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Watch these recovery hotspots
24 January 2010 By Gillian Nelis
Dartry, Ranelagh, Rathgar and Rathmines: Felicity Fox
In Dartry, I would tip South Hill, while in Ranelagh I would tip Merton Drive as two areas that are likely to benefit from any recovery.
The houses in both these areas are 1950s semis which are truly family sized, with large gardens and adjoining garages which offer great potential for extending.
There are also good schools nearby, including Alexandra in Dartry and Sandford Park and Gonzaga in Ranelagh, and good public transport links, with Luas stations just a few minutes away.
At the height of the boom you could have expected to pay over €2 million for a house in South Hill which you can now buy for €700,000 to €800,000 in need of a little upgrading.
In Merton Drive, properties which were making €1.6 million can now be picked up for between €725,000 and €850,000, which is great value for a family home in a location like this.
In Rathgar, Frankfort Avenue, with its redbrick Victorian houses with magnificent proportions and original features, is a good punt.
We have a four/five-bed house there with off-street parking in mint condition and with 248 square metres of accommodation for which we are quoting €1.4million - at peak, it would have made €2.8-€3 million.
The smaller houses on the road, which are three-beds with around 150 square metres of space, were making €1.5 million to €1.8 million at the peak. They can now be picked up for €750,000 to €850,000, depending on condition.
Again this is a mature residential location midway between Rathgar and Rathmines with a vast range of schools, restaurants and shops within walking distance.
In Rathmines, Gullistan Cottages is also great value now.
These are two-bedroom properties with around 50 square metres of space which can be picked up now for around €300,000, but which would have made up to €585,000 at peak.
These are well built houses in a quiet residential settings within walking distance of St Stephen’s Green - ideal for the first-time buyer.
Donnybrook, Sandymount and Ballsbridge: Heather Armstrong, Sherry FitzGerald
In Donnybrook, I would tip Home Villas to benefit from any recovery in the market. These are generally two-bed period homes with real character enjoying an exceptionally quiet location, with Herbert Park on one side and Donnybrook village on the other.
The fact that they are within walking distance of St Stephen’s Green is an additional bonus, and there are also excellent bus services into and out of the city. These houses were selling at peak for €800,000, but would now be more likely to achieve €425,000.
In Sandymount, I would tip good quality 1930s four-bedroom family homes on roads such as St Alban’s Park, Gilford Park and Wilfield Park. They are within easy walking distance of Sandymount village and Dart station, and are close to excellent primary schools, such as Star of the Sea, Lakelands and St Matthews.
Many of the city’s favourite secondary schools, such as St Michael’s College, Blackrock College and Muckross Park, are also within easy reach.
If I had to pick an area in Ballsbridge which I think will appreciate when the market starts to recover, it would be Raglan Road and Elgin Road.
These lovely tree-lined roads provide a mixture of wonderfully elegant detached, semidetached and terraced three and four storey period houses.
What makes them exceptional is not only the outstanding quality of the houses, but the 34 acres of recreational amenities provided by Herbert Park which are just around the corner.
At the peak of the market, houses on these roads were selling for anything between €5 million and €10 million depending on whether they were terraced, semi or detached. However we sold a mid-terraced last year for €2.55 million.
Clontarf, Sutton, Howth and Malahide: Adam Clarke, Savills
In Clontarf, I would tip locations like the Clontarf Road, or the tree-lined roads surrounding it, as one area that is likely to benefit from any recovery. It offers a wide choice of houses with generous-sized reception rooms and good gardens only 2.5 miles north of Dublin city centre, but also close to the airport and with easy access to the IFSC, East Point Business Park and the southside, via the East Link.
There are excellent primary and secondary schools nearby, including Belgrove boys and girls schools, Holy Faith secondary for girls and St Paul’s for boys. There is easy access to the city centre via great public transport links, with both Dublin Bus and the Dart, while golf, sailing, rugby, cricket and tennis clubs are all in the immediate vicinity.
At the height of the boom you could have paid anything from €600,000 to €4 million for a house on or close to this road; now you could get one for €400,000, which I feel is great value for a family home in this location.
Another location that I see as offering good value is the Offington development in Sutton.
Prices there have halved since the peak and you can now buy a detached house on a good site for €700,000 plus, depending on condition.
This is a mature development close to Sutton Cross and to Howth, and with easy access to the Dart. Santa Sabina girl’s school and St Fintans boy’s school are within walking distance, while Sutton has a large Superquinn shop and a wide variety of sporting clubs.
Further out the coastline, Howth was once known as the playground of the rich and famous, but don’t let that put you off - there is value to be had in this seaside location.
Good areas to consider are around the village, off Main Street, on streets like the Haggard, St Peter’s Terrace and Balglass. Many of these houses are old cottages which at the peak were selling for €800,000, but now offer good value at €400,000 or less. They are cosy, convenient and charming.
In Malahide, another very popular northside residential area, the housing stock varies from the luxurious properties in Abington to ‘buy to rent’ apartments at Northern Cross on the Malahide Road. Locations worth considering are the likes of Robswall on the Coast Road - this development offers a mix of contemporary Georgian townhouses at prices which are now close to 50 per cent below the initial launch prices.
Closer to the village, areas like The Bawn offer cottage style houses with good gardens for pr ices in the region of €300,000. Potential buyers shouldn’t overlook the good value that is to be found in older developments such as Biscayne, a mature Sorohon-built development of four and five-bed houses.
Prices here fluctuate around €600,000, and seem to offer genuine value for a new generation looking to put down roots in this pretty seaside village with good transport links to the city.
Blackrock, Dun Laoghaire and Monkstown: Ronan O’Hara, Savills
Proximity to schools and public transport are probably the two most important factors when people are deciding on where to buy a house. It is these factors that will again be key in terms of which areas recover fastest.
In Avoca Park in Blackrock, the five-bed detached houses were making €3.2 million in 2006, but one was sold recently for less than €1.2 million. The four-beds were making over €2 million four years ago, but one was sold recently for under €900,000.
These houses are within walking distance of St Andrew’s, Blackrock College and Willow Park, as well as the Smurfit Business School, Blackrock village and Dart, and they are also very convenient to UCD. For all these reasons, I believe this estate will be one of the first in south Co Dublin to recover.
Another great area is Woodbine, Trimbleston and Seafield, a mature belt of housing sandwiched between the N11 and the Rock Road - you couldn’t ask for amore convenient location in terms of schools, public transport and amenities.
At peak you would have paid around €1 million for a good four-bed here - now it’s 50 per cent less. Three-beds which were making €700,000 are now down to the mid €400,000’s, so this area now represents fantastic value for money. Watch it recover fast when the market picks up. In Monkstown, the Windsor Park and Richmond Park areas offer very good three and four bedroom family homes (built around 1960) with good gardens.
They are within walking distance of CBC Monkstown for boys and Rock Mount and Rosemount Convents for girls, and are only a short stroll from Monkstown village, with its good restaurants, boutiques and pubs.
At peak, a four-bed here would have set you back more than €1 million, but now you can buy one for around €550,000.
Glenageary Woods is another one to watch. In 2006 a four bed here would have cost €1.3 million to €1.4 million, but now you can buy one for around €850,000. This is a small cul-de-sac estate within walking distance of Dun Laoghaire and the Dart, and close to an excel lent choice of schools including Rathdown, Castle Park, Holy Child and Cluny.
Drumcondra, Glasnevin and Phibsboro: Darren Chambers, Lisney
In Drumcondra, I would tip Bantry Road or one of the other ‘island roads’, including Lambay, Rathlin and Clare, all of which connect Griffith Avenue and Home Farm Road. The houses on Bantry Road were constructed in the 1930s and vary in style and design, but generally comprise three bedrooms with very generously-sized rear gardens, particularly those on the west-facing side of the road.
There are excellent facilities within the immediate area, including shops at nearby Drumcondra and the National Botanic Gardens. There are also a number of schools nearby including Corpus Christi, Scoil Mobhi and St Patrick’s primary schools, and Dominican College and Ard Scoil Ras secondary schools. The area is also well-served by good public transport links with numerous bus routes.
At the height of the market, properties on this road would have been selling for close to €1 million, but now you could expect to pay €500,000 to €550,000. I believe this represents excellent value for a family residence in this location.
In Phibsboro I would suggest Rathdown Road as one area that is likely to benefit from any recovery in the market. The houses on this road were built in the early 1900s and comprise substantial redbrick, bay windowed period properties with large reception rooms and good gardens which offer potential for extending the existing residence.
Rathdown Road is within walking distance of Phibsboro village and the Mater hospital, and is also situated beside the proposed DIT campus at Grangegorman. This area is also within very close proximity of Dublin city centre and within walking distance of the Four Courts and Smithfield.
At the height of the market, properties on this road would have sold for between €1 million and €1.1 million, whereas a property coming to the market now is likely to achieve closer to €500,000.
In Glasnevin I would recommend houses situated on Botanic Road. The houses on this road vary in style and design, but are generally redbrick late 19th/early 20th century properties with generously proportioned accommodation and good-sized gardens. Local amenities include the Bon Secours Hospital and the National Botanic Gardens, and there are numerous schools within the locality.
Typically, at the peak of the boom, houses on this road were fetching up to €1.3 million. Depending on the condition and style of the property, you could now buy one for as little as €400,000.
Also in Glasnevin, Cremore Road is an area which should see a recovery when the market sees an upturn in values. This road features houses built by Alexander Strain in the early 1930s which offer good family accommodation and generous gardens.
In general these houses are bright, with period features such as high ceilings, ornate fireplaces and bay windows. Nearby national schools include the Glasnevin Educate Together and Scoil Mobhi, while secondary schools include St Marys, Holy Faith and Scoil Catriona.The area is also well served by numerous bus routes.
Atone stage these properties would have achieved in the region of €1.4 million, but in the current market you could expect to pay €600,000 for a three-bed semi with a garage and a good garden.
Dalkey and Killiney: Rosie Mulvany, Sherry FitzGerald
In Dalkey, I would recommend estates such as Hillside, Dalkey Avenue and Mapas Road.
Built in the 1960s, these solid three and four-bed semi-detached homes provide generous room proportions and offer scope to extend.
They are within walking distance of Dalkey’s main thoroughfare with all its amenities, not to mention the Dart. At the height of the boom houses in these developments were fetching up to €900,000, but they can now b e bought for €550,000,which offers great value for money given their prime location.
For first-time buyers who thought getting into the Dalkey market was next to impossible, St Begnet’s Villas, just off Hyde Road, provide a great opportunity.
Built in the late 1930s and early 1940s, these ex-Corporation homes were built to last and provide tremendous long term potential.
At the height of the market, properties there sold in the mid €700,000s, but you can now buy one for a price in the early €400,000s.
In Killiney, Springhill Park is a highly desirable residential development tucked away off Killiney Road, within walking distance of Glenageary Dart station. Again these three-bedroom semi-detached family homes offer nicely appointed accommodation, the majority of which have integral garages and offer great scope to extend.
You can now purchase one of these properties for a price in the early to mid-€500,000s, as opposed to in excess of €800,000 at the height of the market.
Another highly desirable road in Killiney would be Avondale Road, with its varied selection of 1960s bungalows, some of which feature converted attic space. Built at a time when gardens were considerably larger, these are ideal family homes within walking distance of excellent schools and transport links.
At the height of the market, houses on this road were making well in excess of €1million. Now they can be purchased in the late €600,000s/early €700,000s, depending on size.
Portobello/South Circular Road: Iris Keating, Douglas Newman Good
The demand for the Portobello area has remained strong despite the recent market conditions, and we would expect it to be one of the best performing areas in the city when the market recovers. Buyers are still actively searching for charming period-style houses in central locations, and Portobello very much falls into this category.
There is a great mix of periodstyle houses in this location which range from villa style, to terraced two-up, two-downs, to two-storey over-basement houses, mews and townhouses, and two-storey red bricks. With such a broad selection of house types, there is also a wide selection of buyers - including first time buyers and those looking to trade up from either smaller houses or apartments.
Fully renovated houses are performing particularly well, due mainly to a shortage of supply and also difficulties with obtaining finance for refurbishment projects.
During the boom, buyers could have paid in the region of €1.2 million to €1.3 million for fully refurbished three-bedroom villa-style house on streets such as Heytesbury, Curzon and Lombard. In the current market, buyers could acquire similar properties for between e 500,000 and €600,000.
Similarly there is still good demand for roads off the South Circular Road beyond Leonards Corner - examples of popular streets here include Raymond, St Albans and Washington.
These roads mainly comprise two-storey houses or villastyle redbrick properties which, at the height of the market, would have been expected to sell for between €1 million and €1.1 million. In the current climate, a similar property would achieve in the region of €450,000 to €550,000.
North Dublin city centre: Martin Doyle, Sherry FitzGerald
The north inner city offers great value for money at the moment, and the huge increase in the volume of viewings since the start of the year shows that many buyers are now starting to spot this value.
Areas to watch out for in this part of town would be two bedroom houses around the Manor Street area of Stoneybatter.
These properties would have fetched between €400,000 and €500,000 in the boom years, but now can be bought for €250,000 upwards, depending on condition.
They’re close to the Phoenix Park, the Luas and an increasing number of local shops, cafes and restaurants, and the proposed redevelopment of the Grangegorman lands to house the Dublin Institute of Technology campus will have a knock-on effect on the demand for student accommodation in this area.
Around the North Strand, the period houses on roads like Nottingham Street and Xavier Avenue would probably have sold for prices in the mid€500,000s at the height of the market, but have now come back to between €340,000 and €350,000.
Most of the buyers for these properties are young couples trading up within the area - a surprising number of the houses on roads like these have large gardens, a rarity so close to the city centre. It’s also possible to buy into this area for a lower price; for example, we are quoting €199,000 for a one bedroom terrace on Charleville Avenue.
East Wall is also very convenient to the city centre and offers a good stock of period houses and apartments. This area has seen a marked increase in the number of local amenities as a result of the regeneration of the north quays, and there are now a wide variety of properties there to suit all budgets, with two-bedroom houses available from around €200,000 upwards.
For example, on Caledon Road, a two-bed terraced redbrick in good condition is on the market for €199,000,while on East Road, a two-bed end of terrace has an asking price of €225,000.These two properties would probably have made about €380,000 or €390,000 when the market was at its peak.
Bray and Greystones: Gordon Lennox, Lennox Auctioneers
Greystones’ heartland, from its harbour westwards to tree lined Church Road and the Burnaby, is likely to benefit early from any recovery.
This area has a mix of Victorian and Edwardian homes, mid-20th century housing stock on decent gardens and infill residential development providing regular three and four-bed houses within walking distance of the Dart and city bound buses. The local leisure and sporting amenities are first-class, and St David’s co-ed secondary school is fed by a number of primary schools centrally located.
A large, modern four-bed house which would have broken €800,000 at peak can now be bought for €595,000, while three-bed semis which ranged from e 450,000 to over €500,000 in the boom are now changing hands for between €300,000 and €400,000, depending on condition. An arc from Blacklion north of the town, south-west to Delgany village and curving back by Killincarrig will be next to recover.
This area offers good access to public transport, a new Gaelschoil and Educate Together national school, and easy commuting access to the N11 and M50.
Large six-bed new detached homes in Delgany Gate which were making €1.5 million in 2006 are now on sale for €895,000,while new three-bed semis which previously averaged €600,000 are now around €400,000. New apartments in Delgany and Greystones from around €250,000 represent significant value in a really good area to live.
In Bray, the block from the seafront west to Main Street, Herbert Road and King Edward Road will bounce back first, and there is already hardening interest in three-bed modern townhouses in Aravon Court and The Headlands at around €400,000 - formerly they would have made maybe €600,000.
This, in turn, should lead to renewed interest in the larger period homes also to be found in this central location, within strolling distance of the Dart, seafront, two Gaelscoileanna, primary and secondary schools - both public and fee paying - and St Thomas Community College.
An extended 1920s bungalow on Florence Road agreed in 2007 for around €1 million recently sold for not much in excess of €600,000. Houses on Sidmonton Road, Briar Wood and Rectory Way have seen similar price drops, and represent great value for buyers trading up.
The next tranche of Bray to benefit from recovery will be from the Southern Cross Route north towards Shankill, where access to the proposed Luas extension south from Cherrywood will drive demand. Access to public transport and schools such as St Gerard’ s, Aravon and St Brendan’s, as well as the M50/N11, is once again key.
Churchtown, Clonskeagh and Ballinteer: Anne Raftery, Sherry FitzGerald
In Churchtown I would tip Braemor Road and adjoining roads including Landscape Road as one area that is likely to benefit from any recovery. The houses on this road are 1950s semis with good-sized reception rooms and large gardens which offer the possibility for adding an extension.
There are good schools nearby, including Notre Dame for girls and De la Salle for boys, as well as good public transport links, with Luas stations at both Windy Arbour and Dundrum. At the height of the boom you could have expected to pay €900,000 for a renovated and extended house on this road. Now you could get one for between €400,000 and €550,000 depending on condition and size. We have recently agreed the sale of two properties in Louvain in Clonskeagh, with five parties bidding.
These were substantial houses with around 230 square metres of accommodation in need of some modernisation priced in the region of €1 million to €1.3 million. At the height of the market houses in this development were selling for between €2 million and €3 million. This area has easy access to town and a range of schools including St Killian’s German School, and is also close to UCD.
In Woodpark off Ballinteer Avenue, the houses comprise 1970s three-bed semis, some with garage space, in a quiet cul-de-sac setting. These houses are perfect for first time buyers - at the height of the market they were achieving upto €635,000,but can now can b e bought for between €375,000 and €425,000, depending on condition.
They are very conveniently located adjacent to Wesley College and Scoil Naithi national school, and have easy access to both M50 and the Luas at Dundrum.
Cork: Catherine McAuliffe, Savills
We have seen a big increase in viewings in locations such as Douglas, Blackrock and Bishopstown over the past few weeks, and we feel that these areas are now primed for recovery, with many vendors who sold their houses in 2009 now prepared to buy.
The three or four-bed semis off the Douglas Road, which were built in the 1940s and 1950s and offer well proportioned living accommodation and large mature gardens, will be most in demand.
At the height of the boom, these homes were out of reach for most purchasers, with values soaring to over €600,000.
Depending on condition, they can now be bought for between €300,000 and €400,000, which at one time was the price of a new three-bed semi in a typical satellite town close to Cork. This is an attractive base price, and still allows scope for an extension.
Being in the catchment area for primary schools such as Crab Lane will encourage purchasers to locate to the Blackrock area, where again mature detached homes have come within reach of the trader upper.
In areas such as Menloe Gardens, houses can be bought for between €480,000 and €550,000 - at one time, they would have commanded significantly more.
On the western side of the city, there is good interest in well-located detached homes off the Model Farm Road. This is a prime location for any medical professional associated with Cork University Hospital. Proximity to schools also plays an important role here, with Mount Mercy girls’ secondary school and St Catherine’s primary schools sharing the Model Farm Road address.
A detached home on Bishopstown Avenue West has seen bidding jump by €100,000 in the last couple of weeks - proof of that old cliché, that property is all a matter of location, location, location.
Galway: Colm O’Donnellan, O’Donnellan & Joyce
The properties on Glenard Crescent in Salthill are substantial four-bedroom semis built in the 1960s. Measuring approximately 148 square metres, they have substantial gardens of around 150 feet in depth.
But it is the location of these properties which are most attractive, as they are located just off Salthill promenade, within walking distance of all the amenities of Salthill village and Galway city centre.
At their peak they were selling for around €800,000, but have now dropped to €450,000. It is rare for these houses to come onto the market, although in the last number of years, due to probate sales, a number of them have changed hands. They say that, when you buy a house in Glenard, you buy it for life.
An estate I would tip for an early recovery is Drisin on the Ballymoneen Road in Knocknacarra.
These houses were constructed within the last four years and have a very distinctive design. They stand on an elevated site and are situated in the heart of Knocknacarra, three miles west of the city centre. At the peak of the market, a three-bed semi of around 102 square metres would have made €375,000, but this has now come back to around €260,000. I believe that this location is very attractive for first-time buyers.
In Newcastle, Dangan Heights comprises three-bed semis and four-bed detached houses. The three-beds are extremely popular, as they are within walking distance of the river Corrib and all the amenities of NUIG. Values would have come back from €370,000 to around €250,000, but this is an extremely established, sought-after location which, even in the current environment, commands excellent interest.
Renmore was constructed in the 1960s on the eastern side of Galway city. Three-bed semis there would have been selling for around €370,000 at the peak and have dropped back to €250,000.
These houses are extremely spacious, with garages and utility rooms to the side. In addition they are located just off Ballyloughan beach, only a mile from the city centre. This area has possibly the best facilities by the way of bus routes, and is only a quick walk into Galway city centre.
Waterford: John Rohan, John Rohan Auctioneers
In Waterford, I would tip the Dunmore Road area as one area that is likely to benefit from any recovery. The houses in this area have always been well sought-after, and there is a very good mix of semi-detached and detached properties to chose from in areas like Collins Avenue, Ballinakill Downs, Farmleigh and Kingschannel.
There are a good selection of schools, both primary and secondary, nearby - including Newtown, St John of Gods, De La Salle and Waterpark.
Waterford Regional Hospital is also just a short walk away, and there is good public transport to and from Waterford city centre to the Dunmore Road and general area.
Waterfords Industrial Estate, Waterford Institute of Technology and Waterford Airport are all approximately within a five-kilometre drive from the Dunmore Road.
At the height of the boom you could have expected to pay between €650,000 and €800,000 for a four/five-bedroom detached house in Kingschannel - now you could expect to pay between €450,000 and €550,000.
On Collins Avenue you would have paid between €300,000 and €350,000 for a three-bed semi that would now cost you €200,000 to €250,000, while in Farmleigh you could have expected to pay between €270,000 and €300,000 for a three-bed semi that would now cost between €190,000 and €200,000.
In Ballinakill Downs, a four-bedroom detached house would have made between €450,000 and €480,000 at the height of the boom, but would now sell for between €320,000 and €350,000.
Limerick: Lisa Kearney, Rooney Auctioneers
We are seeing good interest in the Castletroy, Monaleen and Golf Links Road areas at the moment, and would expect that to continue into the spring. The main estates in demand are Cherryfield, Oakfield, Kylemore, Glenside and The Fairways.
These estates offer four bedroom semis and detached houses built within the last 15 years, which offer modern and spacious accommodation with lots of amenities on the doorstep. The area has two primary schools and a secondary school, is close to the University of Limerick, and has a number of shops, a shopping centre and a cinema.
A four-bed detached house in an estate in Castletroy would have made between €450,000 and €500,000 during the boom, but starting prices in the area are now from €300,000, and we have sold quite a few houses here recently.
On the North Circular Road/ Ennis Road, enquiries and demand are always high. These areas are across the river from, and within walking distance of, the city centre, and again there are numerous schools and a shopping centre in the vicinity, as well as Thomond Park.
Houses in this area vary quite a lot, with the more periodtype properties being closer to the city and the newer types a little further out. The old and new mix very well in this area.
Prices vary greatly depending on which type of property you are looking for, with some four-bed semis priced at the €350,000 to €400,000 market, heading upwards to between €600,000 and over €1 million for the more substantial and period-type properties. When the market was booming, a four-bed semi in this area would have cost at least €500,000.
Raheen and Dooradoyle are popular with younger families and first-time buyers. The estates in this area are all new, built over the last few years, which offer a wide choice of units - from apartments right up to four-bedroom detached houses - so there is something to suit a wide variety of needs.
Again the area has a major shopping centre, primary and secondary schools, a cinema and a range of local amenities. It is within a few kilometres of the city centre, and easily accessible via a number of bus routes. Prices in this area, in estates like Glencarin, Foxfield, Cluain Dubh and Oakfield vary from €200,000 to €500,000, compared with a starting price of €320,000 at the height of the boom.
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