A detailed study of the Dublin property market shows that the number of transactions rose in all but four of Dublin’s twenty-two postal code districts in the first six months of 2017.
According to the research, which was carried out by MyHome.ie based on an analysis of the Property Price Register, there were 7,461 sales in the first half of 2017, an increase of 11% on the 6,714 recorded for the same period last year.
Dublin 15 was once again the postal district with the largest number of sales in the first six months – 751 – followed by Dublin 18 on 387 and Dublin 8 with 366 sales.
Angela Keegan, Managing Director of MyHome.ie said that while the increase in the number of sales was positive the continuing sprawl of the city up to and beyond the M50 was a concern.
“There are 14 new developments in Dublin 15 and clearly these are proving attractive to first time buyers. Builders are now building in staggered phases so the supply is coming through more slowly. The pent-up demand, caused by the lack of supply and shortening sale agreed times ensure any new properties coming on the market are absorbed very quickly.”
“One of the key issues for people buying properties on the outskirts of the city is the commute to work. While first time buyers are increasingly desperate to buy their own homes, commuting times are increasing at an alarming rate as the city spreads beyond the M50 and this will be a huge issue for Dubliners in the years ahead. But clearly it should be a major concern for our planners right now” Ms Keegan warned.
Dublin 18, which has 17 new developments in areas like Stepaside, Carrickmines and Sandyford recorded the second highest number of sales while there were 400 sales in neighbouring Dun Laoghaire.
Other postal districts which showed a significant increase in activity compared to this time last year included Dublin 13, up 35%, Dublin 22 up 31% and Dublin 17 up 25%.
Activity in these areas was concentrated around Baldoyle and Balgriffin (D13), Clondalkin and Rowlagh Village (D22) and Coolock and Santry (D17). Meanwhile in north county Dublin there were 240 sales in Swords and 129 in Malahide.
In Dublin 8, up 34%, activity centred on Inchicore and the South Circular Road where there were 84 sales. Twenty one apartments at The Ice Rink in Dolphins Barn were also sold as were 13 in St Catherine’s Church on Bridgefoot Street.
Dublin 14 saw the number of sales increase by 29% to 268 with activity focused on Rathfarnham, Churchtown, Dundrum and Clonskeagh. Interestingly six apartments in Clonskeagh were listed as selling for over €2m each.
Sales in Dublin 5 increased by 25% with Raheny and Artane among the most popular areas.
High profile sales
The highest price paid for a house in Dublin in the first six months of the year was the €8.45m spent on 11 Shrewsbury Road in Dublin 4. Not surprisingly the postal code with the highest average price was also Dublin 4 with an average price of €890K.
It was followed by Dublin 6 on €740K, Dublin 14 on €558K, Dublin 6W on €529 and Dublin 18 on €510.The lowest average prices were found in Dublin 10 €153K, Dublin 17 €180K, and Dublin 11 €220K.
It’s important to note that because these figures are raw averages and not mix adjusted, the figures are indicative only.
MyHome’s analysis also shows that there were 290 Dublin houses sold in the first six months of 2017 for €1m or more. Eighty-six of these were sold in County Dublin, the vast majority in the south of the county in areas such as Dun Laoghaire, Dalkey, Blackrock, Monkstown and Sandycove while Malahide and Skerries on the north side also featured.
There were 61 such sales in Dublin 4, 49 in Dublin 6 and 21 in Dublin 18.