Tuesday 16 January 2018

Dublin 12: Buyers must go well above 'asking'

'Chimewood', 105 Whitehall Road, Terenure, sold for €750,000
'Chimewood', 105 Whitehall Road, Terenure, sold for €750,000

Our expert on the ground reports a disparity between buyer expectations in Dublin 12 and the true market values of homes on offer - as evidenced by the huge numbers of viewers turning up at showings only to be put off by bidding. "Most first viewings have been attracting 30-100 people; there were 200 at one showing," says Adrian Murphy of Murphy Mullan, who reports a "very strong" year for prices in D12.

"We saw three to seven bidders on most properties we brought to the market in 2016 at first-time-buyer level. Anyone coming to view was loan-approved and arrived with their financing in place, ready to bid. But what they hadn't done was their research on prices: they were not expecting prices to go as far above the asking price as they did. They needed to factor in 10pc above asking; if they didn't, then they were looking outside their price range."

This soon got emotional. The area has a lot of buyers who grew up there and half of them are now getting family help. "Call it a dig-out or an early inheritance - I often had six people ringing me about one property, to find out what was going on. Because parents are helping, they have a say."

Murphy, himself "born and bred" in Perrystown, describes the housing stock in D12 as rock solid, mainly built in the '30s and '40s to accommodate those moving out from the inner city. He has a special fondness for Perrystown itself - "a little haven as good as anywhere in Dublin".

"Dublin 12 is popular because of its proximity to the city centre," he says. "Since the mid-1990s, there has been a constant supply of houses onto the market, but now people who have returned from Canada and Australia are looking to buy. That's what's driving the increase in prices."

Murphy says Crumlin has now become a D12 hotspot. "People who would have previously turned their noses up at Crumlin are realising it is relatively affordable. Houses that made €170-190k a year ago are now selling for €230-235k." The cheapest house in D12 in 2016 sold for €186k at the beginning of the year; by the end of the year you wouldn't have been able to find anything under €200k."

Murphy also identifies parts of Walkinstown, particularly Cherryfield and Beechfield, as areas in high demand. Also, often forgotten is the lower-priced west end of Terenure around Whitehall Road, where average semis sell for €70k less than their identical counterparts over the road in Dublin 6W.

Irish Independent

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