Commuters drive up prices

Country houses near Dublin made record prices in a year which saw Irish buyers dominating the market, writes Edward Townshend.

The country house market has gone through significant changes during the past few years. Traditionally about 40 per cent of our buyers were from overseas.

However, with the unprecedented growth in the Irish economy in recent years and the increase in property prices, we have seen an increase in Irish buyers and a decline in the number of sales to purchasers from overseas. Last year approximately 25 per cent of sales were attributed to overseas buyers and the remaining 75 per cent to buyers from the domestic market.

While demand for traditional large country houses with land, larger farms, estates and stud farms remains strong, we have also seen increased interest in modern houses with land in desirable locations such as on or near water, or close to good sporting amenities.

Overseas buyers have differing requirements but most want to purchase a lifestyle rather than just a country house. In the past year, Colliers Jackson-Stops has received a number of serious enquiries from UK buyers seeking period houses in good sporting areas. This can probably be attributed to the imminent demise of foxhunting there.

Continental buyers on the other hand generally look towards the West of Ireland where they like to be close to lakes and mountains. Even with the dramatic price increases in recent years Ireland remains attractive to continental buyers.

During the past year, period properties within commuting distance of Dublin city have been achieving record prices as Irish buyers seek country homes close to the city.

For example Mount Windsor House, Donadea, Co Kildare, 23 miles from Dublin city centre, a completely renovated four-bedroom period house on about 15 acres, sold at auction for €3.1 million. Moorhill, Brannockstown, Co Kildare, on about 150 acres and 28 miles from the city, sold after auction for about €4 million.

Donadea House, another property in Donadea, Co Kildare, a family home with seven bedrooms, four reception rooms and five loose boxes on about 11 acres is currently for sale by private treaty for €1.75 million.

With the rapid growth of our roads infrastructure in the past 12 months and the opening of the Monasterevin and Ashford bypasses, journey times to the capital have been significantly reduced and commuters are now prepared to move further into the countryside.

Many quaint villages such as Abbeyleix in Co Laois are experiencing a renaissance with the influx of new dwellers. The Rathnew bypass will significantly shorten the time to the city for two properties sold by Colliers Jackson-Stops in the autumn: Borleigh Manor Estate in Wexford, a Georgian house with about 120 acres of parkland, sold after auction for around €3.5 million. Wish Willow Stud, Co Wicklow, on the outskirts of Arklow, an architect-designed property on 45 acres sold for €2.7 million at auction.

In Co Meath, also within easy commuting distance of Dublin, The Glebe, Dunsany, sold prior to auction for over its guide price. In north Co Dublin, a quaint country cottage with about four acres made €685,000 at auction last June after frantic bidding.

There were no landmark sales west of the Shannon like Lisadell House last year. The largest sale Colliers Jackson-Stops conducted there was Raford House near Athenry, with a guide price of €1.5 million.

The south west proved quiet as well, with two properties remaining on our books: Seacourt House near Clonakilty, Co Cork, a Georgian house surrounded by gardens price is guiding over €2.5 million and Blairs Cove, Skibbereen, Durrus, Co Cork, about €3.5 million.

Edward Townshend is country homes specialist with Colliers Jackson-Stops