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[Shock] SBP says something good about Luas

  • 05-07-2004 5:17pm
    #1
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭


    I'm surprised the spin isn't "Luas making houses unaffordable".

    http://www.thepost.ie/web/DocumentView/did-683553368-pageUrl--2FThe-Newspaper-2FSundays-Paper-2FNews.asp
    Luas `effect' driving house prices
    04/07/04 00:00
    By Gillian Nelis

    Less than a week after it began running, the Luas light rail system is already having an impact on the Dublin property market.

    Estate agents are reporting an increase in enquiries about property along the St Stephen's Green-Sandyford line, and expect the service to have a similar effect on prices to the Dart in the 1980s.

    Louise O'Reilly of Sherry FitzGerald in Dundrum believes that the Luas is contributing to a higher than average rate of capital appreciation in the Dublin 14 and 16 areas.

    ``We anticipate that, by the end of the year, second-hand house prices throughout Dublin will have risen by around 10 per cent,'' she said. ``But in Dundrum that figure is likely to be 15 per cent.

    ``There is an amazing buzz around the place now that the Luas is finally up and running - people are extremely impressed with it and with the standard of service.''

    This time last year, three-bedroom semi-detached houses in the Broadford and Ballaly areas of Dundrum were selling for €330,000.

    According to O'Reilly, prices in Broadford have now risen to €380,000 and to €400,000 in Ballaly.

    ``In Woodpark, you are now looking at paying around £420,000 for a three-bed semi,'' she said.

    ``This time last year, we would have been quoting between €360,000 and €370,000 for that type of house.''

    The Luas is also significantly boosting property prices in parts of Dublin 8 and Dublin 12, according to Stephen O'Grady of Lowe and Associates in Rathmines.

    ``The arrival of the Luas has meant that people are looking at places which, ten years ago, they simply would not have considered,'' he said.

    ``There is an expectation that Luas is going to have a very positive impact on areas such as Rialto, Drimnagh and Inchicore, and prices in these areas are performing very well as a result.''

    According to O'Grady, small one-bedroom cottages in Rialto are now selling for between €180,000 and €190,000, figures, which he said, would previously have been unattainable.

    ``This type of unit is very popular with investors who know that the Luas is likely to boost values and should make their property easier to rent out,'' he said.

    HOK Residential is currently quoting over €254,000 for a 55-square-metre two-bedroom house at 114 Rialto Cottages.

    The property is around the corner from the Rialto Luas stop.

    On Mourne Road in Drimnagh, Stephen O'Grady recently sold a two-bedroom house in very poor condition for €231,500.

    ``Prices on Mourne Road have really given a jump, and now range between €225,000 and €300,000, depending on the condition of the house and whether it has been extended,'' he said.


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