€76,000 city home shows fall-off in house prices

Date Published: 01-Dec-2010

The new phenomenon of homes selling for around the €75,000 mark has spread to Galway City, with a three-bed property just minutes from Eyre Square going under the hammer last week.

While the property in Bohermore – close to the ‘New Cemetery’ – is in need of total refurbishment, the selling price represents a drop of almost 78% since the height of the boom in 2007/8, three-bed terraced homes in the immediate vicinity were selling for up to €340,000.

In fact, the last time a three-bed property could have been picked up for €76,000 in Galway City was almost 15 years ago.

No. 22 Liam Mellowes Terrace had an Advised Minimum Value of €75,000 and the gavel came down at €76,000 – that represents a drop of almost 78% since the market peak, where previous drops have been recorded at between 35-50% around the county.

Local auctioneers claime to be inundated with enquiries from potential buyers searching for properties under the €100,000 mark, and in the likes of Tuam, a two-bed property in need of modernisation can be picked up around the €80,000 mark.

But in other parts of Tuam, and other towns around the county, properties are being advertised for as little as €50,000.

See full story in this week’s Connacht Tribune.