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HOUSE PRICES CLOSE to Dart stations and Luas stops have risen again by an average of 4% in the first quarter of 2019 to an average of €512,000, according to new research from Daft.ie.
This means that buyers are now paying a premium of €129,000 for a property close to a Dart or Luas stop compared to the average asking price in Dublin, which was €383,000.
Figures released today analyse the average asking prices for two and three bedroom properties (controlling for time, size and type) close to each each of the 98 Dart and Luas stops and stations in the Greater Dublin Area from April 2018 and March 2019 and, for the first time, the 16 stops on the proposed MetroLink route.
Here’s a breakdown of the most expensive house prices in the areas analysed:
Most expensive (all stations)
Most expensive (Luas Green Line)
Most expensive (Luas Red Line)
Most expensive (Dart)
As seen on previous Daft Light Rail reports, commuters on the Dublin south coastline pay on average the most for a property close to a Dart station with prices averaging €670,000, an increase of €45,000 since the first quarter of 2018.
Prices near Dart stations are among the most expensive analysed with Sandymount (€870,000), Dalkey (€848,000), Lansdowne Road (€821,000) and Sydney Parade (€756,000) accounting for four of the five most expensive stations to live by.
Luas
On the Luas, homes close to the Beechwood stop command the highest average asking price (€788,000) on the green line while those living close to the Spencer Dock stop (€724,000) pay the most on the Luas red line.
MetroLink
For the first time, the Daft Light Rail maps includes house prices close to the proposed MetroLink route.
The most expensive homes in the current plan are those closest to the Charlemont stop (€724,000) and Tara Street (€573,000). While the least expensive homes are currently in the area of the Ballymun (€285,000) and the Northwood (€322,000) stops.
“In this update to the rail prices map, we’ve added areas around the MetroLink’s residential stations. That’s because, when people buy homes, they typically buy them for the long-term – 10 years or more,” economist Ronan Lyons said, commenting on the latest figures.
“Therefore, they plan ahead and it’s envisaged that MetroLink will be up and running by 2027, less than ten years away,” he said.
“It is likely that, just as with the Luas before it, these areas will see extra demand as the MetroLink becomes a reality, which will show up in these infographics and in the scale of building nearby.”
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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Government failings the past half a dozen years since the economy picked up mean they should call a general election:
- Catastrophic housing crisis.
- No infrastructure investment.
- Universities still underfunded
- health system still completely destroyed.
If the economy has supposedly rebounded then why does it feel like we are in a worse situation than when we went through the recession?
@BreadBasketCase: the country is falling apart at the seams.
@BreadBasketCase: you are saying that in a report that specifically mentions a huge infrastructural project impact that has to start. Said project goes by a very well funded college. It also joins up with a major social housing scheme still getting more property built at present. Also making it easier to get to a major hospital and the airport. You may have a point they need to do more but they are doing things unlike your claim. No fan of Irish politicians but no need to ignore what is actually happening as you can never gauge any progress that way
@Lobert Rester: how is the country falling apart????
@BreadBasketCase:
a tad dramatic, would love to hear your take on the weather forecast.
@BreadBasketCase: because we have flatlined except for a few insiders and government buddies
I think being near a transport option does play some factor in a house price but by no means in the way this report is implying.
Most of those areas had the highest prices well before the Luas Line existed. Equally, some areas which are not as desirable always had lower house prices and I don’t think they increased due to Luas but rather as a knock-on effect of prices increasing everywhere due to simple supply/demand economics.
Correlation does not imply causation.
Ice cream sales (house prices) increase when more Sunglasses (transport links are built) are sold. The Sun being the real reason (Area desirability, Amenities, personal connection, economy etc.)
While there is some effect on house prices of being near a transport route no doubt, as mentioned previously, the real reason is much bigger than that and the report doesn’t mention the effect as you move out from the station e.g 1Km, 5Km etc.
@RogerRamjet:
having an efficient and reliable public transport option would increase an areas desirability, local economy, access to amenities ect.
but you are right its part of a much bigger picture.
Is there a definition of what close to is though? Some people might walk 30 minutes for a dart / Luas for others 15 is too far.
@Sos: I guess if you can walk there you’re near enough.
@MiseBean: you could technically walk anywhere in Ireland though
Just highlights the dire lack of transport infrastructure in most part of Dublin along with the catastrophic housing crisis in the country.
Too many buffers in our present and past government and nobody with vision and talent to implement long term development
@Thomas Sheridan:
what about bus connects. It would complement this map nicely no?
@Tim Pot: na
Aptly name the Green line I guess.
129 grand that’s 30 years of having a cars changing a 30 grand every ten years few Bob for petrol and the odd holiday
So my house in tallaght village would be only worth €24k if the luas wasn’t there
extend all of these lines. open up new areas for investment please.
@thesaltyurchin:
add bus connects to this and it will be a much better system. once capacity on the bus corridors lines increase they can be upgraded to luas trams.
unless the nimby’s get there first of course.
Unsure who is drawing the map for MetroLink North, but their grasp of North Co.Dublin geography isn’t the best
B
@Emma Fitzpatrick: Eeek….sorry. Comment should have said: buy a bike and live in a cheaper area.
have your say