Investors no longer active in D6 market
VALUES in D6 are up 6pc, a significant jump, but just half of the 12pc recorded the previous year. This cooling is largely because investors are no longer active.
But homes of all types showed steady growth over 12 months, apart from a dip in September/ October that is. The market bounced back in November, but in common with many other parts of the capital, the lower end was particularly strong. There was good activity in the middle market and on homes between €1m and €2m. Properties over €2m however were slower to sell and there was almost no growth in this segment.
“Strong demand, fuelled by full employment and a continuing influx of people into the country, was the driving force behind growth during 2018,” reports local agent Pat Mullery. “There was a good pool of buyers for four-bedroom semis in particular. Dublin 6 benefits from proximity to the city centre, good transport links — particularly the Luas — and a better selection of schools than D4. “Ranelagh has always had a buzz about it, but now Rathmines has really taken off. There are more traders both in the Swan Centre and around the village. Rathmines is just going to keep doing better and better.”
Mullery notes that most restoration projects in Dublin 6 require planning permission, which can be challenging with a listed building.
“It can take up to a year to get a builder, and their prices seem to be back up to Celtic Tiger levels,” he says. Provided that there is no impact from forces “outside of our control”, Mullery expects 2019 to be another year of steady but sustainable growth.