The Central Bank's rules on mortgage lending have put the brakes on the market in D6W, and there are also fewer cash buyers about here than in the previous year. "The one- and two-bed cottages are particularly attractive to buyers," says Will Moore of Sherry Fitzgerald, who, despite the restrictions, still reports strong interest from first-time buyers, single professionals and traders-down.
"Convenience has become very important. Properties on a good bus route, handy for shops and close to town, were popular: many ended up in bidding situations. Cormac Terrace and Rathmore Villas, near the centre of Terenure village, are just two of the addresses that attracted lots of interest."
Cottages are popular with investors, as the rents in Dublin 6W are strong. Moore also saw some being bought by those who plan to trade down and rent out their larger home for a few years while the market continues to recover. Family homes in Templemore and Wainsfort, built in the 1950s and with large gardens, are always in demand. Moore cites a three-bed semi in Wainsfort that would have made €350,000-400,000 at the bottom of the market having now recovered to €500-550k. "Schools are a big draw in Dublin 6W," says Moore. "People who grew up in the area want to go back . New A-rated townhouses are sought after by young couples and traders-down alike. The Central Bank changes meant there was less money available for refurbishment, but I think people are taking a five-year view and will do whatever work needs to be done over time. The old Guinness-built houses in Mount Tallant, Corrib Road, Melvin Road and Derravaragh, on the border of Terenure and Kimmage, and some of the ex-Corporation housing stock are very popular.
"People with a €50-60,000 deposit looking at houses in the €500-600k bracket until the bank rules changed are now looking at properties in the €425-450k range. They don't want to compromise on location; instead they are looking at houses where there's room to extend in a few years' time."
Prices vary hugely within 6W. "A semi in Templeogue might be only €400k, while on Parkmore Drive in Terenure the same house could be €650k. A four-bed detached house in Cypress Downs might cost €650-800k, but in Rathdown it could make €1.25m needing work. Bungalows in Rathdown are very sought after because they have large gardens, as are the apartments in Bushy Park House."
Moore is predicting growth averaging 5pc over the course of 2017, and higher in areas such as Templeville, Wainsfort, Orwell, Priory and Larksfield. The other area he expects to see growth is Harold's Cross. "As Portobello has become so expensive, we are seeing a lot of interest in Harold's Cross, in Casimir and Westfield Roads. There have also been strong results on the Lower Kimmage Road, where you'll find the same kind of house you would in Ranelagh, a period redbrick, for much less."