Saturday 21 April 2018

Dublin 4: Those trading down will free up coveted homes in 2017

21 Merrion View Avenue, Ballsbridge; sold for €990,000 by Bennetts
21 Merrion View Avenue, Ballsbridge; sold for €990,000 by Bennetts

Three and four-bed family homes in Sandymount are perennially popular, and 2016 saw plenty of competitive bidding for these properties. Houses at the upper end of the market on Sydney Parade Avenue and Park Avenue also achieved good prices, with several in the €2.5m to €3m bracket either sold or sale agreed by the end of the year.

"It is rare enough to have a few of those big houses changing hands in one year," says Andrew Bradley of Sherry FitzGerald, "but there is a bit of a backlog in terms of those who held off selling during the recession and are only now ready to downsize. Overall we had good activity in Dublin 4 during 2016, although the last quarter was quieter than earlier periods in the year."

Bradley puts this down to a general pre-occupation with Brexit and the result of the US election.

This happens because a tranche of buyers at the top end here are returning from the UK and many are selling a property there to buy here. Weaker sterling has significantly reduced their spending powers.

He also reports plenty of interest in large period houses on Clyde and Wellington Roads in the €2.5m to €3.5m bracket, and himself concluded the sale of 51 Ailesbury Road, which had been on the market for the best part of a year, for €5.9m. "It's not uncommon at that price point for something to take a while to sell," he says.

At the lower end of the market, anything close to Google HQ is snapped up as soon as it goes on the market. "The two-up two-downs in Ringsend and Irishtown are selling within three weeks, and apartments in the Gasworks, even without parking, are flying. Rents are so strong in the area that investors are snapping up anything that's for sale as they know that they'll have no problem renting them out."

In terms of the year ahead, Bradley flags the long-anticipated new development at Lansdowne Place as one to watch.

There will be over 200 apartment units, but prices haven't been announced yet.

"I am cautiously optimistic about the year ahead," says Bradley. "Supply and demand is the big thing, but I am hoping that those who haven't had the courage to trade down yet will be encouraged to do so by how the market has performed this year and free up some stock."

Irish Independent

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