Lucan house prices down 56% since the peak in 2007

On January 15th 2012 the Sunday Times published property price for the Lucan, Newcastle (West Co. Dublin) and predictions for the year ahead.

‘Prices continue to drop in the area settling at 50% – 60% below their peak. Distressed properties going under auction changed buyers pricing expectations and led to sellers bringing down their prices.

With supply beginning to dry up, the market should steady. There is a lack of three bedroom semis, which are sought by first time buyers. This is reflected in the 18% fall in their prices, 7% below the average.

New builds are taking a bigger hit as buyers are not interested in new estates. New two bedroom townhouses are down 35%, four bedroom semis down 26% and four bedroom detached homes by 31%

Investors have entirely disappeared; rents on average have stayed the same.

West Co. Dublin has performed well where the proper price correction has been achieved. Buyers know what they want and what they are willing to pay for it.

There is still a big issue with people getting loans from banks. If this remains the norm, 2012 will be similar to 2011′.

(Article as it appeared in the Sunday Times on Sunday 15th of  January, statistics provided by Smith & Curly)

 

New 1 Bedroom Apartments: Second hand 1 Bedroom Apartments:
January 2007 €290,000 January 2007 €285,000
January 2011 €120,000 January 2011 €140,000
January 2012 €90,000 January 2012 €90,000
January 2013 €90,000 January 2013 €90,000

 

New 2 Bedroom Apartments: Second hand 2 Bedroom Apartments:
January 2007 €330,000 January 2007 €330,000
January 2011 €160,000 January 2011 €160,000
January 2012 €120,000 January 2012 €120,000
January 2013 €120,000 January 2013 €120,000

 

New 3 Bed Semi-detached houses: Second hand 3 Bed Semi- detached houses:
January 2007 €340,000 January 2007 €340,000
January 2012 €200,000 January 2011 €200,000
January 2013 €200,000 January 2012 €200,000
January 2011 €200,000 January 2013 €200,000

 

New 4 Bed Semi-detached houses: Second hand 4 Bed Semi-detached houses:
January 2007 €500,000 January 2007 €475,000
January 2011 €325,000 January 2011 €305,000
January 2012 €240,000 January 2012 €250,000
January 2013 €240,000 January 2013 €250,000

 

New 4 Bed Detached houses: Second hand 4 Bed Detached houses:
January 2007 €540,000 January 2007 €540,000
January 2011 €380,000 January 2011 €350,000
January 2012 €260,000 January 2012 €260,000
January 2013 €260,000 January 2013 €260,000
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