The settled suburb of Ballinlough in Cork has joined the ranks of addresses to achieve a €1m house sale.
At that level it is more than twice the price of any other sale in the Ballinlough suburb since 2010, according to the Price Register.
The just-agreed sale of the standout Hayfield House puts Ballinlough in the ranks of the more traditionally adjacent affluent suburbs such as Blackrock and Douglas where €1m-plus house sales have been more regular occurrences, before, during and now back strongly since the slump.
This high-end Ballinlough house sale (joined by two others across the city at Earls Well in Waterfall of close to €900,000 in recent weeks, being sold by Nama and Savills) is especially notable as the lower and mid-markets in Cork are showing evidence on the ground of a slowdown in activity and price inflation, mirroring the Dublin market in 2015 since the Central Bank tightened lending rules.
Gone ‘sale agreed’ this week for an even €1m is the 2008-built and privately-owned Hayfield House, on Somerton Drive, by the Orchard bar on the Ballinlough Road.
With 288 sq m over its three levels, and with six bedrooms, it only went to market in late February, guiding €850,000 and got 16 viewings, with three bidders.
The space, garden aspect, quality of build, and location in an inner-suburban setting close to popular schools and the city drove interest and the determined bidding, said Hayfield House’s selling agent, Kevin Barry, who said it was a record for Ballinlough.
It is one of just two very similar luxury homes built on the former gardens and site of an early 1990s Somerton House, which sold at private auction for about €1.2m for site value in the market-peak period of 2006 to 2006.
After a long planning battle Bord Pleanála gave permission for demolition of the old Edwardian 158 sq m Somerton House and its replacement with two 279 sq m-plus new builds, of which Hayfield House was one.
It has been rented out as a corporate let since it was finished.
Meanwhile, Nama will next week release two more 298 sq m to 362 sq m detached Fleming-built, five-bed houses via Savills at Earls Well, west of the city at Waterfall. They will be priced from €730,000 and €750,000, having just gone sale agreed on two former showhouses there.
One was priced at just under €900,000, and the other at just over that sum.
Bids were made well above their guide prices of €650,000 and €670,000.
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