Residential sales in Dublin reach three-year high

New figures on transaction levels in Dublin show a continued bias towards family homes, while the highest average house sale price in the first nine months of the year was recorded in Dublin 4.

According to figures compiled by myhome.ie and based on the property price register, transactions in Dublin are currently running at a three-year high. The survey shows that Dublin 14, encompassing family friendly areas such as Dundrum, Clonskeagh and Rathfarnham, was the busiest Dublin postcode for house sales in the first nine months of the year, with 433 transactions.

Conversely, apartment- heavy Dublin 2 in the city centre reported the lowest number of sales at just 42 in the same period, indicating that market demand remains heavily weighted towards family homes.

However, the survey points to signs of an upturn in demand for apartments, with Dublin 2 reporting a 45 per cent increase in transactions over the same period in 2012, and sales in Dublin 1 up by 76 per cent in the nine months to September.

In general, transactions are busier in postcodes on the southside, where about half of all sales in the first nine months of the year took place.

Depressed levels
In line with stronger transaction levels, the amount spent on property in the first nine months of the year also jumped, at almost €2.1 billion, up from €1.6 billion, or by 29 per cent, on the same period in 2012.

Dublin 4, covering areas such as Ballsbridge and Donnybrook, had the highest average sale price at €687,252, with the lowest average sale price in Dublin 22, which covers areas such as Clondalkin and Baldonnel. The average property sale price there was €140,846 in the first nine months of the year.

Given trends in the last few years which have shown a busy fourth quarter, myhome.ie managing director Angela Keegan said transaction levels in 2013 should "definitely surpass last year".

However, transactions remain at depressed levels and far away from the €10 billion – in mortgage lending alone – some suggest is needed for a properly functioning market.

Apart from demand factors, supply also remains constrained, with myhome.ie indicating that there are just 3,400 homes for sale in Dublin at present, down from about 5,000 this time last year.

According to Keegan, this compares with supply of about 7,000 properties a couple of years ago.