Saturday 24 February 2018

Dublin 18: Sales slowing at top end of upper-crust D18 market

‘Greenwood’, Brighton Road, Foxrock, was sold last July for €1.44m
‘Greenwood’, Brighton Road, Foxrock, was sold last July for €1.44m

The top end of the upper-crust D18 market, which includes Foxrock, has been a bit sticky of late. While houses in the €1m-plus bracket have done "relatively well", there have been much fewer transactions taking place over €2m. A number of larger properties along Brighton Road have lingered on the market for some time. Of those that did sell in 2017, the majority went to developers rather than owner-occupiers.

In contrast, the market for properties priced under €500,000 is buoyant in this postcode, with plenty of active buyers. Three- and four-bedroom semi-detached family homes are particularly in demand.

In the middle market - properties priced between €500,000 and €750,000 - local agent Serena Maguire says that some potential buyers are putting off placing their own homes on the market for fear of not being able to find anything to move to, which has had a knock-on effect.

All that said, Maguire still reports an average increase in property values of 8pc during 2017, with prices below €500,000 showing a higher rate of increase, and those over €1m a lower rate of inflation.

The Brighton Wood development launched late in 2017, with the release of 20 units, and at this point there are just a few of the smaller four- and five-bedroom semi-detached properties left for sale. "The development was very much anticipated in Foxrock," says Maguire, "and generated great buzz. The buyers were a mix of first-time buyers, expats planning to return in the future, and some traders-down. There will be a further launch in the spring."

Bungalows are in demand with buyers trading down from larger detached houses in the area. One example on Hainault Road that went on the market asking €595,000 ended up selling for €950,00, despite having only a small garden and needing lots of work.

In common with the experience in other parts of Dublin, the first half of last year was very busy, with the majority of sales taking place in the first six months of the year.

"The banks use up all their mortgage exceptions at the beginning of the year," says Maguire. "It puts strength in the market for the first six months and makes the back-end of the year much slower."

Dublin 18 is a diverse postcode, with prices in Foxrock, for instance, considerably higher than in Stepaside. A two-bedroom apartment in Stepaside might be priced at around €300,000, whereas one in Foxrock could cost €500,000 more.

The largest sites in Dublin 18 tend to be located around Rathmichael, but Maguire says that there is not a huge amount of interest in houses on six or seven acres at the moment - other than from people who want to keep horses.

Irish Independent

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