How to get the best price for a house in Dublin, report says
A report into the Irish market for houses says there is an opportunity to find a bargain for a first-time buyer in Dublin’s inner suburbs.
The report from consultants Trulia found a huge number of properties were being sold for far less than the average price of $900,000, compared with the average in the country’s second-largest city.
It said the average asking price of a house on the market in Dublin was around $2.6 million.
But there are lots of other areas of the city that are selling for much less.
The market for a three-bedroom house in the city’s west-west inner suburbs, for example, was sold at an asking price just shy of $3.3 million.
The Trulia report also found there were many properties selling for less than half that price in Dublin City.
A typical home in the area, which includes the east-end suburb of Liffey, was listed for around $1.6m.
But it is just about $1,800 below the average for the city.
Trulia’s research suggests Dublin is in a “buy-to-let” market.
It suggests a first buyer should expect to pay between $1 million and $2 million for a home in Dublin.
The median price in the capital was $1-million, while Dublin City’s median was $2-million.
The company’s analysis found a large number of people were buying houses on the cheap and it was hard to know where they would end up.
However, Trulia’s data shows the vast majority of buyers in Dublin are moving into homes that are “under construction”, meaning they will likely need to pay more for them.
“If you’re looking for a cheap property in Dublin but you don’t have the funds, you should look at other places like the north-west or north-east,” it said.
A number of Dublin’s suburbs are also on the rise.
There is also a shortage of rental homes in the north of the capital, where prices are on the high side.
“This is going to lead to people moving in,” Trulia managing director Mike Kelly said.
“The number of places to rent is increasing, but there are places that are still under construction.”