An auction property, number 14 Fortfield Road is one of the first batch of homes to be priced under the new system as outlined by the Irish Auctioneers and Valuers Association.

Under the new rules, 14 Fortfield Road has an Advised Minimum Value (AMV) of 1.5m. Guide prices, which before now were set between 10% and 15% below what the property was truly expected to fetch, are no longer allowed.

According to Pat Mullery of Douglas Newman Good, this new system is much better for the buyer.

"The AMV price for an auction home is a much more realistic way of pricing, " he said. "Obviously we can't control what happens at an auction, and if a property is particularly special and several people are chasing it, it could still go up another half a million, but generally speaking, the new pricing gives a much clearer idea of what the actual sale price will be at auction. So potential buyers won't be drawn into an auction sale by an unrealistically low price and end up disappointed."

Mullery added that, under the old system, 14 Fortfield Road would have been priced considerably lower.

"It's the same system for private treaty sales. Prices must reflect the true value of the property. If we believe a property is genuinely worth 500,000, under the new system we must set an Asking Price (AP) of 520,000, because that's realistically what it will probably sell for, " adds Mullery.

When the auction season kicks off again early next month, it will be interesting to see how the sale figures relate to the new AMV prices. But whatever the price, there will no doubt be many potential buyers for this lovely home, presented in very good condition.

Set well back off the road, the property has a spacious front lawn, along with a decent-sized drive for offstreet parking, while the beautifully maintained back garden stretches to 120 feet long.

Built later than the original 1940s houses at Fortfield Road, number 14 has a slightly Swiss look with its deeppitched roof. With a floor area of 260 square metres (2800 square feet), accommodation comprises a hall, living room, dining room, kitchen, family room, conservatory, utility room, four bedrooms, two with en-suite shower rooms, and the main bathroom.

The living room is over 18 feet by 11 feet and has solid Iroko flooring, a marble fireplace and double doors into a large dining room of over 24 feet by 14 feet. Again this room has solid wood flooring, ceiling coving and double doors out to the patio.

The kitchen is also very spacious and has a wide range of fitted units, a Stanley range, American-style fridge-freezer, recessed lighting and access to the conservatory, which in turn opens out to the patio.

Bedrooms are doubles, and the main room has a walk-in wardrobe and en-suite bathroom. The main bathroom has lots of space and is fitted with a jacuzzi bath and double sink.

AMV: 1.5 million (auction).

Agent: Douglas Newman Good 01-4909000.