When 12 Herbert Cottages, a rather down-at-heel cut-stone end-of-terrace property in Ballsbridge, popped up for sale in September we couldn't help but wonder where it would end up. Its selling agent, McNally Handy, gamely offered the apparent mother of all fixer-uppers as a "builder's delight" and a fine opportunity to add "one's personal stamp". The asking price was €350,000 for what seemed to be barely four walls.

This didn’t seem to deter huge interest in the 46.5sq m (500sq ft) Dublin 4 two-bed, as a path was beaten to the viewings by scores of hopefuls. (The going rate for a well-presented property on this leafy stretch is about €650,000.) It’s understood that number 12, which has another 9.3sq m (100sq ft) of space to play with out back, finally sold for €470,000 after the process went to best-and-final bids. With about 10 people remaining at that stage, it’s no surprise the selling price came in more than a third over the original asking. Do we feel a flip coming on?