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REA Ed Dempsey Newsletter No2 Flipbook PDF
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Summer 2017
HOME FRONT Booterstown
Stillorgan
www.eddempsey.ie
Kilmacud
House prices will ‘be back at Celtic Tiger levels in 3 years’
What homes in your area are selling for... SEE INSIDE
SUMMER 2017 www.eddempsey.ie
2 | HOME FRONT
Lack of supply drives up prices in South Dublin 5.6% rise as experts predict return to Celtic Tiger levels
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XPERTS have predicted that the price of family homes in South Dublin will be back at peak Celtic Tiger levels in the next three years. New research has shown that prices rose by 5.6% in South County Dublin in the first three months of this year, with limited supply and the easing of lending restrictions putting immense upward pressure on prices. It means that the average price of a three-bedroom semi in South County Dublin is now almost €550,800, compared to just over €400,000 for the city as a whole. The figures come from the REA Average House Price Survey, which concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market throughout Ireland. The average three-bed semi-detached in Dublin city now costs €404,167, a rise of €15,000 (3.9%) in the last three months and an increase of 12.8% over the past year. In Dublin’s southern suburbs, the market is even more active, with estate agent REA Ed Dempsey noting: “In Clonskeagh, the average three-bed semi has gone from €445,000 last March to €535,000 this year, a rise of 20.2% in a year, and 7% in the quarter.”
That compares to a national figure of €209,944 for a three-bed semi, which is up 3.5% this year and 10.9% over the past year. Other research by Daft.ie found that house prices have risen by an average of 4.3% in Dublin, with experts forecasting a quick return to pre-crash prices. Economist Ronan Lyons, the author of the Daft.ie report, said: “If growth continues at the rate we have seen over the last three years, then we will be back at Celtic Tiger levels in the next three to four years.” This prediction is backed up by figures from Davy Stockbrokers, which show that growth in the first quarter of the year was the fastest since 2007. Davy’s predict that residential property prices in Ireland will rise by as much as 10% by the end of 2017, with the potential to go higher in areas such as South Dublin. “The sharp gains in the early part of 2017, when price rises are normally muted, indicate that our forecast for 10% house price inflation might even be too pessimistic,” Davy’s said. Dublin prices in its entirety have risen 8.7% year on year since the economic recovery began. This combined with the decline in the number of properties available to buyers highlights a number of difficult issues.
20,500 homes were on the market in March 2017 which is down from 24,000 just one year ago. A shortage of suitable houses for sale, the new help-to-buy scheme for first-time buyers and the loosening of lending rules by the Central Bank have all contributed to rising prices. Estate agent Ed Dempsey, of REA Ed Dempsey, said: “While fast-rising prices are reassuring for those who slipped into negative equity during the recession, they make it very hard for first-time buyers to get on the property ladder and can lead to a volatile market. Greater supply is desperately needed to bring stability to the property market.”
System failures let down Beacon apartment owners WE can only empathise with the 880 apartment owners in Sandyford’s Beacon South Quarter who are facing a €10m bill to fix structural and safety defects in their homes. Revelations that the complex doesn’t provide sufficient water ingress and fire safety structures in its original construction demonstrate how building regulations and planning requirements were not adhered to sufficiently during the boom years. Apartment owners face costs of between €7,500 and €15,000 each after a vote was passed to impose a levy on them to fund the repairs at an AGM
Beacon South Quarter apartments called by the complex’s management company. It followed a warning by Dublin Fire Brigade that owners could face legal action if fire safety works weren’t undertaken. Dún Laoghaire-Rathdown County Council had initially said it was up to the developer to ensure the building met regulations. However, developer Landmark Enterprises went in
receivership in 2010 and the complex, on which construction started in 2005, was only completed in 2014 after NAMA stepped in with a loan. Beacon South Quarter now joins the list of apartment complexes built during the boom which failed to meet building regulation and planning requirements — including Priory Hall and Longboat Quay. Owners are justifiably angry at being told they must fund remedial works. They have been let down by a system which failed in its duty to protect their interests by ensuring they were getting what they paid for.
SUMMER 2017 www.eddempsey.ie
HOME FRONT | 3 The failure to construct enough new homes to keep up with demand has resulted in sharply rising prices. PICTURE: JON CANDY
MOST EXPENSIVE AREAS IN IRELAND TO BUY
SOURCE: DAFT.IE HOUSE PRICE REPORT, Q1 2017
Moving home: How to tell the children MOVING house can be stressful enough for an adult, but the fear of the unknown can be particularly upsetting for children. That room or corner of the garden that has been their special place for most of their life is about to be taken away from them, as they are propelled into unknown territory. After you have made the decision to move, child psychologists usually advise telling the children as soon as possible. They are certain to find
out one way or another and being up front with them will enable you to manage the process better. Parents need to be sensitive when discussing the move. Make a point of highlighting the exciting aspects of a new home. Ask your child what they would like to find in their ideal home. Their answer may not have a major influence on your decision, but their apparent involvement in the process will pay dividends. A child who regards moving as a positive thing is more likely to be co-operative.
WHAT DID IT SELL FOR?
Guide to recent property sales prices in your area
BOOTERSTOWN 9 Cherbury Court 3 The Turnstone, Thornwood Avenue 1 Grotto Avenue 18 Trimleston Road 48 St Helens Road 73 St Helens Road 1 Trimleston Road 16 Trimleston Road 5 South Hill Park 3 Oak Lodge, Grotto Av 2 Pembroke Cottages 3 Booterstown Wd Av
€321,500 €335,000 €640,000 €705,000 €885,000 €1,000,000 €640,000 €790,000 €888,000 €410,000 €565,000 €430,000
STILLORGAN 63 Merville Road 118 Fosterbrook 39 Rocwood 3 Merrion Grove 54 Dale Road 147 Stillorgan Wood 423 Galloping Green 153 Seamount 76 Wesbury 213 Galloping Grn Rd 25 Woodview Court, Glenalbyn Road 190 Beechwood Court Arkglen, 2 Glenalbyn Rd 1 Beaufield Park 26 Merrion Woods Rd 45 Allen Park Road 39 Stillorgan Heath 39 Merville Road 47 Coolnevaun 60 Seamount 21 Priory Dr 14 The Elms Road 11 Lawnswood Park
€735,000 €660,000 €595,000 €425,000 €550,000 €685,000 €399,000 €322,500 €781,000 €385,000 €330,000 €182,500 €373,000 €520,000 €425,000 €584,000 €820,000 €720,000 €660,000 €342,500 €815,000 €500,000 €740,000
KILMACUD 188 Lr Kilmacud Rd 62 Woodley Park 29 Hazelbrook, Upper Kilmacud Road Kilmacud House, Upper Kilmacud Road 6 Stillorgan Gate 67 Lr Kilmacud Road 21 Lakelands Crescent 42 Hazelbrook, Upper Kilmacud Road 76 Mt Anville Wood, Lr Kilmacud Road 35 Hazelbrook, Upper Kilmacud Road 8 Stillorgan Gate Lisnaree, Upper Kilmacud Road 2 Stillorgan Gate 7 Stillorgan Gate 1 St Kevin’s Park, Kilmacud
€575,000 €557,000 €650,000 €2,780,000 €700,440 €408,000 €568,000 €800,000 €600,000 €400,000 €840,000 €495,000 €795,000 €700,440 €480,000
All prices are from the last 12 months and are taken from the Residential Property Price Register. See www.propertypriceregister.ie for more.
SUMMER 2017 www.eddempsey.ie
4 | HOME FRONT
DID YOU KNOW?
D L O S
REA Ed Dempsey specialises in: Q Residential Property Sales Q Commercial Property Sales Q Residential Lettings Q Property Management 65 FOSTERS AVENUE MOUNT MERRION, CO. DUBLIN
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ARD RI 31 GRANVILLE PARK, BLACKROCK, CO. DUBLIN
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22 MATHER ROAD NORTH MOUNT MERRION, CO. DUBLIN
31 GREEN ROAD BLACKROCK, CO. DUBLIN
THINKING ABOUT SELLING OR LETTING YOUR PROPERTY? REA ED DEMPSEY WORKS HARDER TO GET YOU THE BEST RESULTS Tel: (01) 288 0004 | Email: [email protected] | Web: www.eddempsey.ie WITH OFFICES AT: 111 Fosters Avenue (Corner of Roebuck Road), Clonskeagh, Dublin 14
93 Upper George’s Street, Dún Laoghaire
Clifton House, Lower Fitzwilliam Street, Dublin 2
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