Luas living on the rise once again

‘Housing crisis’, two words which are a bit sensitive for most Irish people in 2018.

It wouldn’t be wrong to say that buying or renting in this day and age in Ireland is an utter mess. Demand far exceeds supply, and as a result, we have house prices rocketing. Rents have risen for a 25th consecutive quarter, with house prices up 6.6 percent from the third quarter of 2017.

But what are people to do? Some have no option but to pay the excessively high prices, with landlords and vendors alike more than happy to see the prices rise; it is a business for them in reality.

With news of the BusConnects revamp and the altering of some bus routes, living by the Luas has become an even bigger convenience for those who don’t drive, and even those that do. Do you really enjoy sitting in city centre traffic?

With this, it’s no surprise that purchasers are paying an extra 15 percent to live within 1km of the Luas line, according to a recent Daft report.

Beechwood is the most expensive area along both Luas lines to buy a property, which may not come as too much of a shock.

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Source // Daft.ie

On average, it will cost someone looking in the Beechwood area €778,000 to buy a property, with the least expensive on the green line being the newly added Broombridge, which comes in at an average of €323,000.

The green line actually boasts the four most expensive areas, with Ranelagh, Milltown and Cowper coming in after Beechwood on the list.

The twelve least expensive areas can be found along the red line, the furthest twelve from the city centre. You probably still would save money buying in these areas, even with the more expensive ticket.

Cheeverstown is the cheapest at €197,000, with others like Kingswood, Bluebell and the self-proclaimed fastest growing village in Ireland, Saggart, among the lowest.

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Source // Daft.ie

Conor Clarke, a Senior Negotiator with Ray Cooke Auctioneers understands the stress it can have on people looking specifically to buy along the Luas line.

“Prices have increased massively in areas along the Luas line including some of the outskirts like Saggart and Citywest. It’s a tough predicament for people and families, particularly those who need the Luas to commute to school, college and work.

“The increase in house prices over the last few years is massive. Some areas like Dublin 8 for example have nearly doubled in some cases which would have been hard to believe not too long ago.”

Mr Clarke, who has been in the sales business for six years, feels there are alternatives for those looking to buy near the Luas.

“Some areas are good for parking, you can leave your car and hop on the Luas. Citywest Shopping Centre is an example where they offer free parking. If you are looking to get near to a Luas stop, do your research. Some bus routes, especially with the changes, tend to drop you near Luas stops and even offer feeder services. Check with agents who will know the amenities available in areas which may be of benefit to you.”

And if you think saving for a house in one of these areas is tough, rental property prices have not slowed down either, so it may be time to tell your parents you’ll be staying with them for a little while longer.

The average price for a two and three bed property in Dublin along the Luas line rose by 5 percent from this year to the last, with prices in the county now a staggering 30 percent higher than their 2008 peak.

No surprises come when it comes to the most expensive areas to rent along the Luas, all close to or in the city, with the average for both Spencer Dock and Charlemont coming in at €2,739 and €2,464 per month respectively.

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Source // Daft.ie

Properties along both lines cost higher than the Dublin average of €1,884, with the green line coming in €412 more and the red line coming in higher by €197.

Areas like Dublin 8, 14 and 24, all of which are along one of the Luas lines, increased from this time last year by 11.4, 11 and 10.8 percent respectively, so it may be time to ask your boss for that raise you’ve been thinking about.

Shane O’Driscoll, a fourth year apprentice actively looking for accommodation feels the current situation in Dublin is “disgraceful”.

“Dublin is one of the highest rates of rent in Europe and the city isn’t near the size of other countries. I drive but I feel for people who need to use public transport, as the rents in some areas near the Luas and bus [routes] are madness.”

 

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