Dublin 10: Ballyfermot demand high for quality homes
Published 23/01/2016 | 02:30
It was a stable year in Ballyfermot, which pretty much accounts for all of the Dublin 10 postcode. Price increases have averaged about 5pc in the last 12 months.
"Certain pockets of Ballyfermot went up," reports Roger Berkeley, of Berkeley and Associates, "but there were no big increases. And there have been only minimal increases at the lower end of the market."
Berkeley reports top demand for houses in very good condition, and says that some good quality homes made over €200,000 - historically a very strong result in the area.
An interesting quirk in the Ballyfermot market is that there is almost no price variation between the two-bedroom and three-bedroom former Corporation homes. This comes down to the various configurations which often sees bathrooms downstairs in the three-beds (a value-lowering factor) but upstairs in the two-beds.
What really determines the price in Ballyfermot is the condition of the property and whether or not it has a side entrance. In common with other areas, the Central Bank's deposit requirements mean that there is an effective cap of €220,000 on prices in the area.
"I would expect that we will hit that figure in 2017. People will not be able to pay a 20pc deposit on prices over that figure. This is affecting Palmerstown already, but not yet Ballyfermot," says Berkeley.
In Ballyfermot, the traditionally popular areas of Cleggan, Rossmore and Kylemore are still in most demand.
"In the past people wanted houses that they could do up, but not any more. Today the banks will lend more money for houses in very good condition so long as the vendors are able to supply architect's certs for the extensions. We had one high quality property where we ended up with five or six parties in a bidding race against each other, and they bid the price up from an asking price of €175,000 to €200,000."