This article appeared in the June 2016 edition of our Blackrock Bulletin. Read more from that issue here or click the image right for a PDF.
Uncertainty in the housing market, but Blackrock going strong
Mortgage limits, political uncertainty and policy gridlock have affected much of the country’s property market, but in Blackrock remains highly sought-after.
Despite regular headlines about relent- less house price rises, we take with a pinch of salt what the official figures in fact tell us. Last week the CSO announced a nationwide rise of 7.1% for the year to April, with Dublin rising by 4.6%. Yet CSO figures only account for mortgage purchases, ignoring thousands of cash transactions. Estimates have cash purchasers at 40-50% of sales, so official figures are missing the true picture.
While looming concerns over a range of risks such as Brexit, mortgage limits and what our new government will do next week, much of the Dublin market is struggling to keep upward momentum. However, with severe lack of supply and persistent buyer demand, Blackrock remains a sure fire market for now.
Blackrock Property Market Report
Thinking about making a move? You need not fear uncertain markets, says agent Ben Thompson, they provide great opportunity to make smart moves.
I recently stole an excellent analogy from a revered economist, describing a slightly fitful housing market as a ‘microwave market’ – some hotspots but not heating consistently throughout.
That’s a good summary of the situation in Dublin today. Some areas, property types and even specific streets are red-hot, while others are cool and inactive.
Blackrock is almost certainly a hotspot, with very few properties hanging around for long and many well priced sales achieving well over their asking prices after rounds of competitive bidding.
There remains a severe lack of proper- ties readily coming to the market so new sales are over-subscribed with buyers, leading to further price rises.
Uncertain markets do unnerve many home owners, but they should be seen as a time of great opportunity.
Unbalanced pricing benefits the mover when the type of house they are selling is in high demand – achieving top prices – while they look to buy in perhaps a slower area where bargains could be had.
Currently large +€1 million family homes in Blackrock are in high demand relative to supply. Many empty-nesters (about 60% of our client-base right now) are taking this opportunity to downsize, relocate and realise their assets for retirement or to share with family.
In the mid-market, 3 to 4 bed family homes under €800,000 and near Blackrock’s best schools (Carysfort National and Holly Park) are nearly fought over by prospective parents. Anyone selling these to trade up or relocate can usually command a top price.
Finally for smaller properties, we are inundated with downsizers who will take your arm of for 2 or 3 bed mews, townhouses or bungalows, particularly around Monkstown and along the coast.
Recent Sales – Case Studies
Castlebyrne Park, Blackrock (Sale Agreed)
This fine three-bed house set off Newtownpark Avenue near good schools. The house included a converted attic room and large front, rear and side gardens with potential to extend. We launched with an asking price of €425,000 and achieved that price in just a few weeks.
Barclay Court, Blackrock (Sale Agreed)
A bright four-bed family home is a very good location close to the centre of Blackrock. Launched for €600,000 on the same day as a competing neighbour, we had 50 viewers in 3 weeks we achieved the asking price – and €40k ahead of the (albeit run-down) neighbour!
Kilteragh Road, Foxrock (Sale Agreed)
Situated on a lovely road in prime Foxrock, this elegant four-bed house was bound to be a hit at €900,000. Our clients chose a private off-market sale. We arranged just a single viewing day with five private buyers and had it sale agreed within one week for above the asking price!