Galway estate agents are reporting a ‘mini boom’ in the local property market in recent weeks, with selling prices on the increase for the first time since 2007.
In fact, one agency has sold almost €5 million worth of residential properties so far this month – 27 homes in the last 27 days – according to the Connacht Sentinal
Niall Browne, Residential Sales Manager with O’Donnellan and Joyce Auctioneers, told the Connacht Sentinel that there seems to be a renewed confidence in the market among young buyers.
“Almost every property sold in the last few weeks has had two or three bidders on it, and selling prices have gone a little bit above the asking price. It’s been five or six years since we’ve seen that happen on a frequent basis.
“We’ve sold 27 in 27 days in the likes of Knocknacarra, Roscam and Doughiska, and we’re seeing an increasing amount of ‘off-market’ sales [where an agent approaches a homeowner whose property is not for sale with an offer].
“Knocknacarra is as popular as ever, and there is a real shortage of good quality homes on the market there – that’s proven by the fact we are seeing two or three bidders on each quality house for sale, and prices have risen.
“Three-bed semis there were down to €150,000 a year ago. Now, they’re selling for between €180,000 and €200,000. Four-bed semis would have been down to €180,000, and now they’re selling for north of €200,000 in some cases, particularly those with the extra side room or converted attic.
“In many instances, we’re seeing properties selling for €10,000 to €15,000 above the asking price, because there is so much interest.
“There has been a huge increase in activity in Roscam and around Oranmore, where there is a real demand for family homes, and of course, Salthill is still the mecca,” said Mr Browne.
He explained that ‘red tape’ from lenders is still proving an obstacle to closing sales, but banks are being more cooperative compared to recent years.
Source: Connacht Sentinal