Will insolvency legislation pop this new asking price bubble?

In recent weeks the Block has been having occasional flashbacks to the recent boom. We’re starting to see signs of the return of the “come again?” asking price.

There have been do-er uppers in upmarket south Dublin suburbs asking upwards of €2 million and some unremarkable three- bed semis, also in south Dublin, asking more than €600,000. Add to this period houses near the coast with little or no garden asking €2 to €2.5 million.

Just because they are asking, doesn’t necessarily mean they are getting, but precedents set by recent big sales in some areas and shortage of supply have combined to encourage some agents and their clients to shoot for the stars.

Blackrock seems to have its own micro-market where stellar asking prices are on the increase helped by the sale of Glenvar on Cross Avenue in Blackrock for a whopping €5.25 million earlier this year. Number 16 Waltham Terrace (pictured) sold in March for €2.25 million (the asking price was €2 million ) and last year Eagle Lodge on Sydney Avenue sold for more than €2.9 million.

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For those seeking a bargain, it seems there is very little consistency when it comes to asking prices.

Over on the northside, a four-bed detached house on Howth Road in Howth, with a big garden, is asking €1 million, while a five-bed architect-designed house with views of Lambay is asking €625,000. In Dalkey, a four-bed, two storey over garden level house on Sorrento Road is asking €885,000 while a four-bed period house on Vico road of the same size, is asking more than €1.6 million.

It seems there are cash buyers out there willing to pay big money for the right property, but the introduction of the new insolvency legislation could well dampen such heady pricing activity as more properties are unleashed onto the market.