That area used to be a swamp, hope it's been drained properly. There's a huge number of houses gone in over the last few years and a lot of those are rental. It could be a bit of a ghetto in years to come (IMHO, and based on the opinion of a friend who moved from there recently). On the upside it'll be fairly convenient for the new bypass and the new Roslevan shopping centre, and is still a short walk from town. Personally, I'd look around the smaller estates on the Gort Road or some of the ones along the Lahinch road (avoid Dun na H'Inse)or Kilrush Road. The ones on the Limerick road appear to have a premium for being on that side of town.
I'd also avoid the Quin Road (Bruach na H'abhainn).