Broadly speaking 2019 has been a flat year with house prices in most sectors of the South County Dublin market holding steady year on year. This year has undoubtedly signalled a closing of the gap between supply and demand and a general acceptance that house price inflation has levelled for the time being.

While affordability for first-time buyers clearly became an issue in the later part of 2018, prices started to level off. This lead to an increase in buyer activity in 2019 with prices remaining static.  A smart 2 bed terrace, 11 Richmond Green in Monkstown sold in March for €480,000.

For the many houses that came to the market in need of refurbishment prices came back slightly. Escalating building costs and the limited availability of tradesmen has dampened the appeal of doer-uppers.  The Central Bank’s Lending rules continues to have a bearing on this market and with no sign of a relaxation of their fiscal policy affordability will continue to curb prices.   40 Wilson Road, Mount Merrion, a 3 bedroom detached bungalow in need of upgrading, sold in October €675,000.

Elsewhere at the top of the market, 1 million plus family homes, the continued uncertainty of Brexit unsurprisingly impacted buyer sentiment over the course of the year. Some premium trophy homes were observed to have remained on the market unsold for a number of months. However, as the year draws to a close, our Blackrock office has experienced an increase in the level of enquiries for well-located family homes in ever popular Blackrock, Dalkey and Monkstown. Proximity to some of Dublin’s most well-regarded schools has long since been a big consideration for buyers in these locations.   86 Albert Road Upper, Sandycove sold in October for €1.45million.

We expect price inflation in South County Dublin to remain moderate in 2020. Affordability will still, play a significant part in keeping house price inflation to single digits.  We expect the first-time buyers to most active in the market as was the case this year, while the prospect of some certainty surrounding Brexit may encourage more investors back.

Property Prices down overall: 3%                            Average sale price is SCD €: 729,000