IT'S that time of year again. Summer's almost over; night classes are starting up, but more importantly estate agents are gearing up for yet another busy season in the new homes market. Traditionally, autumn is one of the most popular times for young homehunters to make that move and get a home of their own, hopefully before Christmas.
And while the cost of borrowing is on the up and buyers may be a little more cautious, they're still home-hunting with a vengeance, according to estate agents at Hooke & MacDonald, who say they've had more enquiries than ever this summer.
"There's huge interest, especially from first-time buyers, in many of the new developments set to come on the market in the coming months, " says Geoff Tucker, economist with Hooke & MacDonald. And with no stamp duty on new builds up to 125sq m (1,345sq ft), new homes hold a large appeal for firsttime buyers, with this group accounting for 48% of the total number of sales of new builds.
"Even though the property market tends to be somewhat quieter during the summer, both enquiries and sales have been very good, which we feel reflects the underlying strong demand for Irish property, which is being driven by the growth in population, a buoyant economy and labour market conditions, " adds Tucker.
And while house prices continue to rise, averaging 390,629 for Dublin in the first quarter of this year, Tucker says there's still plenty available at the lower end of the price scale. Figures from Hooke & MacDonald Research reveal that 46% of all new homes sold in Dublin city and county in the 12 months from July 2005 to June 2006 cost less than 350,000, with 45% selling for under 300,000.
Buyers on a budget looking for affordability should concentrate this autumn on new schemes in Dublin 10, 11, 24, and 15, and in parts of Co Dublin like Rathcoole. Outside Dublin, some good value can be found in Ashbourne, Leixlip and Leitrim.
At the upper end of the scale, there are several upmarket schemes coming on stream in Killiney, Carrickmines, Blackrock and in Barrow Street, Dublin 4. And in Wexford, Olivers Estate Agents is selling a large, detached state-of-the-art home on Seafield Golf and Country Club for 1.3m.
Carol Strong of Douglas Newman Good New Homes says they too are preparing for a very busy autumn, with more than a dozen launches coming up between now and the end of November.
"Once again, we're going to see mostly apartments and duplexes coming on the market, and any schemes with three and four-bed houses will most likely be snapped up, as they are a rarity in Dublin, " she says.
However, Strong believes that the increase in interest rates may make buyers, particularly young first-timers, more cautious this year. "People still want to buy a home, and while they're not being put off, we feel they will take a little longer to make decisions. After all they are spending a lot of money, so they will want to make sure it's a good investment, " explains Strong.
Which is why we're going to see good quality features and fittings this season, as builders want to ensure they draw in as many buyers as possible.
"The quality of new homes has been improving for several years, but it's getting even better now, and you can see this in the type of kitchens, tiling, sanitary ware and storage facilities that developers are putting into homes these days, " adds Strong.
In terms of prices, Strong says we won't see much difference between late spring and this autumn, as there were quite big increases between early 2006 and the summer, which is good news for first-timers, for whom every euro counts.
Catherine O'Connor, director with Hamilton Osborne King, is also getting ready for several big new homes launches this autumn.
"We'll have plenty of properties for both the first-timers, traders up and those looking for something really special at the top end of the market. We'll be kicking off the season with Erris Square, at Waterville in Blanchardstown, Dublin 15. Granbrind is releasing 42 units here, with one-beds from 295,950, " she says.
Elsewhere, Hamilton Osborne King will have a range of apartments and other homes aimed at the starter market in Dublin 20 and Dublin 13.
At the upper-end of the market they will be launching some fairly exclusive homes in Blackrock, Milltown and at Druids Glen in Co Wicklow.
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