18 December 2018
By Bryan Smyth
bryan@TheCork.ie
San Paula in Sunday’s Well is Cork’s biggest one-off sale of 2018
The sale of San Paula on Orchard Road (a small road between Victoria Cross and Dennehys Cross, which links to College Road) is the largest one-off property transaction recorded in Cork so far this year.
Data from the Property Price Register, analysed by property website MyHome.ie, shows that the Sunday’s Well home sold for €1.9 million in January.
While there were bigger transactions recorded in the county for developments, such as the sale of the Elysian for €69.8 million in July,
this was the largest sale recorded for a single property.
Other large one-off sales included Scilly House in Scilly, Kinsale, which sold for €1.5 million in June, Kendel, Oakwood, Maryborough Hill, which sold for €1.455 million in August, Ashton in Hettyfield in Douglas, whch sold for €1.4 million in April and Have Hill in Summercove, Kinsale, which sold for €1.3 million in August.
In total, including developments, there have been 27 transactions recorded in Cork so far this year for €1 million or more.
As of the Property Price Register update of November 28th, just over €1.359 billion had been spent on property so far this year in Cork.
There were 4,820 sales recorded as of that date, which still has some way to go to surpass the total number of 5,876 transactions recorded in the county in 2017.
The 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 said.
