Property pricing trends

forumdedum

Strongly considering buying an apartment in Dublin. While it's apparent the prices have gone crazy (crazier) I'm not sure of the current trend regarding pricing by the Estate Agents. Are they deliberately pricing properties 10 to 15% higher at the moment? I'm not sure what to start bidding at.

Advice welcome, thank you

extra-ordinary_

If you think the property is 15% overvalued then surely your bid would be minus 15% no?

3DataModem

I've bid on a lot of apartments in Dublin in the last few years.

High land-bank, unimpeachable areas (Ballsbridge, Grand Canal) are really spiking hard, because investors recognize that yields are still very high, and long-term value is still strong.

Some areas are relatively undervalued (some D3, D5 areas, arguably Smithfield, Ballymun, Finglas, parts of Swords) and yields are still high AF, but owner-occupiers are not so keen.

forumdedum

https://www.boards.ie/discussion/comment/122526171#Comment_122526171

I have never made a bid on a property before. Anyway, I'm not sure if the Estate Agent has overpriced it or not. Maybe they haven't and it's going to go even higher. Was just wondering if anyone knew the current trend on initial pricing.

forumdedum

I would be intestested in your experience of bidding.

I like the idea of Grand Canal to live, have noticed prices rising there. Smithfield has become quite pricey too of late.

Plenty of investors buying up.

o1s1n

https://www.boards.ie/discussion/comment/122526560#Comment_122526560

The current trend is property prices ending over the asking price. In fact a lot of properties I've seen for sale in the last bit around my area (D7) are being listed for sub 400k when they're going to go for well in excess of it.

I'd say expect to at least pay the asking price for anything you're looking at. The days of bidding under asking in Dublin seem to be over. (unless it's in a particularly undesirable area)

forumdedum

https://www.boards.ie/discussion/comment/122526633#Comment_122526633

Thanks for this info. I am looking at D7. Have to say seriously overpriced for what you get. I wouldn't be surprised if they start selling homes with no bathrooms.

herbalplants

Definitely prices are higher in the last few months but what I noticed is despite prices are higher the supply is gone really low. If they can sell higher why is not inciting more people to sell especially houses that need work done.

o1s1n

https://www.boards.ie/discussion/comment/122526697#Comment_122526697

There are no deals to be had in D7 anymore unfortunately. Not in nice areas. Unless you buy something really dilapidated/in need of serious renovation but what you save on the initial price you are then paying through the nose for with tradesmen.

What kind of budget are you looking at if you don't mind me asking?

forumdedum

https://www.boards.ie/discussion/comment/122527541#Comment_122527541

My maximum budget would be €390,000 and that's pushing it.

forumdedum

Agree completely with all that.

o1s1n

https://www.boards.ie/discussion/comment/122529840#Comment_122529840

This is a great cottage for sale on Olaf Road in Stoneybatter, they've dropped the floor to allow for an attic conversion.

Currently up for 360k. It'll definitely at least go closer to the 400k but might be worth a look if your budget is 390k.

https://www.daft.ie/for-sale/terraced-house-34-olaf-road-arbour-hill-stoneybatter-dublin-7/5798731

RichardAnd

https://www.boards.ie/discussion/comment/122529858#Comment_122529858

It's a nice house, and a very good location for a single person.

However, I could see that house shooting well past 400k. There's not much on the property price register to indicate what would happen in the area. By all means, I'd have a look in the OP's position, but I wouldn't be optimistic.

OP, my max budget was around 390 when I was looking back in 2021/22. I eventually bought something for 300k. Pushing to the maximum is not really wise as there will be all sorts of expenses that crop up after buying the house, and having some cash on hand is always a good idea.

o1s1n

https://www.boards.ie/discussion/comment/122530671#Comment_122530671

Yeah it more than likely will break the 400k given the attic conversion, but if I were the OP I'd still give it a shot just in case.

I've been watching prices on Stoneybatter cottages for the last 3 years and they are absolutely all over the place. It's very hard to judge what one will actually go for in the end.

Since 2021 they've been ranging anywhere between 300k and 450k

In 2021 you were talking circa 350k for a turnkey one, 300-320k or so if it needed work.

Now nice turnkeys can fetch 100k more, some of them sitting around 450k.

9 Ostman place sold for 442k a couple of months ago.

https://www.daft.ie/for-sale/terraced-house-9-ostman-place-dublin-7-stoneybatter-dublin-7/5635322

53 Niall street sold a year before that for just 335k. Location is a couple of streets over and it's not as nice as Ostman Place, but 107k difference between the two is mad.

https://www.myhome.ie/residential/brochure/53-niall-street-stoneybatter-dublin-7/4681450

Sitric Place has had a couple of cottages sold too within the OPs budget. I reckon it's doable, just persistence is required really.

RichardAnd

https://www.boards.ie/discussion/comment/122530739#Comment_122530739

There is a lot of variance in what is available with those old cottages. Some of them are in terrible condition, but in nice areas. Others are in good condition, but in an area where no one would want to live. Personally speaking, I would love to have an old house that I could do up, but it's just not financially feasible for me.

One thing I will say about these houses is that they are small. This is fine for a single person, but I wouldn't want to raise a family in one.

o1s1n

https://www.boards.ie/discussion/comment/122530807#Comment_122530807

I've been living in one for three years with my missus and it's grand for two people. Been absolutely great fun doing it up. I even managed to get my two arcade machines in, you just have to be smart with the space! 😁 (trick for that was installing a mezzanine bed in the front bedroom to clear up all the floor space for hobby bits and pieces)

You are right, not a chance you could raise a family in one. If we were ever to go down that route we'd need to sell up and move somewhere else.

On the plus side though, we don't want to have kids and none of our neighbours have kids due to the size of the houses. So if you want to live in a kid free zone it actually works really well in that regard!

I also find the walls are very thick and well soundproofed as a result. They're terraced but you hear zero from the neighbours. I'm quite partial to my music and have a big stereo system. Have been in the house either side of me with my stereo playing and you can't hear a thing.

RichardAnd

https://www.boards.ie/discussion/comment/122530834#Comment_122530834

That sounds really nice. They are very charming houses, and they make great homes.

It does occur to me that when those houses were built, they likely were homes to families with several children. Times do change!

forumdedum

https://www.boards.ie/discussion/comment/122529858#Comment_122529858

thank you, looks like it’s sold for €409,000