Houses in Dublin are now routinely selling €100,000 above the asking prices now. 

An exclusive Newstalk survey has looked at the asking prices and sale prices of 1,800 properties that were sold in the capital between January and the end of April this year. 

3% of second hand homes have sold for €150k or more over their asking price; one in 10 went for €100k or more; 18% sold for €75k or more over asking; while 36% sold for €50k or more. 

Speaking on The Pat Kenny Show this morning, Newstalk’s Chief Reporter Barry Whyte said he recently came across some resale properties that have sold way above their original asking prices. 

 “A two bed house on Clogher Road in Crumlin, Dublin was listed for €375k,” he said. 

“After a few weeks it went sale agreed for €550k - that’s a 47% increase and €125k above what the advertised sale price was. 

“While another two bed house on the Galtymore Road in Drimnagh was listed for €345k. 

“It sold for €521k, that’s a 51% increase and €176k above its guide price.

"A three-bed in Inchicore, which just went sale agreed last week, was on the market for €395k; it sold for €527k, that’s a 33% increase and €132k above asking”. 

House keys. Picture by: Alamy.com.

Some houses of the market have more than tripled in value since they were last sold. 

“Just a few days ago, a two-bed on the Kilworth Road in Drimnagh, which was on the market €375k went sale agreed for €482k, that’s €107,000 above the asking price,” Barry said. 

“This house was also sold at the end of 2013 and I found photos of the house from when it was sold 11-years ago. 

“I’ve spoken to someone who bid on the house back the, and they told me not a tap of work was done to this house. 

“And that two bed house actually sold for €161,050 in 2013.” 

The survey also found that there is more demand for turnkey homes and higher energy rated homes. 

“There would not be as much competitive bidding when it comes to your doer uppers, homes that need a lot of work,” Barry said.  

New homes in Kinsale, County Cork, Ireland. Picture by: Alamy.com.

Barry also said that certain parts of Dublin are in more demand. 

“So, for example I looked at over 100 properties in Dublin 12,” he said. 

“That’s Crumlin, Drimnagh, Kimmage, Walkinstown - and the average sale price there was €55k above asking, while 12% of properties in D12 sold for €100k plus. 

 “Another area where houses seem to be highly sought after is Dublin 24. 

“So, that’s Tallaght, Citywest, Firhouse etc and the average increase there is 13% above asking”. 

'They know the demand is there' 

Many people currently trying to sell their homes have been left shocked by the demand for second hand homes. 

Patricia Lanney, who plans on putting her three-bed house in Tallaght on the market, said estate agents told her they would get her way above the asking price. 

“We bought our house for €255k five years ago,” she said. 

“We had it valued recently by a number of estate agents and they said they could put it on the market for €365k but they could easily sell it for €100k more”. 

She also said she believes estate agents are putting up lower asking prices to create bidding wars. 

“I think they are putting up lower asking prices to create bidding wars, they know the demand is there,” she said. 

“I was taken aback by how desperate some people are to get on the property ladder. 

“I’ve had people I don’t know messaging me telling me they were interested in buying even before we put it up for sale”. 

An estate agent handing over house keys. Picture by: Alamy.com.

Meanwhile one estate agent has said that sometimes they have to put up lower asking prices to create interest. 

David Brock of Brock Delappe Estate Agents admitted that if they put up an asking price that is too high then there will be little demand. 

“We find if we put up a price that is too high, we don’t have any interest,” he said.

“Sometimes you have to put up lower asking prices to create interest, when we drop a price we get loads of interest and we do have to appeal to a market”. 

He added that demand was outweighing supply massively and that is driving up prices.

Main image: An estate agent with keys. Picture by: Leah Farrell / RollingNews.ie