‘Portobello properties most popular in D8’
THE market remains strong in Dublin 8, albeit with the 15pc inflation of a year ago now cooled to a more a more reasonable 5pc. Portobello is the star player with sales including a three bed end of terrace at 1 Bloomfield Avenue, which made €900,000, and 42 Longwood Avenue off the South Circular Road, a mid terrace four bed, which achieved €1.025m.
“Portobello is now as popular as across the canal in Dublin 6,” says local agent Eunan Doherty. “It’s arrived as one of the best places to live in Dublin. It’s to do with lifestyle and a sense of community. People love that there are so many trendy coffee shops, bars and restaurants, and it’s within walking distance of the city centre.
Whereas in the past buyers opted for Portobello when priced out of D6, they are now opting for Portobello first.
Otherwise Doherty reports that good demand throughout Dublin 8 for everything from the smaller two-up two-down redbrick houses priced at around €500,000 to the villa-style houses around Portobello and the larger family houses on Donore Avenue.
“The level of transactions is stable,” he says, “and we are still seeing values increase, although not to the same extent as in previous years. Supply is up and buyers have more choice.
As expected the market is more price sensitive today. If a house isn’t priced correctly, then it won’t sell, “Realistic pricing is key today to getting good viewing numbers and a speedy sale.”
However Doherty concedes that apartment prices have been flat, with no growth at all in the value of one-bedroom apartments through the last 12 months. Unlike most areas, larger family homes performed better in D8.
“Properties requiring work are in high demand, thanks to proximity to the city centre.” Houses requiring work are in demand from Portobello to Inchicore with investors looking for properties that they can improve, either to flip or to place on the rental market.”
Doherty points to many cuts in asking prices through the year, but said that in many cases, a cut in price led to interest and competition between bidders that regularly pushed eventual sale prices close to or even above what was initially being sought.
Overall, prices in Dublin 8 are up by an average of 5pc on this time last year, and given increasing levels of interest, particularly in homes that need work, our expert is calling average increases of 7pc for the year ahead.