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26/07/2021

Price of Limerick home nearly doubles in five years

Price of one Limerick home nearly doubles in five years

This property at Lifford Gardens, South Circular Road was sold in February

THE PROPERTY market continues to confound economic rules.

It is one of the areas to escape the negative effect of the global pandemic. In fact, it has been helped by Covid with reports of many returning to Limerick to live and work remotely from their Dublin office or even from companies based abroad.

In recent weeks the Leader has reported on how purchasers were buying houses without even setting foot in the door, on the scarcity of good detached houses in the city and county, and even on people buying houses that haven’t even broken ground yet.

One example of the strength of the market is Doon Sheane, 34 Lifford Gardens, South Circular Road. The detached property appeared on the Property Price Register last month with a sale price listed at €460,000.

In late 2014, the same property sold for €243,000 – an 89% increase in just over five years. There are no details online of an auctioneer who was handling the sale or any photos of Doon Sheane.

Perhaps it was completely redesigned and refurbished inside but even if Dermot Bannon himself mixed the cement it wouldn’t explain a jump of that magnitude in a few years.

John de Courcy, who has had no involvement in the sale of Doon Sheane but has sold more houses in that area than most, said O’Connell Avenue, South Circular Road and North Circular Road continue to be the prime addresses close to the city. Outside of the city, he says Mill Road, Corbally; Adare, Ballyclough   and Castleconnell are the other perpetually desirable locations.

However, Mr de Courcy said: “Sometimes it is the house that sells more so than the location.”

While he couldn’t comment on the price rise of 34 Lifford Gardens he said a good house in the O’Connell Avenue / South Circular Road area is going to cost you €400k / €500k.

“The best example I can give you and this puts everything into perspective is if you look at the apartments in the Dock Road. If you go into the property price register of 2013 a lot of them were being sold for €25 or €30k. Now, they are all making between €90k and €100k.”

The estate agent says prices aren’t yet up to where they were when things were very high.

“Supply is the big issue. As long as there is a supply issue, prices are going to continue to be high. The banks are freely giving money to owner occupiers,” said Mr de Courcy, who adds that there is a “pent up demand”.

He, like many, has sold homes that people haven’t been able to view due to Covid. It again reflects the eagerness of many to purchase a starter home or move up the property ladder. One wonders what Doon Sheane will be valued at in another five years...

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