Thursday 19 September 2019

Dublin 11: Increased market brings something for everyone

Average Price: €225,000
Areas: Finglas, Ballymun, Glasnevin
Up: + 18%
One Year Forecast: + 0%
Assessing Agent: Wilson Moore

With such a wide variation in neighbourhoods Dublin 11 can be notoriously difficult to value as one market, says Christina Wilson of Wilson Moore.

Glasnevin is the most sought-after address in a postcode which is split between upper crust red brick land and bread and butter family estates.

2 Glasnamana Place, Glasnevin, Dublin 9, sold in January 2014 for €190,000 and again in October 2014 for €250,000, an increase of 31%.
2 Glasnamana Place, Glasnevin, Dublin 9, sold in January 2014 for €190,000 and again in October 2014 for €250,000, an increase of 31%.

With D11 averages, it must be remembered that values typically reflect both extremes.

While private semi prices soared, by more than 40pc in the year, other property types such as apartments and two bed ex-corpo stock added much smaller increases. In many D11 locations smaller homes are the dominant type.

Dublin 11
House Types201420152016
3-bed Semi, €140,000 €200,000 €200,000
4-bed Semi, €210,000 €250,000 €250,000
5-bed Semi, €265,000 €300,000 €300,000
3-bed Bungalow, €145,000 €200,000 €200,000
1-Bed Apartment, €110,000 €115,000 €115,000
2-bed Apartment, €130,000 €150,000 €150,000
2-bed Cottage, €150,000 €175,000 €175,000
Ex-Corporation 2-bed, €120,000 €135,000 €135,000
Ex-Corporation 3-bed, €140,000 €175,000 €175,000
3-bed Townhouse, €180,000 €200,000 €200,000
3-bed Duplex, €175,000 €185,000 €185,000

Ballymun offers 'good value for money' while Finglas is in the middle, providing a strong family market given recent welcome infrastructural developments.

"It's close to town, adjacent to the M50 and there is a host of new amenities such as a proposed cinema complex, leisure complex and the rejuvenation of Finglas village.

GLASNEVIN: For address, schools, amenities and as an aspirational location for those moving upwards.
GLASNEVIN: For address, schools, amenities and as an aspirational location for those moving upwards.

"Seeing good global businesses like Costa Coffee considering opening a branch is evidence that it's positive".

The revamped train station for the proposed Luas cross city line at Broombridge and a new Cabra stop all add to confidence for those buying for the future.

The first half of the year was very strong, with increased bank-lending obvious.

There was confidence back in both the mortgage market and the economy in general. However, with the alert from the Central Bank over new guidelines on deposits, Wilson says people "sat on their hands" as they awaited further news of what was going to happen.

"It does create a fear in people and they procrastinate". As a result, she is reluctant to build in any growth for 2015 before more news is forthcoming on these measures.

Families are very loyal to the area and some were disappointed at being out-bid especially in Glasnevin which saw the biggest increase.

Their next choice is the 'cusp' of the area and Finglas or on the other side to the Ballymun/Santry area.

Cash buyers haven't had a huge impact in this area as most purchasers have tended to be mortgaged.

Banks are lending but being tough along with their mortgage valuers, says Wilson. Rents remain high but even so investors aren't adding a colossal amount to the Dublin 11 market, however she has seen an increased activity among bulk purchasers like REIT funds.

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