THE HOUSING market may be “softening” but it hasn’t stopped six €440,000 semi-detached homes in a city suburb being snapped up in a couple of days.
There was a waiting list for the four bedroom houses in the second and final phase of Laurelville, Mill Road, Corbally. The development will be a familiar sight to anyone who goes for a stroll on the popular walking route of the Red Path and Mill Road.
Sherry FitzGerald Limerick’s sales advisor for new homes, Sinead McMullen said there are nine houses in total in phase two of Laurelville – six four bedroom sem-detached and three four bedroom detached.
“The semi-ds were all purchased within the first few days. There was a waiting list. They were €440,000 and qualified for the Help-To-Buy scheme,” said Ms McMullen.
Of the three detached, priced at €525,000, one has been reserved thus far. They are all A2 energy rated homes with contemporary hand-crafted kitchens, sleek, stylish bathroom fit-outs and wonderful south-facing rear gardens.
Ms McMullen says the houses are all expected to be completed by the end of 2022.
Judging by the buyers thus far, the new homes expert says the Covid-induced trend of people moving away from Dublin because they can work from home is continuing. And Limerick is a very attractive location to put down roots due to the job opportunities.
“In the main, the purchasers were first time buyers availing of the Help To Buy scheme – young professionals working in Limerick. Some are returning home to Limerick from Dublin and abroad. We also had buyers trading up to these larger family homes with four bedrooms,” said Ms McMullen.
The lack of housing supply continues in the midst of stark economic realities facing the population.
“We have seen a softening in the market in the last few weeks in terms of house prices due to unprecedented levels of inflation, interest rate hikes and the ongoing situation in Ukraine. While the level of ‘pent up’ demand may have eased somewhat, there is still a need in the market, as the lack of supply of housing stock is evident,” said Ms McMullen.
And it is in that context that she doesn’t expect the last two homes in Laurelville to be available for too long.
“The Mill Road has huge appeal to buyers and Laurelville offers a rare opportunity to purchase a beautiful A2 rated family home in quiet, secure surroundings within walking distance of local amenities and Limerick city centre,” she concludes.