Bengurragh House was Tipperary’s biggest one-off sale of 2018
Data from the Property Price Register, analysed by property website MyHome.ie, shows that the former O’Connor family home on 110 acres sold for €720,000 in October.
There are only three transactions recorded so far this year in Tipperary for a larger sum but each were for developments, including the sale of The Lodge at the Abbeycourt Hotel for €2.6 million in September, An Duiche in Scallagheen for €2.5 million in April and Hill Crest Manor in Newport for €1.8 million in November.
Other large one-off sales included Tomona Lodge in Ballycommon, Nenagh, which sold for €650,000 in February; Molua in Ballina, Killaloe, which sold for €650,000 in September; Glenleigh House in Clogheen, Cahir, which sold for €600,000 in May; and Arra House in Ryninch, Ballina, which sold for €560,000 in March.
As of the Property Price Register update of December 5, just over €194.8 million had been spent on property so far this year in Tipperary.
There were 1,330 sales recorded as of that date, which still has some way to go to surpass the 1,561 transactions recorded in the county in 2017.
Managing director of MyHome.ie Angela Keegan said uncertainty over the outcome of Brexit negotiations was impacting the market, especially at the upper end. “That uncertainty is hitting the upper end more I think, while the impact of the tightening of the Central Bank lending rules and an increase in stock means house price inflation generally is slowing around the country. In Q1, asking prices nationally were up 9.5%. By the end of Q3, the rate of inflation had slowed to 5.9% year on year. Double or high single digit inflation is not sustainable so the current trend is positive for the property market as a whole.
“I think 2018 will be remembered as the year when the stock of both new builds and second-hand homes turned the corner. Second-hand stock nationally is up 6% while the number of new home schemes continues to rise," she added.