Dublin 8 : Children's Hospital a big draw for investors in D8
Dublin 8 spans a wide area and range of property types, from the bijou villas of fashionable Portobello to the ex-corporation stock of the western reaches of the postcode.
Eunan Doherty of DNG says that growth in some westerly parts of Dublin 8 reached 10pc during 2015, but that growth across the area averaged 8pc. He is predicting similar increases during 2016.
"2015 was a very good year," says Doherty, "we saw more transactions and were very busy. The western part of Dublin 8 performed exceptionally well, with big demand for properties in Inchicore, Kilmainham and Rialto.
"The lower-priced areas are very popular with first-time buyers, and are the most successful sales in terms of properties achieving over the asking price."
The beginning of 2015 saw a reduction in the amount of investor activity, but Doherty says that "they came back later in the year".
Of particular interest to this cohort is anything close to the new Children's Hospital adjacent to St James's.
"It's an area with huge potential for future growth," says Doherty, citing a viewing in mid-December at 5.30 in the evening of a three-bedroom house on Cameron Square by way of example. "We had over 20 parties and they were all first-time buyers."
Donore Avenue on the South Circular Road is sought-after by second-timers and up-sizers, but Harrington Street and Portobello are now outside of the reach of most first-time buyers.
"Because prices have gone up people who last year would have been looking on Donore Avenue are now focused on Inchicore and Kilmainham," says Doherty. "It's very hard to be a buyer of properties in the €300-€350k bracket, and these represent some of the only opportunities to buy in a safe area close to the city centre. Towards the end of 2015 we saw an increase in supply and I think that in 2016 those areas will hit a value point at which they are comfortable."
Also for investors, the area around the new Children's Hospital will be the big draw. "It's going to be a very attractive building which will have a positive impact on the area as a whole," says Doherty.
"Anything within walking distance is going to be snapped up by investors during 2016."