Sunday 19 November 2017

Dublin 20: Palmerstown best bang for your buck

'Moira Villa', 71 Old Lucan Road, Chapelizod, sold for €550,000 last November
'Moira Villa', 71 Old Lucan Road, Chapelizod, sold for €550,000 last November

Due to its stock of more afford- able homes, most of the demand in Dublin 20 comes from first-time buyers. But Dublin 20 was hit hard by the bank lending regulations brought in two years ago.

"The market in Dublin 20 suffered a lot because of the Central Bank cap and the deposit requirement," says local agent Roger Berkeley. "But, since the recent rule changes, we saw prices edging up towards the end of 2016."

Even taking the Central Bank rules into account, properties in the Dublin 20 area saw growth of an average of 8pc.

Berkeley reports that Palmerstown, where prices have been sluggish for years, is only now making up for lost ground. The housing stock in the area is varied, with newer estates such as Whitethorn now seeing prices shoot up.

Homes in Whitethorn are now making in the late two hundred thousands, while older 1950s redbrick houses in locations such as Palmerstown Drive are now making in the region of €385,000.

"Prices in Palmerstown Drive are back where they should be," says Berkeley. "Most people who bought here have stayed in their houses, and put money in to extend and upgrade. You still get a lot more house for your money in Palmerstown than you would elsewhere."

The last time that new houses were built in the area in any numbers was in the mid-1990s, and Berkeley is hopeful that there may be some new development in 2017.

Prices in Chapelizod (which includes even and odd postcodes on both sides of the Liffey) are considerably higher than in Palmerstown, especially when it comes to apartments. Berkeley reports that he had great interest in 'Moira Villa', 71 Old Lucan Road - a characterful, double-fronted bungalow with chocolate-box appeal that eventually sold for €550,000.

"There's always a market for something special," he says. For 2017, Berkeley is predicting increases of between 6pc and 12pc, depending on location. "Growth this year will be the same as last year - at least."

Irish Independent

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