2023 South County Dublin Housing Market Projections
We have just completed our projections for the residential property market in South County Dublin and surrounding areas for 2023. Right now is a very good time to sell. We currently have a seller’s market with a very low supply of properties and lots of highly motivated buyers with funding in place who are keen to complete a purchase before interest rates rise further. When interest rates increase buyers can borrow less and house prices tend to go down. In Ireland the change in Central Bank rules has more than offset this.
It is looking like Feb/March will be a particularly good time to sell a property in Dublin. At that time a number of factors are projected to come together to give the market an added boost. These include an increase in the Central Bank mortgage borrowing thresholds, a shortage of supply exacerbated by the rental eviction ban, a drop back in fuel prices leading to a reduction in inflation, buyers continuing to move here from overseas, and another year’s worth of exemptions from the Central Bank mortgage rules (allowing buyers to borrow more).
If you are looking to move house we would expect there to be an increase in supply and a far better selection of properties to choose from by the time your sale completes in late spring. If you sell now you will benefit from the premium prices we are currently securing, and then be in a position to buy at a time of wider choice with less competitive bidding.
Many vendors will wait until Springtime before putting their properties on the market, further restricting supply in the first quarter. In contrast buyers are desperate to buy, with multiple bids on just about every property listed with us. Putting your property on the market as soon as possible is highly recommended, if you are in a position to do so. It may well be that the early bird will catch the market peak in 2023.
By April/May the supply of houses for sale may increase taking some of the heat out of the market. Around this time interest rate increases might start to level off. Revolut or another bank may enter the mortgage market, increasing competition and improving customer service.
The property market is expected to remain very active through the summer months again this year, due to the effect of pent up demand. Once talk of the budget starts in October, it tends to cool off. In most years prices drop back slightly in the 4th quarter.
Property prices are very sensitive to external factors. As we learned in 2022 there is always the possibility that something unexpected will occur to destabilize the market. If you have a property with equity in it which you wish to liquidate, it is wise to strike while the iron is hot.
As a smaller independent agency we take great pride in our work. In 2022 our selling prices were on average 10.28% above asking, with 93% achieving the full asking price or more. If you google us you can read the google reviews posted by our clients.
Please send me an email at phil@ckp.ie or call me on his mobile 087-2799131 if you want to talk about your specific needs or to schedule a free sales consultation at your property.
