Dublin 16: Bigger detached houses in hot demand in D16
Demand has been up and down in Dublin 16 and, in common with a lot of other postcodes, the first half of last year saw plenty of activity followed by a summer lull. But activity did not kick off again in September, as might have been expected. It wasn't until two months ago that things started moving again.
Local agent Carole Ross attributes this to the fact that fewer properties were coming on the market towards the end of the year, with buyers anxious to close deals before the new year - for fear that there would be nothing new coming to the market this month. By the end of the year, she says that she had just 22 properties left on her books, rather than the 30 to 40 of previous years.
The new White Pines development on Stocking Lane will come to market early this year, with up to 350 new homes, and this should also help take some steam out of the second-hand market. Although priced from €470,000, the three-, four- and five-beds are more likely to appeal to those trading up from smaller homes in the area than first-time buyers.
"I notice that a lot of buyers are obsessed with energy ratings," says Ross, "and that these purchasers are therefore most interested in new homes. If someone wants an older house, they have to accept that the energy rating won't be as good. Houses that are 20 years old can still have a C+ rating; they are still modern. But anything less than a D is quite disappointing and may put off potential purchasers."
But in contrast with other parts of Dublin, Ross says that there has been good demand in Dublin 16 for much bigger houses. "If a house has something special about it, there will be a lot of interest. Once people are established in the area, they don't want to leave. I saw lots of appetite for five-bedroom houses from people wanting to trade up from four-bedrooms semis. Woodstown is one of the estates always in demand and the larger detached houses have been making substantially over the asking price, with multiple bidders."
Ross expects continued growth in 2018, with most of the increases taking place in the early part of the year, "although changes in lending rules may hold back prices in the second-hand market".