Most of the people with stable employment and access to mortgages are careful enough to avoid buying anything right now, unless they get at least 20-40% discount on the asking price. Many would just prefer to wait and see, as residential housing prices might go down even further than that.
Thanks for all your input, very informative.
My favorite place to buy a house would be a nice 2 bedroom redbrick in Portobello, but that area seems to be hipster central and prices are outrageous.
I viewed this house and loved it, but thought it was way over priced at 575k, but it actually sold for 675K, maybe two Googlers or two Facebook employees bidding against each other.
Interesting you mention Google and Facebook.
Given the increasing likelihood of those types of jobs becoming ‘work from home’ gigs post-pandemic, will places like Portobello hold their value?
As late as the mid 90s that whole area was run down. In fact the city centre generally only became somewhere that non locals would consider living during the Tiger years. Will the existing pubs, coffee shops and restaurants survive if social distancing becomes the norm? Beyond that whats the attraction?
Its certainly something to consider as people maybe become more conscious of the benefits of gardens and increased personal space generally in the ‘new normal’.
Yes, very good points to consider.
Its now a different world, will the techies work from home maybe in remote rural areas.
Yeah who knows. If someone only has to be in Dublin once or twice a month why not get themselves a nice seafront place in Wexford or Waterford for the same price or less?
Yes, Portobello has a lot going for it but prices are toppy. That Martin Street house was instantly appealing and move-in ready, but even at the height of the last property boom, the maximum asking price on the street (3 doors down) was €635k and the property lingered on the market for most of 2006, which equated to an asking price of about €9,200/sqm. It didn’t fly off the shelf.
42 is one of the bigger properties on the street because it includes an approx. 10sqm portion upstairs that held under a flying freehold within the structure of the neighbouring building and its sale worked out at €7,585/sqm. That’s basically 18% cheaper than the Celtic Tiger high on a per square metre basis, but in reality it’s probably cheaper again because it’s better upgraded (BER B2) but hard to compare like-for-like as we didn’t worry about those kind of things back then.
All in all, though, there is not a huge gap between that 2019 sale and 2006 prices on Martin Street in spite of the significant tightening on credit. Surmise what you will from that, right now it’s anyone’s guess what level of price correction is coming down the tracks and it won’t be truly apparent for some time to come. Anyone who needs to sell immediately have to take a hit.
Thanks for the historical values, I have only been watching Portobello for a few years, so its very interesting to hear the Celtic Tiger values compared to recent sales.
Here is another one that I viewed, I think the buyers were flippers, if yes, they must be really worried, they paid €421K and it needs 100% modernisation,
€421k needing everything done is akin to 2004/2005 levels, so not quite top of the boom but not a million miles off either. The house next door, No. 2, was up for €380k in 2003 in good condition. It’s the same size house, but the unusual roof pitch makes is more visually attractive (subjective), along with being end-of-terrace. The year prior, a mid-terrace sold for €360k.
Speaking generally, and not in relation to any particular buyer, you will find that a lot of buyers around there are 35+ y.o. and working in the city centre with high incomes. Many of them are single. If prices drop 10-20% in the short term, as much as people hate over-paying for things, it won’t necessarily change peoples’ lives if they’re happy to stay put and not crystallise a loss. People have different reasons for buying, and if they are planning to stay in a place long-term then market swings are less relevant… we very rarely have a stable market, it’s more often than not either rising swiftly or falling sharply.
Its a buyers market and not many will be buying in the short term. Uncertainty only means prices will be in one direction.
Agreed that the logical thing to do would probably be to hold off buying in the short term, but people are still buying for various reasons. Even looking at Dublin in the seven day period from 9th May to today, 16th May, my records suggest there were 100 properties sale agreed:
|1||The Beach, Loughshinny, K34 R580||2||1||Detached||36||€199,000|
|2||33 Raheen Road, Tallaght, Dublin 24||3||0||Semi-detached||110.7||€250,000|
|3||35 Meadow Grove, Churchtown, Dublin 14||2||2||Semi-detached||135||€449,000|
|4||100 Milltown Hall, Mount St Annes, Milltown, Dublin 6||1||1||Apartment||60||€380,000|
|5||29 Leinster Street East, North Strand, Dublin 3||3||2||End-of-terrace||90||€355,000|
|6||Apartment 3, The Willows, Monkstown||1||1||Apartment||45||€295,000|
|7||27 Willbrook House, Northbrook Ave, Ranelagh||1||1||Apartment||37||€285,000|
|8||26 Deerpark Place, Kiltipper, Dublin 24||2||1||Apartment||65||€175,000|
|9||133 Kiltipper Gate, Tallaght, Dublin 24||2||2||Apartment||69.7||€215,000|
|10||6 Owenstown Park, Foster Avenue, Mount Merrion||4||2||Detached||163.7||€845,000|
|11||26 Greygates, Mount Merrion||4||3||Semi-detached||145||€950,000|
|12||39 Shackleton House, Archerswood, Clonee, Dublin 15||2||?||Apartment||?||€220,000|
|13||68 The Mill, Cross Guns Quay, Phibsborough, Dublin 7||1||1||Apartment||40||€215,000|
|14||21 The Paddocks Way, Adamstown, Co. Dublin||2||1||Duplex||84||€239,950|
|15||21 Russell’s Terrace, Kettles Lane, Kinsealy||2||1||Apartment||?||€225,000|
|16||Apartment 76, Clifden Court, Dublin 7||3||2||Apartment||87||€400,000|
|17||11 McAuley Road, Artane, Dublin 5||3||2||End-of-terrace||?||€325,000|
|18||420 Collins Avenue, Whitehall, Dublin 9||4||1||Terraced||118||€350,000|
|19||14 Iveleary Road, Whitehall, Dublin 9||3||1||Semi-detached||113.5||€495,000|
|20||57 Metropolitan Apartments, Inchicore Road, Dublin 8||2||2||Penthouse||90.1||€425,000|
|21||17 Saint Joseph’s Avenue, Drumcondra||1||1||Terraced||60||€200,000|
|22||240 Harold’s Cross Road, Dublin 6W||12||12||6 Apartments||354||€POA|
|23||Apartment 12, Broadfield Hall, Tallaght, Dublin 24||2||2||Apartment||70||€235,000|
|24||40 Aikenhead Terrace, Stella Gardens, Ringsend||2||1||End-of-terrace||60||€445,000|
|25||4 Coppinger Glade, Blackrock||4||2||Semi-detached||133||€595,000|
|26||145 Oliver Plunkett Avenue, Stella Gardens, Ringsend||2||1||Terraced||61||€385,000|
|27||Beechwood, 66 Foster’s Avenue, Mount Merrion||4||1||Semi-detached||130||€825,000|
|28||47 Mount Drummond Ave, Harold’s Cross, Dublin 6W||2||1||Semi-detached||74||€380,000|
|29||48 Knocknarea Avenue, Drimnagh, Dublin 12||2||1||Semi-detached||70||€250,000|
|30||40 Stannaway Road, Kimmage, Dublin 12||3||1||Semi-detached||80||€265,000|
|31||Church Street, Finglas, Dublin 11, D11 E8W2||N/A||N/A||0.3 Acre Site||N/A||€400,000|
|32||Cheers, Grove Road, Glasnevin, Dublin 11, D11 N8PC||2||2||Mixed-use||120||€350,000|
|33||25 Hampton Wood Avenue, Finglas, Dublin 11||1||1||Apartment||42.9||€160,000|
|34||1 Valley Park Road, Finglas, Dublin 11||N/A||N/A||Site||N/A||€40,000|
|35||6 St Judes Court, Firhouse, Dublin 24||4||3||End-of-terrace||?||€335,000|
|36||6 Grotto Place, Booterstown, Dublin||2||2||Terraced||84||€650,000|
|37||97 Ashcroft, Raheny, Dublin 5||3||2||Terraced||92||€399,000|
|38||77 Chancery Street, Smithfield, Dublin 7||2||1||Terraced||71.8||€355,000|
|39||10 Larkfield Square, Lucan, Dublin||2||2||Apartment||68||€239,000|
|40||Apartment 109, Block 5C, The Casino, Malahide, Dublin||2||2||Apartment||65||€415,000|
|41||4 Coill Dubh Court, Broomfield, Malahide||4||2||End-of-terrace||150||€650,000|
|42||36 Saint Andrews Park, Swords, Dublin||5||2||Detached||142||€550,000|
|43||24 The Lodge, Seabrook Manor, Portmarnock||2||2||Apartment||83.6||€340,000|
|44||108 Castleheath, Swords Road, Malahide, Dublin||4||2||Duplex||115||€440,000|
|45||11 Johnsbridge Park, Lucan, Dublin||4||3||Semi-detached||?||€365,000|
|46||7 Deerhaven Close, Clonee, Dublin 15||4||3||Semi-detached||122||€369,000|
|47||38 Millwood Park, Raheny, Dublin 5||3||2||Detached||78.4||€325,000|
|48||33 Greenville Place, Dublin 8||1||1||Apartment||?||€240,000|
|49||22 Ticknock Grove, Ticknock Hill, Sandyford, Dublin 18||4||2||Terraced||115.3||€495,000|
|50||11 Grianan Fidh, Aiken’s Village, Sandyford, Dublin 18||3||2||Apartment||85||€325,000|
|51||120 Malahide Road, Clontarf, Dublin 3, D03 R640||N/A||N/A||0.1 Acre Site||N/A||€125,000|
|52||48 Castlegate Dene, Adamstown, Dublin||1||1||Apartment||45||€169,950|
|53||Apartment 59, Block C3, Geraldstown Woods, Santry||3||2||Apartment||?||€219,999|
|54||3 Swift House, Ardilaun Court, Christchurch, Dublin 8||1||1||Apartment||35||€220,000|
|55||17 Obelisk Grove, St Augustine Park, Blackrock||4||2||Semi-detached||117||€635,000|
|56||8 Rathlawns, Rathcoole, Co. Dublin||3||3||Semi-detached||111.5||€270,000|
|57||157 Pace Crescent, Littlepace, Clonee, Dublin 15||4||3||Semi-detached||147||€375,000|
|58||108 Quinn’s Road, Shankill, Dublin 18||3||1||Semi-detached||110||€395,000|
|59||13 Meridian Court, Royal Canal Park, Ashtown, Dublin||4||2||Apartment||107.3||€320,000|
|60||Apartment 82, Block A, Smithfield, Dublin 7||2||1||Apartment||70||€342,000|
|61||78 The Clayton, The Gasworks, Barrow Street, Dublin 4||2||2||Apartment||71||€525,000|
|62||21 Beach Road, Sandymount, Dublin 4||N/A||N/A||0.1 Acre Site||N/A||€725,000|
|63||20 Tramway Court, Tallaght, Dublin 24||2||2||Apartment||61||€155,000|
|64||61 Beaumont Court, Beaumont, Dublin 9||2||1||Apartment||61||€225,000|
|65||67 Meadowbank, Bushy Park Road, Rathgar, Dublin 6||2||2||End-of-terrace||72||€500,000|
|66||10 Rosebank Hall, Clondalkin, Dublin 22||2||2||Apartment||62.7||€169,000|
|67||68 The Willow, Trimbleston, Goatstown, Dublin 14||2||2||Apartment||76.4||€425,000|
|68||82 St Alban’s Park, Sandymount, Dublin 4||3||2||Semi-detached||145||€1,050,000|
|69||37 Virginia Hall, Belgard Square, Tallaght, Dublin 24||1||1||Apartment||?||€175,000|
|70||51 Ellenfield Road, Whitehall, Dublin 9||2||2||End-of-terrace||72||€325,000|
|71||292 Landen Road, Ballyfermot, Dublin 10||3||2||End-of-terrace||?||€229,950|
|72||220 Kilworth Road, Drimnagh, Dublin 12||3||2||Terraced||?||€249,950|
|73||68 Woodview, Lucan, Dublin||3||1||Semi-detached||84||€285,000|
|74||14 Millpark, Clondalkin, Dublin 22||2||1||Duplex||52||€189,950|
|75||25 Hansted Drive, Lucan, Dublin||3||2||Duplex||101||€269,000|
|76||26 Frankfort Park, Dundrum, Dublin 14||4||3||Semi-detached||145||€750,000|
|77||106 The Lighthouse, Church Road, East Wall, Dublin 3||1||1||Apartment||37||€230,000|
|78||23 Bloomfield Park, Donnybrook, Dublin 4||3||3||Penthouse||232||€1,500,000|
|79||38 St Cathryn’s Court, Newgrove Ave, Sandymount, D4||3||2||Penthouse||106||€795,000|
|80||21 Ely Close, Ely Manor, Firehouse, Dublin 24||3||3||Semi-detached||117||€325,000|
|81||7 Old Market Green, Balbriggan, Dublin, K32 R993||4||1||Terraced||?||€245,000|
|82||6 Woodstown Heights, Knocklyon, Dublin 16||3||3||Semi-detached||102||€400,000|
|83||Apartment 9, Bellview, Tallaght, Dublin 24||2||1||Apartment||56||€170,000|
|84||Apartment 20, Tailors Court, Christchurch, Dublin 8||1||1||Apartment||40||€220,000|
|85||Apartment 16, Baroma, Kimmage, Dublin 6W||1||1||Apartment||35.2||€195,000|
|86||13 Clairville Lodge, Streamstown Lane, Malahide||4||4||Detached||195||€925,000|
|87||18 Waterloo Road, Ballsbridge, Dublin 4||8||8||Pre-63||386||€1,400,000|
|88||43 Fancourt Heights, Ballbriggan, Dublin||3||1||Terraced||94||€225,000|
|89||20 Kelly’s Bay Strand, Skerries, Dublin||3||2||Semi-detached||108||€360,000|
|90||14 Lapwing, Barnageeragh Cove, Skerries, Dublin||4||3||Detached||168||€550,000|
|91||119 Shanganagh Cliffs, Shankhill, Dublin||3||1||Terraced||?||€335,000|
|92||129 Castleland Court, Balbriggan, Dublin||1||1||Apartment||50||€125,000|
|93||73 Richmond Road, Drumcondra, Dublin 9||3||2||Terraced||95.6||€425,000|
|94||90 Trees Road, Mount Merrion, Dublin||5||1||Semi-detached||166||€925,000|
|95||6 The Court, Dalcassian Downs, Glasnevin, Dublin 11||0||1||Studio||33||€150,000|
|96||12 Larchwood, Woodlawn Avenue, Santry, Dublin 9||1||1||Apartment||?||€190,000|
|97||11 Beechfield Avenue, Walkinstown, Dublin 12||4||1||Semi-detached||131||€445,000|
|98||11 Templeroan Drive, Knocklyon, Dublin 16||3||3||Semi-detached||120||€480,000|
|99||12 Mount Prospect Drive, Clontarf, Dublin 3||3||1||Terraced||97.2||€535,000|
|100||14 Harlech Crescent, Ardilea, Clonskeagh, Dublin 14||3||2||Detached||132||€695,000|
In terms of how to read this data, this doesn’t mean buyers were out in force last week viewing and buying properties. They could even have been formally sale agreed in previous weeks, but the agents were satisfied that the sales have progressed sufficiently to now warrant marking them as sale agreed to avoid unnecessary enquiries about the properties as they have relative confidence the sales will proceed. That is not to say all of the sales will conclude successfully in the end.
Anecdotally, talking to some agents, there were indications that a good deal of people were proceeding with deals agreed pre-Covid (maybe 50%). Also anecdotally, there are even people going sale agreed without having physically viewed properties in some cases.
Off topic but from that list 21 Beach Road really demonstrates the value of selling a plot with planning permission. Originally it was on for €500K/no planning. Then planning for two dwellings (4 bed + 2 bed) and it went back to market for €725/with planning.
it looks like you study this data closely on an ongoing basis, if so what you normally expect to see in a 7 day period. i.e I presume sale agreeds are down, but by how much?
Some of the Sale Agreed” are fake (the agents just want to show some activity), while many others get cancelled at later stage. Significant number of “Sale Agreed” already goes with 10-20% discount on the asking price.
It’s very bad that our property market has been almost fully dominated by the agents, they want to pretend that nothing has happened in the world (and in Ireland) and would try to keep the asking prices at the current levels at least for another few months, but at the end they would be forced to drop the prices anyway.
Are you an Estate agent, your user name says you are a “Buyers Agent”,
Do you have a website?
Yes the name buyers’ agent is accurate, I will PM you.
Do you only operate in Dublin or further afield? If further please PM me too!
We have gone sale agreed during lockdown on a property we viewed a number of months ago.
The house was sale agreed close to asking, but the purchaser has disappeared since.
We’ve managed to get over 10% off the asking. Delighted, as it needs a good bit of cosmetic work.
Also have a good friend has negotiated a similar % amount off their sale agreed price in D6. So the drops are happening already.
Can you PM me.
Struggling with estate agents.
I find them to be the most dishonest people on the planet.
What’s your experience with Estate agents,
I hate the bidding process, you never know if there is an actual person bidding against you.
It could be a friend of the seller bidding up the price, agents never ask you for proof of funds or mortgage approval when you bid, so anybody can bid up the price.
The sales process is not transparent at all.
Another thing is the list price, last year I called an estate agent and asked if there was any bids yet, he said no, so I bid the asking price and he said they would not accept the asking price and my bid had to 15k more or he would not accept it, how messed up is that, the estate agent said the list price was only a guide!
In 2009 I bought an apt of savills
“You can’t afford this, so don’t waste my time”
I bought it two weeks later.
I have a severe hatred for estate agents.