Monday 23 October 2017

Dublin 10: Market continues to be popular

91A Rossmore Avenue, Ballyfermot, went for €222,000
91A Rossmore Avenue, Ballyfermot, went for €222,000

During the boom, prices in Ballyfermot (pretty much comprising all of Dublin 10) hiked right up to €400,000, but when the crash kicked in they collapsed down as low as €80/90,000. Now they have shot back up again.

After rising 5pc in 2015, prices doubled that pace to 10pc through the last 12 months. However, values are still only half what they were at peak (a three-bed terrace now sells for €200,000) and this area provides some of Dublin's most affordable (and best built) family homes.

"The last two months of 2016 were frantic," says Roger Berkeley, who found the second half of the year much busier than the first.

"We were selling one or two houses a day, and many of those were going for more than the asking price. We had as many as nine bidders on some properties, and everyone wanted to wrap things up before the end of the year."

Berkeley says that the relaxing of the deposit requirements of first-time buyers is helping the market to recover - "it had a stifling effect" - and that he has also seen a return of investors.

He notes that condition has a big impact on prices, and that houses with the 'wow' factor are selling particularly well.

"Purchasers are like a dog with a bone," he says. "If they've seen something special and they want it, they just won't let go."

Berkeley also works as a bank surveyor, and says that the banks are keener to lend on properties in very good condition. "They are more willing to give a higher mortgage if the condition is good; they are reluctant to split a mortgage between the purchase price and refurbishment."

In Ballyfermot, Berkeley says that there is a substantial premium for houses with a side entrance, and that this can be worth anything between €15,000 and €18,000 extra.

The traditionally popular roads of Upper Ballyfermot - Ballyfermot, Kylemore, Rossmore and Cleggan - continue to be popular, and Berkeley reports strong interest in Lally, Landen and Sarsfield Roads in Lower Ballyfermot.

Irish Independent


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