Huge demand at auction for homes close to Galway city

A “phenomenal” demand for properties in established parts of Galway City was a key feature of an all-day auction which generated €5 million worth of sales at the weekend.

Auctioneer Colm O’Donnellan said it was clear there was a huge demand for family homes and properties in both Galway city centre and the west side of the city during the event which attracted a large crowd.

Although demand was more sluggish for homes in rural areas in the morning, interest really picked up when O’Donnellan & Joyce focused exclusively on properties in the city in the afternoon – generating €4.3m in sales.

One house on Shantalla Road, St Rita’s, achieved almost double its reserve price when the hammer fell at €260,000 after opening at €135,000. Two properties in the Claddagh were sold for €120,000 more than their AMV (Advised Minimum Value), while a three bedroomed bungalow at Lower Fairhill Road, also Claddagh, reached €365,000 from an AMV of €200,000.

And a three bedroomed semi-detached house overlooking the canal, which is in need of some refurbishment, reached €335,000 from an AMV of €220,000.

Mr O’Donnellan told Tribune Property: “It was clear that people were very keen to buy in or near the city centre, rather than in isolated rural areas.

“Locations such as Newcastle, close to NUI Galway and University Hospital Galway, were keenly sought, as were areas such as the Claddagh and along by the canal, all of which are within walking distance of Galway city centre. Salthill remains one of the most popular addresses for family homes.”

A four bedroomed terraced home at Dalysfort Road sold for €405,000, from an original minimum value of €330,000, while a semi-detached in Lower Salthill reached €395,000.

“Some family homes reached on average €120,000 beyond their AMV price such was the desire for the property and the address. There’s a continued confidence in Galway’s property market which further highlights the shortage of quality family homes in desirable locations across Galway city,” said Mr O’Donnellan.

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