Monday 24 June 2019

Dublin 13: Up and down year in D13 sees prices landing a 4pc increase

98 Dublin Road in Sutton was sold for €775k in February by Sherry Fitz Sutton
98 Dublin Road in Sutton was sold for €775k in February by Sherry Fitz Sutton

The early months of the year saw price gains by as much as 15pc in D13, but by year's end most of that had been shed again. The average gain on last year is 4pc, though some home types have suffered a drop in value overall.

Local agent Dave Kelly says that the expansion of Clongriffin into Parkside took some first-time buyers out of the market for second-hand homes.

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"It used to be that you'd go for the worst house on the best street, but now it seems to be the other way around," he says. "First-time buyers sometimes go for finish over location, because they don't want to do any graft, but the savvy ones were going for the second-hand homes in mature estates close to shops and schools. Second-timers know the difference; they don't want to be 2km away from services and they don't make that choice a second time."

Mr Kelly reports strong demand for good 1950s detached bungalows with high ceilings and large gardens, which jumped in value in 2018, as did ex-corporation three-bedroom houses located in good, stable areas. Apartments went up in value, unless the location was poor or they were located on the ground floor.

"Investors were yield-driven in 2018, and their cut-off point was around €300,000 to €320,000," says Kelly.

As for the upper end of the market, Kelly says that there are still transactions at the million-plus level, but that properties have to be 'magazine ready' to achieve those prices, and that the banks are lending on the basis of the value of a property as it stands and not for renovation. Around half of upper-end properties sold to ex-pats working in the financial sector who were returning to work in Ireland.

"Decisions in relation to Brexit relocations were made early in the year," Kelly reports, "whereas later in the year we saw purchases by tax residents of other countries, currently living in the UK, who plan to commute from to London." More of the same expected for 2019.

Irish Independent

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