FROM THE ARCHIVES:The property market was strong in 1946, mainly as a result of a shortage of supply because of the lack of building materials and because of the few investment opportunities then available, as this report on auctioneers recorded.
IN HIS review for the year, Mr. William H. Browne, auctioneer and estate agent, 38 Braemor Park, Rathgar, Dublin, says that properties were sold in Tipperary, Wicklow and as far as Ballybunion. All were purchased by English buyers.
Inquiries came from India, Lamlash, in Arran Island, Scotland and other distant parts. Houses that originally cost £1,800 were sold for £7,000. In one instance a house which originally cost £320 was sold for £1,825, and auctioneer’s fees.
Twenty houses offered for sale, with £150 deposit, were sold before the first three were completed. The price was £1,500 each. There seems to be no slackening in the demand for houses and residential property. There is a long waiting list for all classes of property.
As regards houses to rent during the year, there were a few houses at rents from £200 per year, for which there was great competition.
Messrs. Allen and Townsend report a busy year in both their property and fine art departments. Property with vacant possession has shown an increase of at least 100% over pre-war prices, and in certain particularly attractive properties up to 200%. A property sold at Foxrock in pre-war days at £1,000 was re-sold last year for £4,000, but this is an exceptional case.
Investment property, owing to the amount of idle money, has likewise shown considerable increase. The Waterhouse Estate, which included a rent of £609 out of the premises 29-30 Dame Street, was sold for £16,000 (27½ years’ purchase). A rent charge of £150 per annum out of premises in O’Connell Street fetched 32 years’ purchase, the highest price realised in recent times for this class of property.
Gerald Gilbert, M.I.A.A., Auctioneer and Valuer, of 139 St. Stephen’s Green, reports a record year. As could be expected on a market with unlimited capital available, the scarcity of suitable secure investments resulted in a further increase in price, and generally speaking the competition of public auction realised substantially more than vendors anticipated, even with the prevailing high prices.
New building, owing to lack of material, did not get into full production, and many purchasers who would have preferred modern houses were forced to buy older types.
Building societies and banks are moving with the times and their generous advances have enabled many buyers to meet the increased cost of house property.
Perhaps the greatest demand was for factories, factory sites, office and shop premises.
As in 1945, there were again no houses for letting, and many investors were buying large houses and converting them into flatlets, tenants being readily forthcoming at rentals that showed a very good return.
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