Year-end auction achieves €2.2m in property sales

More than €2.2 million worth of property was sold in the final auction of the year in Galway.

A three-bed semi-detached house in Ballybane, which is in need of extensive renovation, sold for more than double its Advised Minimum Value at the O’Donnellan & Joyce auction on Friday.

The house at 5 Rockland Avenue had a price tag of €55,000, and bidding began at €50,000.

Auctioneer Colm O’Donnellan described it as suitable for the DIY enthusiast, being in need of modernisation and refurbishment.

“The property would provide a quality investment, as it is within walking distance of GMIT – students will be knocking your door down,” he told would-be bidders in The Harbour Hotel.

Very quickly, two bidders pushed the price up considerably, with the gavel hitting coming down at €114,000.

There were also impressive prices achieved at other city properties, including 23 St Helen’s Street, also a three-bed semi but located in the city centre, which had an AMV of €220,000. Bidding started at €200,000.

“That was the highlight of the day – we were anticipating a price of €220,000, but it went at €270,000, which was a good price for this property as it needed extensive refurbishment and modernisation,” Mr O’Donnellan said afterwards.

A two-bed apartment at Emerson Avenue in Salthill, also proved popular. Bidding started at €140,000, and the property sold for €162,000. A studio apartment in Nun’s Island in the city centre sold to a phone bidder for €90,000 – €2,000 above its AMV.

Four retail units at Doughiska had an AMV of €640,000, and sold for €650,000.

For more, read this week’s Connacht Tribune.