Steady in the middle but dead f lat at the top of D18
THE market in Dublin 18 is performing sustainably overall with values increasing by an average of 4pc across what is a large and diverse postcode.
At the lower (sub-€500,000) end of the market some house types recorded higher increases in certain areas. Houses in Stepaside and developments such as The Gallops in Leopardstown were in demand, thanks to proximity to the Luas. Competition from a number of new home developments such as Clay Farm impacted on the value of second-hand homes nearby.
“The front half of last year was busy,” reports local agent Serena Maguire, “with good activity until the exemption lending ran out at the start of the summer.
“In September there was an increase in supply, which gave more choice to buyers and meant that the overhang of stock from the spring and summer took longer to sell. October and November were very busy months, but we found the market to be very price-sensitive. Affordability is clearly an issue. We find that adjusting prices downwards in some cases leads to an increase in viewings, which in turn leads to bidding situations that bring prices back up to their original level. Vendors with realistic expectations are selling their properties.”
Maguire says that Stepaside in particular is one of the most popular areas of Dublin 18, thanks to its ‘lovely community feel’ and good schools. The village even has its own St. Patricks’s Day parade.
Our expert notes that the middle market saw single digit growth during 2018 and there have been a similar number of transactions in the €1 – 2m bracket, year on year. But north of €2m things are much quieter, with sales taking longer to conclude and fewer transactions generally. “Thanks to weaker sterling, there are fewer ex-pat or Brexit-driven buyers. For homegrown buyers at that level there is plenty of choice.”
Sales of bungalows are going strong, with one at The Coppins fetching €1.2m, another at €1.116m and an off-market sale at The Thicket achieving €1.5m (this latter sale has not yet appeared on the Property Price Register).
Big houses on an acre in Foxrock are now no longer considered to be residential properties but development land.
Our expert predicts another front-loaded year in 2019, with growth in the region of 4pc on average but with no price movement at all at the upper end.