€6m of Galway property auctioned last week

More than €6 million worth of residential and commercial properties was sold under the hammer last week.

Colm O’Donnellan of O’Donnellan & Joyce Auctioneers said investors were out in force, trying to beat the deadline for the expiry of the Capital Gains Tax exemption scheme of December 31, for properties held for more than seven years.

“Sales throughout 2014 have been strong, with the highest volume of sales seen over the last six years. Due to the CGT deadline, investors were very evident in the auction room and we expect sales to continue steadily with a slight increase in prices for 2015, investors may not be as prominent as in 2014 and this should give a better opportunity to homeowners,” said Mr O’Donnellan.

At the morning session, around €1.7m worth of sales for commercial and investment properties were achieved, with cash buyers in force.

Residential property sales in the afternoon recorded around €4.5m in sales, with many first-time buyers.

The biggest sale on the day was a block of four apartments on Shantalla Road in the city – 2 two-beds and 2 three-beds, which had an Advised Minimum Value of €450,000. The block attracted intense bidding and sold for €620,000.

A three-bed detached house on a large site at Distillery Road in Newcastle had an AMV of €450,000 and sold for €550,000.

DIY enthusiasts and bargain-hunters were also evident, with two semi-detached houses in need of repair at 4 and 5 Newcastle Road at Cooke’s Corner, Galway City, selling for €80,000 and €88,000 respectively.

Established areas such as Salthill saw much demand with a four-bed semi at San Antonio Terrace selling for €361,000 – 20% over its AMV of €300,000.