Dublin 14: D14 house prices hitting 80pc of their 2007 peak
Bungalows, largely constructed from the 1930s through to the 1950s, have been seeing some of the biggest price jumps in the D14 postcode, thanks to high demand and scarcity to market. The price of an average three-bedroom bungalow has jumped from €550,000 to €625,000 over the past 12 months. These were sold mainly to older people down- sizing from much larger houses in the area and wanting to stay close to friends and neighbours.
The last 12 months have seen a handful of small infill developments coming onto the market, but there was no significant number of new homes available. Developments further out in Dublin 16 attracted some purchasers who might otherwise have been looking closer to old Rathfarnham but could find nothing within their budget. "Money seems easier to come by," says local agent Cathal McCarthy, "and I noticed that the banks were more inclined to extend loan approvals from three or six months to 12 months, without making people jump through all the hoops again. There were still a good few investors and cash purchasers around, but not as many as in previous years."
McCarthy says that values in Dublin 14 are currently standing at about 70/80pc of their 2007 peak. But because of the shortage of new homes in Dublin 14, it is not as much of a first-time buyer market as other parts of Dublin.
"Because the banks will not lend for refurbishment, first-time buyers are largely restricted to new homes or those in turnkey condition. And many of the latter are simply beyond their budget."
Among the most popular parts of Dublin 14 are the 1930s estates of Riverside and Woodside, near the Castle Golf Club, over towards Churchtown. The convenience of shops (Dundrum Town Centre) and schools, and gardens that average 80-120ft, ensure these are in demand year after year.
Elsewhere in Dublin 14, the former Corporation houses in Nutgrove and Loreto are also in demand, particularly if they have been refurbished and extended.
However, not all boats were floating so high - McCarthy points out that buyers have been "thin on the ground" at the very top end in this location.