AT a time when mansions in Limerick are selling with millions slashed off their price-tags, at least one property in the city has bucked the trend this month.
Newburn, on the North Circular Road, one of the city’s most exclusive addresses, was listed for sale through Sherry Fitzgerald this May for €575,000. But the three-bed property has sold for €710,000 this month, according to figures lodged with the Property Price Register, some €135,000 above its asking price two months previously.
Des O’Malley, of Sherry Fitzgerald, said the higher sale price is not unusual at present, given the lack of supply of good quality homes on the North Circular Road and Ennis Road coming to the market.
“About 20 to 30% of our properties are now selling over their asking prices. There are quite a number of buyers and not enough good quality properties for sale,” he said.
Mr O’Malley said the market has definitely picked up in “more mature areas”, but added that “there are three markets in Limerick – one that’s falling, static and rising, so it depends on what market you’re in.”
However, the property bubble which has returned to Dublin, with house prices increasing by 7%, is not anticipated to be a feature in Limerick’s market any time soon.
Designed and built in the 1950s by renowned architect William Clifford Smith, who also designed the landmark Shannon Rowing Club, Newburn is one of 18 properties which have sold in Limerick to date this month according to the most recent figures available from the register.
The second most expensive property to sell in Limerick this month was Derwent House on the Golf Links Road in Castletroy, for €467,000. One of the cheapest properties sold was on Windmill Street in the city, while in the county two properties in Kilmallock sold for €35,000.
A total of 78 properties sold in Limerick in July, amassing more than €10m in transactions, while 450 properties have sold to date in Limerick this year.
Among the most expensive houses to sell in the last month were in the Woodlands, Adare, for €560,000, Sunville on the North Circular Road for €500,000.