MarketOutlookA positive market, strong demand and heavy investment in presentation and fit-out is expected to keep the new homes market buoyant in 2006, writes Kate McMorrow
Transport is the key to some of this year's best new homes buys, with properties near the Luas, Dart or M50 the preferred option for first-time buyers.
The three-hour commute has lost its appeal, supply has improved closer to the city and couples who can stretch to an apartment within walking distance of Dublin's College Green consider themselves particularly blessed.
First-time buyer houses are also springing up on the capital's north fringe, between Malahide, Baldoyle and Dublin Airport. Other areas targeted for growth are Pelletstown, Finglas, Ballymun, Lucan, Clondalkin and Park West.
A positive market, strong demand and heavy investment in presentation and fit-out is expected to keep the new homes market buoyant in 2006. Employment is good and the release of SSIA money will fund deposits for first-time buyers.
Contrary to expectations, the interest rate hike that hit borrowers in December 2005 has had little affect on first-time buyers. "A pinprick" is how one estate agent describes the rate rise, adding that interest rates are still historically low. Fixed mortgages are a popular choice to protect against expected further rises.
Smart city developments like Hanover Quay, Longboat Quay and the Gasworks attracted strong sales last year and are likely to continue their successful run.
Show units are opening at Longboat Quay, where Hooke & MacDonald will be selling one-, two- and three-bedroom apartments from €450,000 later this month. The same agency will be selling another block at the Gasworks, with one-beds starting at €385,000.
Still in the city centre, Castle Way on Golden Lane, beside Dublin Castle, is a Rhatigan scheme launching with Hooke & MacDonald in February. Prices have not been decided, but are expected to be top-range. The same applies to Alexandra Walk, an extension to upmarket Adelaide Square, where Hooke & MacDonald will be launching a small block in the coming weeks.
On the books of Felicity Fox are two ecological apartments at The Daintree on Pleasants Place, Dublin 8. These were designed by Solearth and cost €425,000 and €635,000 respectively.
In Dublin 7, Douglas Newman Good will be selling 55 one and two-bed apartments on Mountjoy Street, near Phibsborough and the Mater Hospital, a good investor choice. Castleknock is the location for Farmleigh Woods, where apartments, duplexes and penthouses are for sale through Sherry FitzGerald New Homes.
A significant trend is the appearance of new suburbs on former greenfield sites around the city's outskirts. Supply promises to be good in 2006, with new towns like Adamstown making a big splash on the property scene early in the year.
Gunne New Homes, selling agent for Adamstown in phase one, is expecting this new urbanisation to attract first-time buyers and families trading up in the area.
Rathborne Village, off the Navan Road, will eventually stretch from Phoenix Park to the outskirts of Cabra. Early residents are now settled and supply is ongoing through Hamilton Osborne King. Around 250 apartments can be bought here this month.
The area inwards from Baldoyle towards the airport is another location where activity is stepping up.
Sherry FitzGerald New Homes is selling apartments and townhouses at the Coast, Baldoyle from plans this month.
HOK will be launching a number of northside developments in the coming months, including a Shannon Homes scheme at Balgriffin, Mount Early in Swords, and St Loman's in Palmerstown (subject to planning).
This year will see an improvement in southside supply, says Catherine O'Connor of HOK, with the last 120 apartments now for sale in Glenkerrin Homes' Ballintyre development in Ballinteer.
This agency is also launching new schemes at Wainsfort, Terenure and Boden Heath, Rathfarnham in the spring. The final phase at Mount St Anne's in Milltown will come on stream next August, with 175 apartments on offer.
Selling from plans in the same area with Sherry FitzGerald New Homes is Fortfield Square, where one-, two-, three and four-bedroom apartments are on offer in a new launch. Coming soon with this agency are apartments at Central Park, Leopardstown, apartments and five-bedroom houses at Cairnbrook in Carrickmines and apartments at Brennanstown in Cabinteely. New phases at Hunterswood off Ballycullen Road, Dublin 24, and the swish Beacon South Quarter in Sandyford, Dublin 18, are due in spring.
Douglas Newman Good has an important southside launch in February, with the unveiling of show units at Air Park off Stocking Lane in Rathfarnham. Two-, three- and four-bedroom houses will be on offer.
Further out in Meath, Kildare and Wicklow, good-sized family houses with gardens are the main targets for buyers. Off the N11 at Kilmacanogue, Co Wicklow, HOK will be launching a small development of about eight detached houses on large plots, priced at around €1.6 million.
Also in Kilmacanogue, off Rocky Valley Road, Lennox Estates of Bray is marketing four multi-level detached houses at prices around the €2 million mark. Four-bedroom detached houses at Thornbury in Delgany Wood will cost €1.1 million-plus with Lennox Estates in February/March. Lennox will also be offering penthouses with sea views at Wilford Court in Bray this spring.
The possibility of a new motorway in Co Meath is raising interest in locations like Kells, says Navan agent T&J Gavigan. This agency is launching two new schemes in Kells with three- and four-bedroom houses on offer. T&J Gavigan is also holding launches in Dunshaughlin and Johnstown, Navan.
Decent-sized houses with gardens are also the draw in Co Kildare. Colm McEvoy Auctioneers will be selling four-bedroom detached houses from €478,000 at Kilbelin Abbey, Newbridge, and three-bed semis at Preston Park, Rathangan, in the spring. Coonan Real Estate Alliance is offering townhouses and semis at Ryebridge, Kilcock, and houses and apartments at three separate Maynooth schemes in the spring.
