Sounds like the boom is very much back.
290 houses in Dublin sold for over €1 million in the first six months of 2017, according to a detailed study of the Dublin property market by MyHome.ie based on an analysis of the Property Price Register.
In a study that indicates the continued rise of the property market in the capital, it was revealed that sales increased by 11% in the first half of 2017 (7,461 sales) compared to the first six months of 2016 (6,714) and that the number of transactions rose in all but four of Dublin’s 22 postal code districts in the first half of this year.
The most expensive house was sold for a whopping €8.45 million and those of you familiar with the Dublin Monopoly board won’t be surprised to learn that the address of the property was Fintragh, 11 Shrewsbury Road in Dublin 4.
Also not surprisingly, the postal code with the highest average price was also Dublin 4, where houses were sold for an average price of €890,000.
Dublin 6 was the next highest postcode with an average sale price of €740,000, followed by Dublin 14 on €558,000 Dublin 6W on €529,000 and Dublin 18 on €510,000.
The lowest average prices were found in Dublin 10 (€153,000), Dublin 17 (€180,000) and Dublin 11 (€220,000).
Image via MyHome.ie
The study notes that because these figures are raw averages and not mix adjusted, the figures are indicative only.
Dublin 15 was once again the postal district with the largest number of sales in the first six months of 2017 with 751, followed by Dublin 18 on 387 and Dublin 8 with 366 sales.
In fact, the total cost of 751 homes in Dublin 15 (€246,310,961) was less than €8 million higher than the cost of 268 homes in the most expensive postcode, Dublin 4 (€238,640,851).
Commenting on the study, 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,” said Keegan.
“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.”
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