Transport hubs affect price of houses, says new report

House prices are boosted near Dart and Luas Green Line stations, but not along the Luas Red Line, according to a new report.

The Daft.ie Rail Report 2015 found that rental prices are higher near stations on all three rail lines.

The report found that, across the three lines, there was, on average, a 6% house price premium for properties close to Dart and Luas stations in Dublin.

The research, based on almost 1m listings over the past decade, found a rental premium of 2% on average.

“When looking at individual homes, there is clear evidence from the Dart and Luas lines that being close to train stations gives a benefit that is reflected in prices and rents,” said Ronan Lyons, report co-author and Trinity College Dublin associate economics professor.

“The impact was up to 10% for properties close enough — but not too close— to stations.

“The effect differs by area — with a premium for homes near Luas Green stations but a discount near Luas Red stations.

“Not only that, there are important differences between the price effect and the rent effects — particularly for the Luas Red Line.”

The report said the positive impact of the Luas Red Line stations on rents, but its negative impact on house prices, suggests “the area around the station matters also”.

The Green Line serves south-east and south Dublin, while the Red Line serves south-west Dublin, the south-west inner city, and the north inner city.

The Dart serves the coast, north and south of the city, running from Greystones to Howth/Malahide.

The Luas lines figures highlight the significant socio-economic divides present within south Dublin, with house prices ranging from between €146,000 and €357,000 along the south side of the Red Line to between €375,000 and €679,000 on the Green Line.

In relation to the Dart, house prices range from €280,000 to €566,000 on the north side of the city to between €369,000 and €788,000 on the south side.

In relation to house prices (average asking prices):

• The most expensive Dart stops are Sandymount (€788,000), Dalkey (€716,000), and Sydney Parade (€716,000);
• The most expensive Luas Green Line stops are Cowper (€679,000), Charlemont (€628,000), and Beechwood (€626,000);
• The most expensive Luas Red Line stops are Spencer Dock (€663,000), Mayor Square (€542,000), and George’s Dock (€464,000), all located in the Docklands.

In relation to rental properties (average monthly rents):

• The most expensive Dart stations are Sandymount (€1,908), Dalkey (€1,856), and Sydney Parade (€1,854);
• The most expensive Luas Green Line stations are Milltown (€1,737), Cowper (€1,691), and Charlemont (€1,670);
• The most expensive Luas Red Lines stations are Spencer Dock (€1,920), George’s Dock (€1,770), and Mayor’s Square (€1,749), again all in the Docklands.

See www.daft.ie for the full report.