A Galway auctioneering firm has reported its busiest ever year for sales – with nearly 600 sales in 2015.
The huge increase in sales volumes has been attributed to banks beginning to lend again, while there was also a return of investors to the market.
O’Donnellan & Joyce also saw a significant 20% surge in the number of properties going for auction.
According to Colm O’Donnellan, it was his busiest year since he opened his office in 1982, although prices are around 35% below their Celtic Tiger peak.
“The reason for the increase in volume of sales is banks have returned to lending particularly to first time buyers and to home owners.
“Although prices are still about 35% below the peak of the Celtic Tiger period, the number of transactions recorded for 2015 are well in excess of anything recorded during that period.
“In addition, 2015 saw a large number of cash buyers looking to invest in property, as no returns have been offered by banks for money on deposit.
“Investors were looking to acquire prime properties with good rental income such as properties throughout Galway City as there is an extremely strong demand for residential properties for rent,” said Mr O’Donnellan.
Auction co-ordinator Anne Harding said there was a 20% increase in volume of properties going under the auction hammer.
“Our auctions now cover from Donegal to Kerry and are known as the Wild Atlantic Way auctions, and in 2015 we placed 280 properties under the hammer with an 86% success rate,” she said.
The agents held seven auctions throughout the year, which was also live streamed on the web.
“The stream attracted a large number of overseas buyers, young Irish immigrants who bought their first home. 2015 also saw an enormous disparity in values with Galway City in the dominant market with increases of approximately 19.7%.
“Outside Galway City in the rural areas, there was exceptional value on offer with many of the properties sold way below building costs,” said Mr O’Donnellan.
Among the highlights of the auction were:
- Detached Residence in Furbo sold for €485,000.
- Mid-terraced house at Presentation Road, Galway sold for €404,000
- 4-bedroom semi at Forster Court, Galway sold for €335,000
- Detached house at Beach Cottage, Ballyconneely sold for €328,000
- Detached bungalow at Lakeshore Drive, Renmore sold for €300,000
- Semi-detached property at Glenard Crescent, Salthill sold for €472,000
- Semi-detached residence at Dalton Drive, Salthill sold for €470,000
- Apartment block in Spiddal sold for €1,005,000.
“Outside Galway, exceptional value was on offer for properties in the Kilconly and Tuam areas. A two-bedroom apartment in Castlerea was sold for €20,000,” said Mr O’Donnellan.
Niall Browne, Head of Private Treaty Sales, recorded the largest sale of residential homes in Galway City, where a property in Salthill was sold for well in excess of €1.5 million. There were ten bidders interested in the property.
Among the other private treaty sales were:
- Detached residence at Kiltrogue, Cregmore sold for €315,000
- Detached house at The Parklands, Clarinbridge sold for €515,000
- Bungalow at Coolagh Road, Menlo, sold for €480,000
- 2-bed apartment at Ocean Towers, Salthill, sold for €407,500
For more, read this week’s Connacht Tribune.
Detached home in Knocknacarra has host of amenities nearby
O’Donnellan and Joyce are handling the sale of a large four-bed detached property located in Shangort Park, Knocknacarra, in Galway.
Located just off Shangort Road, Number 11 was constructed in the early 2000s.
It is a small, quiet development comprised of a mixture or detached and semi-detached homes finished to the highest of standards and overlooking a large green area.
In terms of location, this property has all that one would require and is ideally located within a short walk of quality local schools such as Gaelscoil Mhic Ahmlaigh, Knocknacarra National School and Colaiste Na Coiribe.
An abundance of amenities include the Gateway Shopping Park (B&Q) and Tesco. There are a number of ample green spaces and playing fields close by such as McGrath’s Field, Cappagh Park and Millars Lane.
The property is also located just minutes from the stunning surroundings of Rusheen Bay and Rusheen Woods and the area also boasts a wealth of local amenities.
For more, read this week’s Connacht Tribune.
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Boasting uninterrupted bay views
Property firm iamsold, whose online bidding and auction platform is used by more 300 auctioneers across Ireland, is continuing to take entries for its 2023 auctions with the next dates scheduled for May 18, June 22 and July 20.
Shane May, Sales Manager for iamsold said: “Previous years have shown the May to July period is particularly strong for selling residential and commercial property. We have an excellent variety of properties currently on offer, and we are finding that there is an ongoing appetite for realistically priced property throughout the country. Our partner auctioneers have been kept busy as requests for viewings remain high.”
Among the properties for sale at the moment are:
Sky Road, Clifden. This is a two-bed property described as “character filled” set in a wonderful holiday location.
This is a traditional cottage which has been cleverly extended to retain its character with a modern living interior. The focal point is the extended living area with full and uninterrupted views over Kingstown Bay. The property is offered at bids over €525,000 and for sale by Sherry FitzGerald Mangan.
Main Street, Headford. Currently the property comprises two buildings, one of which was a public house, whilst the other was a private dwelling. Subject to planning, there is potential to extend to the rear of the property and create multiple units which could potentially provide 2 x 2 bed apartments, along with 3 x 1 bed apartments and could be eligible for the Vacant Property Refurbishment Grant, offering between €30,000 and €50,000 towards the renovations. The property is offered at bids over €145,000 and for sale by Michelle Burke Estate Agents.
For more information on the auction, call 091 882121 or visit iamsold.ie
19th Century cottage boasts incredible views
DNG Martin O’Connor Land Sales are holding an online auction on May 11, where two lots of land in Letterfrack will go under the hammer.
The first lot is an opportunity to acquire a cottage with shed ruins on 4.34ha (10.72 acres) of top-quality land at Attirowerty. Enjoying incredible views in all direction, this land is one of the most outstanding opportunities to acquire a lovely holding of meticulously maintained farmland in the Connemara region in many years.
Bordering the Traheen River, the cottage – dating back to the 1800s – is a traditional stone built property under a galvanised roof laid out in two rooms with open fireplaces in each room. Across the yard there are the ruins of a large shed which could be renovated.
Looking south the cottage enjoys views of Ballinakill Bay, Tully Hill and Letter Hill to the west whilst to the north Diamond Hill and the Mweelrea mountains with many more hills of south Mayo are visible in the distance.
Fully enclosed by stonewalls and concrete post with wire fencing, the land laid out in three large sections provides excellent grazing with a cattle holding yard and cattle crush.
The land is suited for all types of livestock grazing with cattle farming been the main enterprise over the years on the holding. Due to its excellent order the land would be the perfect location for breeding Connemara ponies and also ideal for holding sheep due to its field system and good boundaries.
The property presents itself as an excellent proportion for those looking for a cottage hideaway that they can renovate to their own style in this scenic part of Ireland with a wonderful atmosphere surrounding it. The lands are ideally suited to existing landowners looking to expand or those looking to set up a small holding centrally located between Clifden and Letterfrack.
Lot 2, consisting of commonage lands in three sections at Attirowerty and Baunoge, amounts to 25.5 acres and is also for sale by online auction on the day.
For further information, contact DNG Martin O’Connor on 091 866708.