Dublin 6W: Turnkey properties move fast in Dublin 6W
In Dublin 6W, the first-time buyers were out in force for the first six months of last year, in an immediate reaction to the Central Bank's changes to the deposit requirements, pursuing properties ranging from €350,000 to €500,000.
By way of example, two-up two-down properties in Mount Tallant, Terenure, that had been making in the mid to late 300s 12 months previously were achieving in the mid-400s by the middle of the year.
Harold's Cross continues to be popular, with houses in the over-€500,000 bracket on roads such as Clareville Road regularly exceeding their asking prices. These houses are being bought by trader-uppers from smaller houses in the area, those moving in closer to town from Drimnagh, and by those who find themselves priced out of neighbouring Dublin 6 and Dublin 8.
Catriona Dalton of Sherry FitzGerald says that Harold's Cross is particularly popular with young professionals who like the convenience in terms of proximity to the city centre, which is within walking and cycling distance, and the abundance of cafés and restaurants. In Terenure, she says, the middle market is more driven by schools, and by people who grew up in the area wanting to get back into it.
At the end of the year, there was another surge in the market, which Dalton says was particularly noticeable at the upper end.
"Fine big houses in Rathdown were making prices that they would not have achieved in the first six months of the year," she says. "It takes a while for activity at the lower end of the market to feed on up through the market to the top."
In general, properties that have been extended and upgraded and are now presented in turnkey condition are more popular with buyers as they are easier to finance, and so attract a premium.
"If you are buying somewhere to do up," says Dalton, "then you have to have cash saved up as, in our experience, the banks are not lending for refurbishment. There is an appetite on the part of purchasers for buying properties that need work, but the money is just not there."