Nothing succeeds like success, they say, and in the current climate it makes a change to see not only a new homes scheme, but one declaring itself sold out.

Passers-by can’t miss a small scheme of newly built semi-detached houses on Orwell Park – one of Dublin’s most exclusive roads – with Sold signs in every window. Launched to the market from the plans last December, six of the seven four-bed homes have sold through agents Sherry FitzGerald, for between €900,000 and €950,000 each. The hoarding is now encouraging buyers to register for the second phase of the scheme, developed by Renehan-owned Walthill Properties.

The second tranche will comprise 10 houses, mainly semi-detached four- beds, built directly behind the existing row. This phase – for sale off the plans – is quoting higher guide prices of €965,000.

Orwell Park has seen its share of activity in the postboom market, with nine properties on the street selling in the past 18 months for between €1.3 million and €2.4 million. Increasingly estate agents will say owners of these big homes are “downsizing”, but with the current low stock of modest-sized luxury houses in certain Dublin suburbs, it’s hard to see where the owners could be moving to. It looks like the Orwell Park scheme might be addressing a growing gap in the market.