The Sunday Times | Property Price Guide – Dublin 1

Homes at lower end win out in market of two halves

DUBLIN 1
IFSC, North city centre, North Wall
CSO median house price: €285,000
2019 prediction: 3%-6%

It was a tale of two markets in Dublin 1 in 2018. Prices were up across the board, but the lower end of the market — up to €300,000 — performed strongly, while the middle market — the €400,000 to €500,000 price bracket — was flat, according to agent Owen Reilly. He says that 60% of his company’s buyers were owner-occupiers, up 50% from 2017. “We expect this trend to continue.” Improved supply, affordability, a strong rental market and new commercial developments in the north Docklands were affecting prices, but Brexit weighed on confidence a little, says Reilly. Some property sales did better than expected. No 5 Hewardine Terrace, a two bedroom townhouse, off Amiens Street, came on at €260,000 and sold for €290,000. In Spencer Dock, No 74 Hill of Down, a three-bedroom apartment, bucked the flat trend of the market when it sold for €10,000 above its asking price of €550,000. The Dublin 1 rental market, unsurprisingly, performed well. Rents were up by 7%, where market rent could be charged. Reilly says 76% of the rentals on his books are subject to rent caps. There were no new-home schemes for sale in the postcode last year, and those that are being built are for the build-to-rent sector. Reilly expects the market to continue to perform at two levels this year, as Brexit, supply, vendors’ expectations and affordability drive prices. “I think the market up to €300,000 will see increases of around 6%. The market over €400,000 will go up 3%-4%. “At the right prices property will sell well and fast.”

For a copy of the guide please click here

Sunday 6th of January 2019