Friday 18 October 2019

One-bedroom apartment - without parking - in Dublin sells for €365,000

The Gasworks
The Gasworks
The iconic circular Gasworks development in Ringsend, Dublin 4
63 Tritonville Road, Sandymount, was sold last June for €1.27m. Newsdesk Newsdesk

Property values in Dublin 4 are up by around 7pc over the past 12 months.

The high-end apartments in Lansdowne Place (where two-beds start at €900,000) are well under way, and investors are driving the apartment market to perform strongly in Ringsend/Irishtown, as indicated by a one-bedroom apartment without parking in The Gasworks making €365,000.

Larger homes in Ireland's most expensive address have not been increasing in value at the same heady rate as other Dublin locations.

There is strong demand in particular for three-and four-bedroom family homes in Sandymount, of which there is a shortage of supply.

At the upper end of the market, prices in Ballsbridge are much stronger than Sandymount, indicating a price differential depending on which side of the Dart tracks a property is located.

"At the very top end, it takes longer to sell a house in Sandy-mount than it does in Ballsbridge," says Chris Bradley of Sherry FitzGerald. "But up to about €1.5m, there is competitive bidding on most properties. We have had to go to sealed bids in a couple of instances, to bring things to a conclusion."

Bradley says that buyers want properties to be in turnkey condition, and that there is a premium to be achieved for an immaculate property.

"I have the sense that people just don't have the time to be dealing with renovations," says Bradley. "They want to be able to move straight in." Meantime, banks are prepared to lend for homes in walk-in condition but not so keen when it comes to those requiring renovation. With larger homes, the cost of repairs is obviously significantly higher.

Some strong prices have been paid through the last 12 months for houses on swanky Park Avenue in Sandymount including €2.8m for No. 68 (which did need modernisation), €3.15m for No. 76, in better condition ("but not tip top"), and €3.75m for No. 69, renovated in the late '90s and with a large west-facing garden extending all the way down to the Dart tracks.

In Ballsbridge, No. 10 Wellington Road, a terraced house with a mews, went for €4m, while No. 8 - a smaller house with a patio garden - made €3m, and No. 2 Clyde Road is currently sale agreed for a figure in excess of the €7m asking price.

Bradley says he has not seen as many post-Brexit referendum returnees as he might have expected and now thinks it may be another two to three years before they arrive back in numbers.

Irish Independent

Editors Choice

Also in this section