alphonsus Road in Glasnevin are refocusing on areas like Hollybank and St Columbana's Road, and condition and orientation of properties remains important.

For 2015, Kelly sees the first half holding on price with little growth as people see how the new 20pc deposit requirements settle and investors close out on CGT deals.

"I see a minor increase from the second quarter but we'll have to see.

"It could set the market back by nine months. I think 15pc deposits are more reasonable."

Cash is still responsible for a considerable number of sales, or at least far lower mortgages - reflecting the still hard-to-secure loans from banks.

Independent.ie Guide to House Prices in Ireland

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