Property Market Momentum Continues Its Upward Trajectory – David Kelly, JB Kelly
Kilcarrig, Balscadden Road, a heritage property featured on the JB Kelly website.
While the property market continues to rebound post COVID, the time of year, allied to changing market conditions has seen more property come on the market throughout Sutton, Howth, Bayside and Baldoyle. Despite a higher interest rate outlook, prospective sellers have been enticed to benefit from the high point of the market, but the good news is that there is no shortage of demand for quality property and the much hyped pressure on supply, is very evident throughout the area.
Of course, as well as external factors, a number of local issues have influenced the desirability of the area. In particular, the advent of the new facilities in Bayside, has seen it become a standalone residential proposition and the arrival of Aldi and the range of other services in its wake (that now include hairdressers, barbers, medical centre, crèche, even undertakers etc.) has seen it become a “cradle-to-grave” residential location, that has all the services on its door, as well as the DART.
This uplift has also spilled over into Baldoyle and Sutton, where traffic congestion has been temporarily heighted due to summer weather and the replacement of paving by Fingal County Council, which has recently concluded. In property terms, Howth is Howth and its unique appeal continues to make it a perennial choice for property hunters in search of something more.
The Brexit effect has also past, there is less overseas buyers in the market and the balance between cash and non-cash buyers is in keeping with normal trends. Prices recently achieved is evidence of a buoyant market, where a 4 bed semi in Sutton Park changed hands for €800,000. In Offington, house prices have attained €1.2-1.4 million and the asking price for property in the Carrickbrack/St Fintans area is now north of €900,000.
In Howth, the sale of Tara Hall and the former Guinness family residence continues to be the subject of a lot media speculation, but in a well-bid market, trophy houses will always get trophy prices, but it just may take a bit longer to reach it.
Looking forward, the rising interest rate environment will have an effect but for how long, and over what duration, is anybody’s guess. But maybe the more enduring feature that underlies this property market is the fact that banks are well capitalised, loan-to-value ratios have been conservative and Dublin, continues to be a beacon for foreign direct investment, which has a welcome spill over for our areas of Sutton, Howth, Baldoyle and Bayside.
For more Information or if you’re thinking about buying or selling a property, please don’t hesitate to contact me.
Dave Kelly 01-8393402
