Monday 18 June 2018

Dublin 12: In D12, 'There are no bargains out there'

25 Windmill Road, Crumlin, sold twice last year — in April for €225,000 and again in December for €350,000
25 Windmill Road, Crumlin, sold twice last year — in April for €225,000 and again in December for €350,000

The relative proximity of Dublin 12 to the city centre makes it a popular choice for first-time buyers who want to get a foot on the property ladder without giving up a city lifestyle. Prices in the postcode - which encompasses Drimnagh, Crumlin, Perrystown, Walkinstown, Greenhills and parts of Terenure - rose by an average of 10pc in 2017.

Local agent Adrian Murphy says he sees no sign of any slowdown and predicts that prices will continue to increase by between 8pc and 10pc annually for the next five years, driven by an ongoing lack of supply and increase in demand. The highest increases are expected for the most popular parts of Perrystown and Walkinstown. He expects the bulk of the price increase for 2018 to happen in the spring, and for prices to level off then. He also predicts that prices in Dublin 12, which are currently 30pc off-peak, are likely to 2007 levels again before another cyclical drop-off in values occurs.

Murphy says that property in Crumlin - which has largely former Corpo stock as well as mid-century semis and detached homes - did better than expected last year. Prices on lesser roads that might previously have been undervalued have been showing the most substantial increases - to the extent that they have now almost reached parity with those on Crumlin's better roads.

"Prices increased in the first two quarters of last year, and then in the third quarter there was a blip and some deals fell through. The overachievement of prices in the first half of the year led to the expectations of vendors growing unrealistically. Prices struggled for a month or two. But in the last quarter of the year, we saw houses where sales had fallen through go sale agreed - and for prices that were higher than had been agreed for them earlier in the year: 2017 finished very strongly."

Murphy says that many would-be buyers are frustrated by the bidding-up of prices that has been evident over the past year. "If they have €300,000 to spend, then they should be looking at properties priced at €270,000, to allow for the 10pc bidding-up that is happening across the board. There are no bargains out there. We see buyers who are so frustrated that they are bidding on multiple properties - rather than focusing on one - and losing out on all of them."

Irish Independent

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