Property focus: Nenagh auctioneers run off their feet

After the first lockdown people rang auctioneers saying they wanted a house and a garden and sometimes didn't care how much it cost

Mon, 12 Jul, 2021 - 13:01

Trish Dromey

SINCE the release of pent-up property demand after the last lockdown, auctioneers in Nenagh have been run off their feet dealing with a surge in demand for viewings and overseeing bidding wars involving multiple, very determined would-be homeowners.

As is happening elsewhere around the country, supply shortages are pushing prices up and all three auctioneers the Irish Examiner spoke to say that properties are selling within a few weeks for higher prices than would have been imagined before Covid.

“After the first lockdown people would ring and say I want a house, I want a garden and I want it now. Sometimes they even said I don’t care what I pay for it,” reveals REA auctioneer Eoin Dillon.

He says this year the bidding on property became even more aggressive than it was last year because people have realised that if they don’t act quickly the house will be gone: “Bidding is now going up by increments of €5,000, even when it’s gone well above the guide when people might once have increased their bids by smaller amounts.”

On June 29 he had 15 viewings at18 Ballygraigue Road, a four-bed detached house guiding at €319,950. “Bidding started at €290,000 and has been going up in increments of €5,000 — it’s at €345,000 now but is not finished yet,” says Mr Dillon.

Last month he saw No 10 the Copse, a four-bed detached house with a guide of €229,950 go sale agreed for €270,000 after 17 viewings over seven days. Mr Dillon says lack of new development in Nenagh has combined with increased demand to create a major supply shortage: “I now have just six available residential properties — two years ago I would have had 30.”

William Talbot of Sherry FitzGerald Talbot says he has just 22 available residential properties on his books, fewer than half he would have had before Covid. “The town is crying out for new development,” he says, observing that the price rises are a result of an influx of buyers from cities in the pandemic: “A standard second-hand three-bed semi was selling for €180,000 to €200,000; now it’s gone to €200,000/€220,000.” He reckons that 25% of his sales now are to relocating buyers who he says almost always have a local connection. “Before Covid the number would have been less than a quarter.”

DNG auctioneer Michael Gilmartin says there’s now a demand for high-priced properties that might once have been slow to sell. “A six-bed house at Ballycuddymore which went back on the market recently quickly made it €550,000 guide.”

One of the few auctioneers in Nenagh to have new developments to sell, Mr Gilmartin recently sold 27 houses in Dromin Village priced from €190,000 to €215,000. “Last year we launched a new development in Ballycommon, selling off the plans with prices from €260,000 to €330,000 and all 19 houses were gone by February.” Although it has long been considered uneconomic for builders to build large developments in Nenagh, it is now possible that a site on Drom an Oir, Dromin Road, with planning permission for 242 houses might be about to be developed. Sherry FitzGerald Talbot say they are now at an advanced stage in negotiating the sale of the 12-hectare site which is guiding at €2.95 million.

Dublin Road, Nenagh €1.38 million

A variety of options are open to the purchaser of Riverston House in Nenagh — a seven-bed Georgian home with 44 acres of grounds — which is up for online sale on July 29.

That’s according to William Talbot of Sherry FitzGerald, the selling agent for the 8,800sq ft property which is guiding at €1.38 million and is the most expensive residence to come on the market in Nenagh in some time.

“Built in 1775 it’s a magnificent three-storey house which was lived in until a few years ago and is now in need of full restoration,” he says, adding that it could be turned into a hotel, a B&B or a wedding venue.

“It has 44 acres of pasture land which is suitable for grazing and this is attracting a lot of interest especially as it includes 16 acres of land zoned for residential development,” reveals Mr Talbot.

VERDICT: Architecturally interesting house with a lot of commercially/agriculturally interesting land.

Richmond, Nenagh €317,500

High demand for property in Nenagh is pushing prices up for spacious detached houses like 29 Kilnasalla which is new to the market with a guide of €317,500.

Part of an estate of 2003-built four-bed detached houses, the property is on the market with DNG Michael Gilmartin who say it’s a stylishly decorated 1,590sq ft family home in a popular residential development. Just how popular Kilnasalla is can be seen from the fact that earlier this year Mr Gilmartin listed No 15 with a guide of €279,500 and sold it for €310,000. Prior to that the last recorded sale in Kilnasalla on the Property Price Register was of No 20 in June 2020 for €257,500.

Mr Gilmartin expects strong interest from local buyers and from Dublin relocators.

Despite rising prices, this probably looks incredibly affordable to a Dublin buyer .

Coolbawn, Nenagh €399,950

All the space and modern comfort a relocating buyer could wish for, as well as distant views of Lough Derg, are on offer at this detached five-bed property at Bellview, Coolbawn.

Situated 19km from Nenagh and 2km from Lough Derg, it’s a 2006-built stone-faced dormer property on a site of almost an acre. Guiding at €399,950, it’s on the market with REA Eoin Dillon who say it’s decorated to a very high standard.

It is, he says, the type of property that has huge appeal for buyers who want to relocate to Tipperary from Dublin in order to work from home. “We are seeing quite a few of these types of buyers, mostly with some local connection,” he says.

VERDICT: A lot of property for an asking price which wouldn’t buy much in Dublin.

Richmond, Nenagh €270,000

Very rare to the market in Nenagh is this newly built four-bed semi-detached at No 46 Ardan Rua which is being offered with a builders finish for €270,000.

It’s part of a development being built by Teamer Developments which commenced in 2006 and will have 82 houses when complete. “The developer is building on demand. We sold one house last year and another this year. We also have a few pending sales and No 45 recently went sale agreed,’’ reveals Jackie Feighery of Sherry FitzGerald Talbot.

Ms Feighery expects the house to sell quickly enough to a first-time buyer. “All the purchasers who buy new houses in Ardan Rua are first-time buyers using the Help to Buy scheme,’’ she says.

VERDICT: Very spacious and energy-efficient but will require finishing.