Tuesday 19 June 2018

Dublin 10: Ballyfermot a great alternative to a commute

113 Ballyfermot Avenue, Ballyfermot, was sold last April for €181,000
113 Ballyfermot Avenue, Ballyfermot, was sold last April for €181,000

Dublin 10 is basically Ballyfermot and the house type here is almost exclusively former Dublin Corporation-stock two- and three-bed terraces. The shortage of affordable family homes in the capital means Ballyfermot now offers good value as a relatively central location with family houses still available for less than €300k, especially compared with the alternative of buying far out in a commuter county.

The result is that prices in Dublin 10 are now running 16pc higher than a year ago, with a particular flurry of activity in the last few months driven by buyers and sellers anxious to conclude dealings before the new year. 

Local agent Roger Berkeley says that he saw a return to popularity of the sealed bid, which buyers preferred to the stress of bidding against one another for two or three weeks. Berkeley says he sold four houses on Woodfield Terrace — this year’s D10 hotspot — and each of those properties went to sealed bids. Prices ranged from the mid-€280s for a house needing work to €320k for one in better condition.

Affordability has, however, been taking its toll. “Last year was not quite as frantic as the previous year, in that we had two to four parties bidding on most properties, whereas in 2016 it might have been between five and eight. But we’ve been very busy in terms of agreeing sales, with a very good level of activity throughout the year. Up until August, values increased steadily, and then they plateaued. There is usually a bit of a plateau before the Budget, and last year was no different. Vendors tend to have the expectation that prices are going to increase in line with the first half of the year, and that in itself slows things down a little.”

Berkeley estimates that property values in Dublin 10 are now back to 70pc of what they were at the peak of the boom. “People definitely want to buy rather than rent,” he says. “And mortgage funding does not appear to be so much of an issue as previously, unless a property is in bad condition and needs money spent on it. Then the banks are reluctant.”

For the year ahead, Berkeley is predicting further price rises, albeit at a lesser pace, and expects to see the price of an average three-bed semi-detached house in Ballyfermot reach €270,000 by Easter. “Those houses in very good condition are already making more than €250,000,” he says.

One of the anomalies in this area is that two-bed former Corpo homes tend to fetch the same prices as the three-bedroom versions. This is because the latter have their bathrooms downstairs, generally at the back, which tends to even off the value of having that additional bedroom.

Locations that remain consistently popular with buyers in D10 include Rossmore, Lough Conn and Cleggan (known

locally as Cloiginn), where older three-bedroom houses with upstairs bathrooms and side entrances are highly sought-after. Raheen Drive, off Le Fanu Road, is another in-demand location, where Dublin City Council extended the former Corporation houses front and back and retrofitted pitched tiled roofs to replace the original flat roofs. These houses usually have a C3 BER, which Berkeley says is quite good for an older property and appeals to the energy-conscious purchaser.

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