Dublin 7: Grangegorman and Luas drive demand in all D7 areas
The big news in Dublin 7 is the 'Luas effect', which is inflating prices in Cabra in particular - spiking them disproportionately following the interest from buyers with an eye on a faster travel time to the city centre.
On top of this, the growing student population at the new DIT campus in Grangegorman and the redevelopment of Dalymount Stadium are both contributing to a feel-good factor in Dublin 7. Meantime, there are still hopes that Phibsborough Shopping Centre will finally get a much-needed makeover.
The Luas/Grangegorman combo has seriously inspired investors, and Vinnie Mullen of DNG reports that the buy-to-let brigade are now outbidding first-time buyers for the first time since the crash in central areas such as Smithfield.
"Stock levels are very low and demand was still strong," says Mullen. "Investors kept prices going up because rents are so good. But prices are still 35-40pc below what they were at the peak." Mullen says he believes there is plenty of room for more big hikes this year.
Properties in good condition are making disproportionately better prices than those requiring refurbishment, reflecting the difficulties that purchasers have in borrowing money for renovation work. Our agent cites the example of two very similar houses on Newgrange Road in Cabra - one sold for €257,500 in June 2015, while another, in similar condition, made €286,000 in December last year.
The sale of 15 Cherrymount Park, Dublin 7, needing work, was agreed in March 2016 for €432,000, while 6 Cherrymount Park, already refurbished, was agreed in July 2016 for €530,000.In Phibsborough, 25 O'Connell Avenue, a 78sq/m property needing refurbishment, was agreed in May 2016 for €292,500, whereas 50 Geraldine Street, a 103sq/m property that had been extended and was in excellent condition, went sale agreed in June 2016 for €500,000.
A building company bought 439 North Circular Road, Dublin 7, in March 2016 for €320,000, and, after a refurbishment costing approximately €80,000, the property was sold on for €550,000 in December 2016. Mullen says there is highest demand among owner-occupiers for three-bed Edwardian houses in Shandon in Phibsborough, along with equivalents in the general Stoneybatter/Cherrymount areas.