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July 29 2017 2:30 AM
Similar properties on the same road in a south Dublin community have soared in value by €150,000 since late 2014.
Prices have risen from €475,000 in October 2014 to €540,000 in July 2016, and then to an asking price of €625,000 today.
One such property, a four-bedroom semi-detached family home on Vale View Lawn, in Cabinteely, now has an asking price of €625,000.
The estate agent for the property, Paul Aherne, with Hunters Estate Agent, said the final price for similar houses in the area could be far higher "in a lot of cases" and that a bidding war could occur between four or five bidders.
"In one case recently, we sold a property for €545,000 and the asking price was initially €485,000 with five bidders," Mr Aherne told the Irish Independent.
He said that while local property tax contributed, "a lack of supply" was the main reason for the sudden hike since 2014.
In most cases it would take about three or four weeks from the launch of a property to it being sold.
This particular property was a family home for a number of years, and it hasn't gone under any extensive renovation, he added.
"This type of house is in extremely short supply for families looking in the area.
"It is a very good area to live in, with great facilities like schools and shops close by," Mr Aherne said.