06 Jul 2017
The Irish economy needs bright spots – and as it happens, Cork’s Ballincollig is a role model contender.
A one-time ‘village’ west of Cork city, Ballincollig was an army barracks link for a century or more, becoming a ‘satellite’ community for Cork city from the 1970s.
Ballincollig has proudly come into its own as a central hub of business, discarding the ‘satellite’ term.
Every community goes through some sort of life-cycle. Some expand slowly and surely, while others spring up suddenly, like wildflowers. And in the space of a couple of decades, Ballincollig has definitely taken after the latter, growing from a country village into an independent town of its own.
Post-millennium and even closer up to now, Ballincollig has become a boom town.
“We have two huge employers in Ballincollig: EMc and VMWare, and they contribute so much to the local economy,” says Dan Daly of EBS' Ballincollig office.
"The first time buyer market too is booming, but this category is finding it hard to get the 20% deposit needed for some purchases; it's really catching them.
“That current pinch-point is affecting those who otherwise have no problem with affordability, so the lucky ones are able to get past it thanks to 'gifts' from parents for the deposit.”
Dan also remarks on the surge of popularity for purchases around Ballincollig; it's coming, of course, from those who grew up here after their parents moved to the fledgling town from the 1970s, but now buyers are also on the hunt from other parts of Cork, due to proximity to the city (the new bypass road helps!).
Other attractions are the range of schools, sports facilities and shops (Tesco, Dunnes, Lidl, two Aldis, two SuperValus), the enormous regional park by the Lee and the old gunpowder mills complex.
O'Flynn Construction’s redevelopment of the old Murphy barracks put the Ballincollig property market on a march forward. Myhome.ie and daft.ie each list about 60 properties currently for sale, excluding new stock being built, but if you add in outlying areas like Killumney, Aherla, Ovens and Waterfall, the options expand.
Ballincollig has a huge choice of homes for those starting out – for couples and for singletons too. For example, there's a lot of apartments in the Town Centre development, which are conveniently central for every amenity.
Older housing stock of the 1970s are going in the low €200,000s, but many need energy upgrades. Estate agents locally reckon that price growth in 2015 was ahead of the county Cork average rise of 12.3% in 2015.
Good news for first time buyers - houses within the price range of €200,000-€300,000 are in good supply. Apartment sales are less common, says Dan Daly, with an appeal mostly to single buyers.
"Everything we have on our books right now is for houses," he comments, adding that there's also a good level of demand for self builds, on sites at places like Ovens and Waterfall, which feel country, but are close to town and if you already have the site "then the land is your deposit."
The biggest question for buyers is east or west of the town? Classis Lake on the western end has a massive selection of modern builds, and lots of evidence of families trading up within the scheme as once children make friends, they're not keen to move too far.
Also popular are Greenfields, and detacheds along the Killumney Road, and bungalows slightly further afield, along the N22. For ease of access to the city's western suburbs and colleges, Daffodil Fields is always a seller, but many now think these 1990 detached homes are relatively compact compared to later builds.
Funnily enough, commuting is now a two-way street for Ballincollig, as many people commute there for work in the likes of EMC and VMWare.
It's quite the IT hub, and given Ballincollig's proximity to Blarney, it's also an axis favoured by those who work in Apple. The town's bypass freed up Main Street in 2004, and now Ballincollig is also popular for those with Kerry roots.
The completion of flyovers along Cork’s south ring road were the icing on top for commuting to and from Ballincollig.
Thinking of buying a new home?
Before you go house hunting it's a good idea to get your mortgage arranged – or at least discussed so you know where you stand.
If you'd like to talk through your mortgage options, book a 30 Minute Mortgage Meeting with Dan or one of the team in EBS Ballincollig. You can also use our mortgage calculator to find out how much you may be able to borrow.
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Pratt Financial Services trading as EBS Ballincollig is a tied mortgage agent acting solely on behalf of EBS d.a.c. EBS d.a.c. is regulated by the Central Bank of Ireland.
The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.
House Prices taken from Daft.ie and My Home.ie accessed June 2016.
EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.
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