Business House Prices Survey

Monday 18 February 2019

Dublin West: Entry-level homes sell strongest in West Dublin

3 Weston Court, Lucan was sold by Sherry Fitz Lucan for €470k in November
3 Weston Court, Lucan was sold by Sherry Fitz Lucan for €470k in November

For the first time in many years, there is a substantial number of new houses becoming available in Dublin West County. Starter homes in developments such as Somerton and Shackleton Park in Lucan, and St Helen's in Adamstown, are coming to the market in several phases, with homes for traders-up at Rokeby Park, also in Lucan. More phases are due to be released this year.

"First-time buyers have to weigh up whether they want to go for a new or second-hand home," says local agent, Conor Toolan. "Even though the new homes have many attractive features, we were seeing a lot of buyers turn these down in favour of second-hand homes in established estates. These buyers like the idea of knowing their road and their neighbours before deciding to buy a property. The lack of green space in many developments and their higher density is also off-putting to some".

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The volume of new homes coming to the market has slowed price growth in the second-hand market, with prices up by an average of 3pc. Around 80pc of this occurred in the first six months of last year, after which Mr Toolan reports there was "a slight cooling off" with some readjustment of prices. He predicts that the market in Dublin West County will follow a similar pattern this year.

"In terms of a hotspot, I would say that it has more to do with a price point than an area," says Toolan, confirming that the highest levels of growth are being seen at the lower end.

"In Adamstown, a three-bedroom duplex that a year previously would have sold for between €260,000 and €270,000 made €295,000, which I would consider to be a very strong price."

Toolan says that many different communities within the cohort of new Irish favour Adamstown, and that it has a very tight sense of community.

"The houses in Adamstown were built 10 to 12 years ago which makes them very attractive. Buyers do not want to have to undertake a lot of work, particularly at a time when the cost of getting that work done is very high. We notice that buyers are willing to pay a significant premium for properties in turnkey condition."

Mr Toolan reports that the market for two-bedroom apartments is performing well, with Esker Manor particularly popular, as there were no new apartments being built. He predicts that apartments will increase in value by an average of 4pc this year, with properties under €600,000 increasing by 3pc and anything over that figure showing a more modest increase in value in the region of 1.5pc.

Irish Independent


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