Saturday 15 December 2018

Dublin 3 (excluding Clontarf): D3 is still climbing

28 St Brigid’s Avenue, North Strand, sold last July for €372,500.
28 St Brigid’s Avenue, North Strand, sold last July for €372,500.

Demand well outstripped supply in D3 last year, with the value of properties in North Strand, East Wall and Marino showing strong growth. Proximity to the city centre and relative affordability compared to other parts of the city were just two of the factors underpinning price inflation.

Marino's popularity is enhanced by the convenient location close to good schools on Griffith Avenue, and also to the East Point Business Park. Local agents Conor Gallagher and Peter Quigley report that the ex-Corporation houses in Marino are consistently "the best-selling houses" and "an equivalent to Portobello in Dublin 8". Describing the old Corpo Marino stock as "bulletproof", the agents point out that they were selling well even back in 2011 at the worst point of the crash.

East Wall continues to offer some of the cheapest house prices on the Northside. The improvement of the area's amenities, with the recent openings of Lidl and Aldi, provides new centralised budget grocery shopping with plenty of underground parking. The presence of restaurants such as Il Sereno on Church Road have also helped draw people in. The red-brick houses on West Road are particularly sought-after.

Villa-style homes now make over €500,000 and pebble-dash houses with less kerb appeal on drabber streets are costing in the early to mid-€200s.

"For such a densely populated area, with five to six thousand houses, the lack of supply is disappointing," says Gallagher. "There just aren't enough on the market and the low turnover distorts values. What is needed is an increase in supply rather than value jumps of 10pc per annum, which are unsustainable. The problem is older people have nowhere to go and the probate system is so clogged that properties come to the market a year late. First registration is also slow and strangling the market. Buyers are understandably frustrated."

Gallagher says there is better turnover in Marino, where young professional families wanting more space are keen to trade up.

Quigley describes the North Strand as "a real mix", with good and bad roads. Attractive period houses on the main roads achieve the highest prices, with Leinster Avenue being most in demand. "North Strand has taken a while to catch on," says Gallagher, "but buyers are now seeing the value in the red-brick villas with good gardens that are far cheaper than their centrally located equivalents south of the river."

Irish Independent

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