Rising prices not always reflected at top end

Despite dramatically rising property prices in the capital, it seems the top end of the market isn’t consistently recording quite the same advances. Lately, the Block has noticed a number of properties in the million-plus bracket selling below their asking price.

Take Beechmount at 81 Mount Merrion Avenue in Blackrock. It had been on the market for €1.925 million with Savills but according to the Property Price Register sold for €1.47 million on August 26th, €455,000 less than the asking.

Elsewhere the examples are less extreme, but still coming up short. Take 20 Rostrevor Road in Rathgar, which had been for sale at €1.55 million with Sherry FitzGerald and finally sold for €1.475 million. Polvellan, 15 The Rise Malahide and Huka Lodge, 100a Lower Churchtown Road had been on asking €1.25 million each, and last month sold for €1.225 million each. According to auctioneer Vincent Finnegan the higher end of the market represents some of the better value: “They haven’t corrected themselves in terms of value to the same extent that your average two- to five-bed house has.

“The recession knocked a lot of high-end performers out of the market.”