Property Focus: Shores of Lough Derg not immune to the surge in housing demand

Estate agents reporting a return of Celtic-Tiger-era demand to the twin towns of Ballina-Killaloe

A woman walking on the pontoon in Killaloe, Co Clare with a backdrop across the shannon of Ballina, Co Tipperary. Picture Dan Linehan

The release of pent up demand when house viewings resumed in May has led to panic buying in the twin towns of Ballina-Killaloe on the shores of Lough Derg.

That’s according to John Phelan of Harry Brann auctioneers who says he hasn’t experienced this level of activity or this type of panic buying since the height of the Celtic Tiger in 2007.

Because supply is extremely low and demand is extremely high, he says people are looking to buy the available properties quickly and in some cases are willing to pay well above the asking prices.

“We recently listed a four-bed property called Hilsmiah Acre in Ballina with a guide of €410,000 and it has just gone sale agreed for €490,000. We have also seen bidding on a house in Broadford with an asking price of €280,000 go up to €330,000.”

Although he has had sales to a small number of Dublin buyers, he says the majority of buyers are either locals or living in Limerick city: “The big change we are seeing since the pandemic is that people want more space — they are looking for home offices and attic conversions.”

While Ballina/Killaloe has quite a number of high priced lakeside properties which are purchased as holiday homes, Mr Phelan says the bulk of sales in recent years have been to owner-occupiers.

“A lot of sales are to people moving out from Limerick city for the lifestyle and amenities on offer in a lakeside town within an easy commute.”

Enjoying the bank holiday sunshine at Twomilegate, Killaloe. Picture: Liam Burke/Press 22

Since the pandemic, he says he is seeing an increased level of demand from these types of buyers.

Michelle O’Connor of Clare Tipp Properties has also experienced a busy few weeks: “We now have very few properties that are still available — everything that’s priced right is selling quickly — often in just a week or two.”

A three-bed semi at 43 Millstream in Killaloe which she listed with a guide of €198,000 at the end of May went sale agreed for €260,000 a week later while bidding on a terraced two-bed house in need of renovation at 3 Crossroads Killaloe quickly went above its €135,000 guide.

“Bidding starts immediately — with one house the first bid was above the guide price,” says Ms O’Connor who says she has been seeing a lot of first-time buyers with mortgage approval who have saved during lockdown.

At present around 50 properties are listed for sale in Ballina-Killaloe which includes many which have already gone sale agreed. One of the main reasons for the supply shortage is that there has been very little new development in the area in recent years because of sewage treatment capacity issues.

The larger share of available houses are on the Ballina side of the bridge because Killaloe has not had the same level of new development.

So far this year the Property Price Register shows 14 sales in Killaloe and 22 in Ballina. The highest-priced property was 10 Ard Coillte in Ballina which sold for €460,000 in February — well above its €425,000 guide.

In 2020 there were 23 sales in Killaloe and around 47 in Ballina. The highest-priced sale on the Clare side of the Shannon was of The Downs at Ballycuggeran which sold for €925,000. The most expensive one on the Tipperary side was Kingfisher Lodge at Lower Ryninch which went for €865,000.

Iniscealtra, Ballina, Co Clare €415,000 

SPACIOUS, detached and modern, No 72 Iniscealtra in Ballina is the type of property which has been in high demand of late.

That’s according to selling agent John Phelan of Harry Brann auctioneers. “We sold three others in the last six months – for €400,000, €385,000 and €390,000 – all to local or Limerick buyers.” New to the market with a guide of €415,000, No 72 is an attractive stone fronted 2007-built house. It includes a lounge, kitchen dining living room, sunroom, utility room, ground-floor playroom/bedroom along with a bathroom and four upstairs bedrooms, one en-suite. It’s located in a development of detached houses.

VERDICT: Offers space and comfort for a trade-up buyer.

Derrycastle, Ballina €750,000 

AT the top end of the Ballina-Killaloe property market with a guide of €750,000, Dun Aine at Derrycastle is a distinctive turreted property with panoramic views of Lough Derg.

The expectation of selling agent Ciaran Duff, Savills, is that the three-bed property and its two-acre site will sell as a high-end holiday home to a buyer from London or Dublin.

Built in 1980, it’s a single storey house with a small turret on both ends and has close to 2,400 sq ft of living space in addition to a one-bed guest cottage on the grounds. A beautifully maintained, traditional style property, it has been extended by current owners.

VERDICT: The type of high-end Ballina/Killaloe property that’s rare to the market.

Canal Bank, Killaloe €195,000 

FROM the roof terrace on top of 9 Canal Bank in Killaloe, you can see for miles in all directions and watch the boats go by on the Shannon.

Affordable with a guide of €195,000 but in need of modernisation and upgrading, the three-bed mid-terrace property has been used as an osteopath’s clinic for the last 18 years. John Phelan of Harry Brann auctioneers believes it now has excellent potential for residential use and could be bought as a starter home or holiday property.

Offering almost 950 sq ft of living space, its listed accommodation includes a kitchenette, a guest WC and three bedrooms including one en suite. In an attic conversion on the top floor, it has a sitting room with scenic Shannon views and above this, a roof terrace.

VERDICT: Affordable with unexpected extras

Portroe, Co Tipperary €350,000 

IT’S just a five-minute walk to the shores of Lough Derg and a 15-minute drive to Ballina-Killaloe from this recently renovated bungalow at Castlelough, Portroe.

Selling agents for the thoroughly updated 1980s three-bed property, Clare Tipp Properties, say that with its 1,345 sq ft of accommodation and half-acre of garden, it is tranquil and spacious enough to tempt a Limerick buyer to leave the city.

“We expect it to sell to a trade-up buyer or possibly to a first-time buyer,” says auctioneer Michelle O’Connor quoting a guide of €350,000.

During renovations, the owners brought the BER rating up to a B3 and also put in new plumbing, flooring and bathrooms.

VERDICT: A made-over property with good space and privacy