Wednesday 16 October 2019

Dublin 12: End of D12 drought brings more stock and softer prices soften

27 Greentrees Rd in Perrystown, Dublin 12 went for €620k in July. The property was sold by DNG Terenure
27 Greentrees Rd in Perrystown, Dublin 12 went for €620k in July. The property was sold by DNG Terenure

Home values in D12 are down 5pc on this time last year, with some types suffering more substantially on price. The postcode has an unusually diverse number of different property types.

A chronic shortage of homes for sale in 2017 continued into early 2018 and artificially inflated prices. But as properties started coming to market in numbers, prices reverted. Sinead Beggan of McGuirk Beggan reports six times more homes on their books than this time last year, and says supply has normalised. Year on year, three bed semis fell back slightly, four bed semis saw prices slip by 8pc and three bed bungalows (also hit by soaring refurb costs) took a 15pc nosedive. Smaller homes generally held up better in a postcode which includes vast numbers of three bed former Corpo homes in Crumlin and Drimnagh.

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While the first five months saw a "fairly aggressive" market. Come the start of June, it was a different story and activity quietened down considerably thanks to more stock, sunny weather and the drying up of mortgage exemptions.

"If your price isn't right, you won't sell. We have a lot of executor sales, and many of these properties require substantial work. Some of these have struggled.

"Generally the prices that were achievable pre-summer were not achievable at the end of the year." A bungalow needing refurb at Shelton Gardens came to the market before summer for €495,000, went under offer at €530,000. But both bidders fell away and it eventually sold for €440,000. Beggan sees the readjustment as a sign of a more sustainable market for 2019. With the supply drought relieved prices are likely to remain stable, "provided nothing drastic happens."

Irish Independent

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