Auction records €8m worth of house sales

Investors snapping up properties for cash, first-time buyers and young families were the driving forces behind €8.2 million worth of sales in Galway at a weekend auction.

Many of the residential properties sold for between 10% and 20% in excess of their reserve prices, and the auction attracted a crowd so large that many people had to watch proceedings on a monitor in the foyer of the Harbour Hotel.

Among the highlights of the all-day auction on Friday were 14 one-bed apartments in Doughiska which sold in one lot for €740,000 (less than €53,000 each), after much interest from overseas bidders.

A five-bed semi in Highfield Park reached €326,000 and a 5/6-bed detached house in Knocknacarra which sold for €510,000.

Colm O’Donnellan of O’Donnellan & Joyce Auctioneers told Tribune Property: “The demand continues to be for the much sought-after and established communities across Galway City including Salthill, the Claddagh, Renmore and in particular for quality family homes.

“Where we also saw demand today was properties within easy access of the city centre, NUI Galway and University Hospital Galway.

“There’s a continued confidence in Galway’s property market which was extremely evident in the morning session with the number of cash investors seeking apartments blocks in locations where rental demand is high.

“The morning session of the auction kicked off with frantic bidding amongst cash investors who were out in force from all across Ireland, in search of quality investment opportunities with strong rental yield in particular in Galway city.

For more, read this week’s Galway City Tribune.