Younger-than-average first-time buyers spark a 2pc rise
DUBLIN 7
AVERAGE PRICE: €430,000
Phibsborough, North Circular Road, Cabra, Stoneybatter, Arbour Hill
Change: 2%
One Year Forecast: 2%
Assessing Agent: DNG THE MARKET
With stock levels now 15pc below normal, any property that is coming on the market in Dublin 7 is attracting a lot of interest.
Between the new Phibsborough shopping centre planned, the relatively recent arrival of Luas and the expansion of the new DIT at Grangegorman, there’s also a lot happening in D7 right now.
Prices are up 2pc on a year ago and expected to increase by the same again in 2021.
Lifestyle has become a big reason for change in people’s buying habits, with big gardens now top of the list. Homes with a good outdoor space in Phibsborough and areas around the Navan Road have been extremely popular.
“An example of this would be a house we had on Nephin Road beside the Phoenix Park,” says local agent Vin Mullen of DNG. “We put it on with a guide price of €649,000 and after 15 bids, it achieved €710,000. The large garden and high specification finish made this one particularly attractive.”
Open viewings are fully booked, with some people being turned away for the homes with most interest.
“Properties have been going sale agreed very quickly, without viewings in some cases or before they’re even advertised. This hasn’t happened since 2005/2006,” says Mullen.
One group that has been very active in Dublin 7 is the first-time buyer, with ex-corporation properties in Cabra being top of their wish list. Last November, properties like No23 Annamoe Drive, a two-bed terraced house, sold for €375,000 and No1 Drumcliffe Road for €397,000.
These buyers are coming well prepared with deposits saved and a desire to get out of the rental market. “What I’ve also noticed lately about first-time buyers is the age profile is considerably younger,” says Mullen. “We’ve had a lot of active purchasers in their mid to late 20s, as against those predominantly over 30 in previous years.”
The presence of these eager buyers means a three-bed semi has gone from €420,000, on average, to €430,000.
Bigger houses like the two/ three-storey over basement on
roads like the North Circular have gone up by 7pc to €750,000, the four/five-storey properties have increased by 11pc to €950,000. In many cases, flatland buildings are returning to private use.
Unlike many central locations, apartments have increased in value here and new stock of all types is badly needed.
If demand continues to outstrip supply in the Dublin 7 market, prices will continue to rise and Mullen points out that nobody wants to see another property bubble. As it stands he predicts there will be a steady rises in 2021 of between one to 3pc, depending on the condition of the house and the location.