Adamstown , 15% price hike in new build in 6 months

manchesterisred77 · 31-03-2022 03:05PM #1

Hello All,

We just booked a new home in Hallwell ,Adamstown for 450000 for end terrace type C, We could see that the same house type, area (mirror image ) was sold in the last phase for 385000 in the property register ( with VAT included ).

When we asked the agents about the price justification then they didn't have any clear answers. I know the market is crazy and all but how can they justify increase in price of 65000(>15%) in 6-9 months .

Only thing I can think of is they increase their price after Tandy's lane came up 4 months back. ( tandy's lane price for the same end terrace house is around 480000k )

how is the area? is it worth investing this much for the house in Adamstown?

To be able to get a new build appointment is very difficult in these times, don't know what more we can do.

maneno · 31-03-2022 03:14PM

Crazy prices that are not justified , the housing market doesn’t help, am afraid you have to decide if this will be your “forever” home and just go with it or look for another place

maneno · 31-03-2022 03:14PM

Thestart · 31-03-2022 03:28PM

It’s crazy at the moment. Agent told me 70 couples at a viewing last week. Too few houses for sale and none for rent. She said she felt sorry for renters as it’s impossible to find anything

Subzero3 · 31-03-2022 03:36PM

Are the wages that good in Dublin, that's an expensive house.

DelBoy Trotter · 31-03-2022 06:53PM

https://www.boards.ie/discussion/comment/118861588#Comment_118861588

You clearly have no idea about the Dublin house market if you think 450k for a new house is expensive 👎

MSVforever · 31-03-2022 07:18PM

https://www.boards.ie/discussion/2058239682/adamstown-15-price-hike-in-new-build-in-6-months

Adamstown is a perfectly fine area. Yes there are handful scumbags in the old part (i.e. around Castlegate Park) but you have them anywhere.

Adamstown is way better than it's reputation which is mostly from hearsay.

If you want to live in a place where the majority of people are Irish then this is the wrong place.

As you probably gathered from viewings the majority of people are from India (so if you are from India it's a big plus due to community events etc).

They're well educated hardworking people who mostly work in IT, finance and in healthcare who can afford to buy those houses.

The big plus for Adamstown is the train station so you get within 20 minutes to Heuston. There are also a few bus services. Furthermore they're building a shopping centre right beside the train station. Everything is walkable (e.g. Lucan shopping centre, The Lord Lucan pub, primary and secondary schools, creche, train station).

The only issue is to find a dentist and GP as most of them in the area aren't taking on new patients anymore.

If you prefer a town with a typical Irish feel then you are better off in Leixlip, Celbridge or Maynooth.

MSVforever · 31-03-2022 07:23PM

https://www.boards.ie/discussion/comment/118861588#Comment_118861588

Unfortunately since covid hit the prices have risen even more. The wages are good in certain sectors but there are plenty of folks just getting by on average salaries.

31-03-2022 08:49PM

https://www.boards.ie/discussion/comment/118862478#Comment_118862478

Average salary in Dublin is 50k. So a combined average income for a joint application of 100k.

100k * 3.5 is 350k borrowing limit, leaving 100k to be raised by the couple, or a 20% deposit. Doable, but pretty steep.

I'd say 450k is above average in affordability terms.

DelBoy Trotter · 31-03-2022 10:20PM

https://www.boards.ie/discussion/comment/118863021#Comment_118863021

I never mentioned affordability, as that’s a whole other conversation! But the fact remains, 450k for a new build in Dublin isn’t expensive compared to most new builds in Dublin unfortunately

Creamy Goodness · 01-04-2022 10:58AM

House near me, built 2018 and sold for 340k, sold last year for 525k.

Prices in new build phases generally went up 15-20k before covid, now with price of materials and labour it's gone crazy.

Buddy Bubs · 01-04-2022 11:02AM

This would be a similar increase to most new build developments in the locality I have seen......Tandys Lane, Adamstown, Maynooth, Celbridge, Graydon in Newcastle. Doesnt make it easy for a purchaser but if builders and agents have 10 houses for sale and 100 buyers, the 10 wealthiest get the 10 houses. This is private enterprise unfortunately.

Government schemes obviously make it more affordable but if you can't get these and can't afford house prices you are in a very sticky situation.

whippet · 01-04-2022 01:29PM

These sort of conversations reminds me of when I went looking to buy my first house in 2003/4 … queues at new launches, prices raising significantly at each new phase and people talking about how others were flipping houses.

The only difference it that there was banks lending the money to pay for the inflated prices. It is a bubble and eventually it will deflate - how quickly I haven’t a clue but like all dramatic price rises in history it will come back down. Fortunately people buying this time round may not have over borrowed.

it’s a catch 22 situation as rent prices are crazy also so it makes it really difficult to justify to hold back from purchasing.

Sierra Oscar · 01-04-2022 02:44PM

https://www.boards.ie/discussion/comment/118865716#Comment_118865716

There has been huge demand and queuing at housing launches in Dublin for well over five years now. Although most estate agents are now managing bookings by advanced appointments given the level of demand, so the difficulty is even getting a slot to allow you join the queue on the day of a launch.

lasalle · 01-04-2022 10:04PM

There’s a big investment in the development of the ‘town’ area called the crossings, due to be finished in the next 2 years, the facilities and amenties that it will bring within short distance of all the adamstown residential areas is imo a reason developers are jacking up the prices so much, phase after phase, that combined with the demand

manchesterisred77 · 03-04-2022 02:54PM

https://www.boards.ie/discussion/comment/118862581#Comment_118862581

Thank you for the info. very helpful review.

I started roaming the area at different times just to get a feel of it, the area looks good. Do you have an idea about travellers' site located around Adamstown? I could see in the SDCC planning that they are allocated sites in somerton, Shakleton and near Hallwell. Hallwell seems to be a quiet neighbourhood overall as it is bit inside from main road and only one road connecting to the main road.

Do you know what construction(looks like apartments ) is going on at the side and back of the LIDL shopping complex ?

They are planning to open a road that connects Tubber lane to R road to N4 to divert the traffic which accumulates on Newcastle road.

My only concern is that this area's price currently is way too inflated and they will normalize once the demand/supply balances in a few years. I don't want to be in negative equity during that time say in 5 years.

Buddy Bubs · 03-04-2022 03:10PM

https://www.boards.ie/discussion/comment/118874407#Comment_118874407

It's not overpriced compared to other similar areas, so buying somewhere else won't reduce the possibility of negative equity either. Everywhere the same now within easy reach of Dublin. A global recession again might do it for sure but at no more risk than anywhere else.

Adamstown , 15% price hike in new build in 6 months

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