Ranelagh sale confirms Dublin market for €1m-plus houses

At the end of May, the first €1 million-plus auction of the year in Dublin was seemingly unsuccessful when 9 Eglinton Park in Dún Laoghaire quickly re-emerged for sale by private treaty seeking €1.485 million after the auction day.

The real test of the market was however last Wednesday, when 63 Dartmouth Square, Ranelagh, was auctioned off through Sherry FitzGerald. Auctioneer Simon Ensor was confident the refurbished 215sq m (2,314sq ft) house would sell as it "ticked all the boxes" given its premier location, sunny southerly orientation, and off-street parking. With an enticing €1.4 million guide price, nearly 50 people attended the auction and six parties fought it out during five minutes of heated bidding until the home was sold under the hammer at €1.92 million to a bidder acting in trust for an Irish-based buyer.

Prior to the auction, 13 houses had traded hands on the square since 2010 at an average price of just under €1.3 million each, however most of these required total refurbishment which can easily cost up to €500,000.

The home’s owner, Paul Meagher, the solicitor and friend of businessman Denis O’Brien, no doubt was pleased by the strong result. Meagher purchased the house at auction in 1989 through Sherry FitzGerald for just €180,000 (IR£142,000), however significant further expenditure was undoubtedly incurred to bring it to its current condition.

It is hardly surprising Meagher was the first owner to have sold at auction this year, given his propensity to go to auction in the past. In 2014 he sold Highfield, a 1980s house adjoining his own home on Blackrock’s South Hill Avenue. Its €1.25 million AMV was well exceeded, and it sold for €1.86 million.

The sale however represented a significant loss as Meagher had bought the house in 2008 for €2.5 million and had spent more money improving it.

On foot of the Dartmouth Square auction a number of other sellers have emerged and this month various agents will be offering for auction properties in Ballsbridge, Sandymount, Blackrock, Rathfarnham and Sutton.