Dublin 24: Ups and downs in D24 with overall value hike
Dublin 24 is still affordable compared to many other Dublin postcodes and prices are up 8pc across different property types as a result. The bulk of this increase in value occurred in the first half of 2018.
"We had a very strong first quarter with lots of transactions and strong prices," reports local agent Marc Browne. "Q2 was okay, but the market stagnated in the third quarter. October and November were our busiest months. It was a funny year, and the second half was definitely more challenging."
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Browne says that prices fell back slightly on higher-priced properties in the second half of the year, and the market for entry-level properties stagnated. Viewing numbers were noticeably down.
Buyers in Dublin 24 are seeking out three-bedroom semi-detached homes built in older 1970s estates, and newer four-bedroom homes in areas such as Kingswood, Ballycullen and CityWest. New developments in Dublin 24 are impacting the price of second-hand homes, leading to some readjustment of prices in pockets of the postcode. Affordable new three-bedroom homes were to be found in Elder Heath, Temple Woods, Dodderbrook and Ballycullen Green.
Two-bedroom apartments in Dublin 24 sold for prices ranging between €175,000 and €272,000. Apartments in Belgard Square were in particular demand. Built in 2006/7, these are considered spacious and achieved strong prices, the majority going to owner-occupiers in receiver sales of Section 23 properties. It is cheaper for owner-occupiers to buy than it is to rent, if they can secure a mortgage. There have not been too many sales to investors in Dublin 24 since the introduction of rent caps and Browne notes that many small private landlords are now getting out of the sector altogether.
"We are now selling for landlords as opposed to selling to landlords," he says.
The price of detached houses fell back in the latter part of 2018, which Browne attributes to the fact that buyers prefer to be close to amenities and public transport, particularly the LUAS. Detached properties tend to be in a country setting and further away from these. Browne notes that these properties are also less attractive to buyers because they require more maintenance - for which banks often won't lend.
Our expert predicts an exemptions bounce in Q1 and expects values to increase by an average of 4pc over the coming year.