Killaloe – the ‘Kinsale of the region’

RESIDENTIAL property sales clinched almost €15 million for home owners in South-East Clare last year, official figures have revealed.

Some of the highest prices for homes were realised in Killaloe, Ogonnelloe and Broadford, where a stunning period house and lands netted almost €1 million, according to the Residential Property Price Register.

“Killaloe is regarded as the Kinsale of the region. People aspire to come and live years over the years. Killaloe is a popular location for people who move into the area and can still travel a relatively short distance to work in Limerick, Shannon or Nenagh,” said John Phelan of Harry Brann Auctioneers.

Even though the start of the year is usually considered to be a quiet period for auctioneers and property transactions, February 2014 proved to be an exceptional month, with total sales in South-East Clare netting an impressive €2.116 million. This compares with residential property deals worth €717,500 in January and €632,000 in March.

Top of the list was €979,000 for Woodfield House, which sits on 34.5 acres of parkland on the shores of Doon Lake. Goffs Auctioneers described Woodfield House as an “exceptional restored country house”.

This was closely followed by Rooks Nest Estate, Tinarana, Killaloe, which realised €900,000 on October 31 last. This impressive residence is set on 13 acres of manicured lawned gardens, boasting spectacular views over Lough Derg, about 4.5 miles from Killaloe. The property also has a separate .25 acre harbour site at Tinarana.

The price of good standard residential properties in the area indicates that prices appear to be on the rise, following years of falling prices and stagnation.

There was a strong demand for houses in Killaloe, where sales totalled €4.38 million in 2014. This included residential property sales totalling €2.73 million in an unfinished estate that dogged by controversy, which were snapped up in two weeks.

John Walsh of Cherry Fox Developments, Limerick, confirmed that eight four- bedroom detached dwellings sold for €160,000, while 10 three-bedroom semi-detached houses realised €145,000. The same houses were on the market for €375,000 and €300,000 respectively at the height of the boom back in 2007.

There was also a strong demand for houses in Cratloe, where house sales netted a total of €1.837 million. This included €480,000 for a house in Cratloe Wood, which sold last July.
According to the property register, the lowest price for a property was €43,750 for a second-hand house in Kilbane on May 26 last.

Last January, the highest residential property price was paid for The Cottage, Lower Meelick, at €370,000.

Another house at Elmwood, Ballycannon, Meelick, realised €220,000, while a house in the Paddocks, Westbury was sold for €127,500.

In addition to the €979,000 paid for Woodfield House last February, a house in Blackwater, Ardnacrusha netted €210,000, while one in An Grianan, Westbury realised €190,000.

The highest price in February was paid for a new house at Knockyclovaun, Killaloe, which cost the purchaser €583,000, excluding VAT.

The Residential Property Price Register, produced by the Property Services Regulatory Authority (PSRA), includes date of sale, price and address of all residential properties purchased in Ireland since January 1, 2010, as declared to the Revenue Commissioners for stamp duty purposes. However, it is important to note that the register is not intended as a Property Price Index.

John Phelan of Harry Brann Auctioneers reported a return of stability and strong sales during 2014, compared to the previous five years.

Mr Phelan said there was a good deal of activity in the €300,000 to €320,000 property bracket, compared to executive lakeside residences, costing over €450,000, where movement is sporadic.

Overall, the Killalloe-based auctioneer reported a slight increase in house prices, citing a four to five-bedroom 2,200 sq ft house at Ard Coillte, Ballina, which went up from €305,000 in 2013 to €312,000 last year. In fact, Mr Phelan has three or four people on a waiting list hoping to buy properties that come on the market in this estate.

He said a good quality three-bedroomed semi-detached or end-of-terrace house in Ballina is on the market for between €110,000 and €120,000.

Last year, he sold a number of houses in the twin communities to Dublin buyers, who had benefited from a 30% increase in the price of their own house, when they sold it to move down to the Mid-West.

There was also a slight increase in the price of apartments in Ballina, which increased from €65,000 to €70,000 last year. “I have a good few clients who are interested in buying a well-finished four-bedroomed detached house, ranging in price from €250,000 to €300,000. There is a strong demand for this type of house, as new stock is quite low.

By Dan Danaher