Sustainable increases in D5 with Killester being most in demand
STEADY and consistent sales are the order of the day in Dublin 5, with a good level of activity and values generally up by around 4pc on last year. Most of the transactions involve good-quality family homes.
Last year in common with some other parts of Dublin, there was a slight lull in September/October followed by a very busy November. Local agent Wayne O’Brien of DNG says that the lower than expected value increases can be attributed to a sense of uncertainty regarding the implications of Brexit.
“It’s an unknown quantity,” he says. “People are concerned about the possible ripple effect in terms of jobs and salaries.”
O’Brien also notes that the increased costs of building work and the difficulty of securing a builder now make properties which are in need of a lot of work ,less attractive than they might previously have been. “Renovation projects have shown a decrease in value because of this,” he says.
Properties in walk-in condition, on the other hand, are achieving strong prices.
O’Brien cites examples of strong sales such as 16 Abbey Park in Killester, a three-bedroom terraced house with a good extension, which came to the market seeking €425,000 and sold for €477,000, and 20B Middle Third, with a good south-facing garden, which was placed on the market with an asking price of €525,000 and secured €590,000.
Killester village is our hotspot in Dublin 5 for 2019, with locals enjoying the socialising opportunities offered by establishments such as The Beachcomber, a bar and restaurant, The Nuthouse cafe, and the 53 Avenue Bistro, as well as the convenience of the SuperValu supermarket and DART station.
In terms of new homes, Ardi- laun Court at Sibyl Hill in Raheny was the only significant development of new homes in Dublin 5 during 2018.
Planning permission has recently been secured for another development of apartments close to Raheny DART station,
but these are unlikely to come on stream before 2020 at the earliest. So no depletions in second hand values expected for 2019. For the 12 months ahead, O’Brien is predicting more of the same, with average price increases of 3pc across all property types.