Dublin house prices ‘on the rise’
Analysis has found that, from the last quarter of 2009 to the first quarter of 2010, prices increased for two-bed apartments in Dublin 2, three-bed terrace houses in Dublin 18 and three-bed terraces in the 6W area, which takes in Terenure.
Property trackers, MyHat.ie also found that compared to the overall drop of 3% in asking prices for three-bed houses in Cork city in March, two-bed apartments only dropped by about half a percent.
The analysis said this could suggest that in some parts of the city, the prices for two-bed apartments could be stabilising. Asking prices for two-bed apartments in the northside of Cork city were increasing.
Of six tracked properties on the northside in the second half of last year, the average advertised price works out at €222,325, versus the five most recently tracked apartments since the start of the year which have an average advertised price of €241,800.
Paul O’Connor, owner of MyHat.ie said: “There are too few properties in the calculations to say prices are stable, but it does suggest a significant tightening of asking prices for two-bed apartments on the northside. Indeed we have a record of four out of 12 such properties going sale agreed in the past few months.”
On the southside of Cork, just eight out of the 54 two-bed apartments tracked moved to sale agreed and asking prices have fallen accordingly by about 3% in that time, from €262,000 to €252,000.
The analysis, which tracks prices on Daft, MyHome and Sherry FitzGerald found that Dublin 18 has seen 18 three-bed semi-detached properties go sale agreed in the last two quarters.
“In a sea of continued price declines in other markets and for other property types, these few micro-markets are important exceptions – showing significant tightening in price due to strong demand,” said Mr O’Connor.
Prices have increased by almost 9% in Dublin 18 and by 7% in Dublin 6, according to the analysis.
“It is not the extent of the increases that is important, it’s just the fact that amidst all the relentless price drops, we have suddenly picked up these few exceptions. These are exactly the signs that buyers are looking for,” said Mr O’Connor.
It said that about 900 new instructions were taken by agents in Co Dublin in March, up from 750 in February, and up from 770 in March 2009.
It said there are around 8,185 houses currently on the market up from 7,422 at the start of the year.
