Thursday 19 September 2019

Dublin 10: Family friendly location in high demand

Average price: €170,000
Area: Ballyfermot
Up: + 25%
One Year Forecast: + 0%
Assessing Agent: Berkeley & Associates

When the First Time Buyers grant was coming to a close in 2012 many properties in this area were siphoned off by adult children of families living here who are extremely loyal to the area.

It prompted several bidders on every property offered and the trend continued to the end of 2014 says Roger Berkeley of Berkeley & Associates.

287 Landen Road, Ballyfermot, sold in October 2014 for €266,000.
287 Landen Road, Ballyfermot, sold in October 2014 for €266,000.

Some parts of Ballyfermot went from €80,000-90,000 to €160,000 over the last two years which he says "nobody could have predicted".

He adds however, that the market is not heading into a bubble again (at the height of the boom he was selling houses up to €400,000) although supply is definitely an issue.

Dublin 10
House Types201420152016
3-bed Semi, €156,000 €180,000 €180,000
2up/2Down, €130,000 €165,000 €165,000
3-bed Terrace, €130,000 €175,000 €175,000
2-bed Cottage, €115,000 €160,000 €160,000
Ex-Corporation 2-bed, €130,000 €180,000 €180,000
Ex-Corporation 3-bed, €130,000 €180,000 €180,000

"Yet the market is now beginning to find its own level."

Berkeley puts a huge emphasis on the impending deposit requirements due to be enacted by the Central Bank in early 2015.

KYLEMORE ROAD: Wide, tree-lined road, safe for children and a stone's throw from popular Ballyfermot College of Further Education.
KYLEMORE ROAD: Wide, tree-lined road, safe for children and a stone's throw from popular Ballyfermot College of Further Education.

"If first-time buyers are not buying how can others trade up? If the 20pc is fixed, there will be no upward movement of prices at all this year.

"If it is adjusted in some way, either by being reduced, phased or linked to a bond of some sort than perhaps there will be single digit growth."

Demand is strongest for Kylemore Road, Cleggan, Ballyfermot Road, Rossmore, Landen Road and Lough Conn.

Condition of property is important especially where there is a mortgage involved. Banks are reluctant to lend against a house which needs work.

There is also a strong rental market in this area, but the limit of rent supplement is hampering availability for those reliant on assistance.

"Investors were rampant in 2012/13, but it's trickling away now.

If someone bought a house for €100,000 and spent €10,000 to do it up it would rent for €950 p.m. which is the cap.

Now, they're spending €160,000-€180,000 and getting €1,100-€1,200pm." Benefits reliant tenants are being pushed out in favour of professionals.

A strange quirk of this market is that the three and two bed former Corpo houses cost much the same. This is because the three beds came with bathrooms downstairs - which pulls the price down, while the two beds have a bathroom upstairs.

Many two bed owners have extended to add a bedroom downstairs but lost ground at the back while many three bed owners converted their upstairs room to a bathroom and added a bedroom downstairs .

It all makes for a pretty even mix that's reflected in price.

Independent.ie Guide to House Prices in Ireland

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Irish Independent

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