Colleran's auction exceeds expectations

Colleran's auction exceeds expectations

 

Property prices in Galway city certainly seemed to have turned the corner following Colleran auctioneers’ recent auction, with properties selling for well in excess of their reserves. With the auction room full to capacity and many standing outside, Don Colleran advised the room that in certain parts of the city demand now far outweighed supply and that there would be many disappointed under bidders at the auction, but he could not have predicted what was to follow, particularly with his Claddagh property.

No 6 South Park Terrace is a small terraced house in need of considerable attention, but offering a very large, sun filled, back garden with lots of room and potential for an extension. Bidding opened at the AMV of €120,000 and in bids of €5,000 six bidders brought the bidding to €190,000, leaving two bidders to contest the purchase before the gavel dropped and the property was sold at €201,000.

The second property Don Colleran offered for sale was No 7 Clifton Crescent, Newcastle, a three bedroom semi opposite the Westwood Hotel. Again bidding opened very quickly with a least five bidders, which included first time buyers, young families, and investors, such was the broad appeal of this property. Bidding opened at €145,000 and, in 13 separate bids from different corners of the room, the price quickly rose before the gavel fell and the property sold at €165,000.

The third property was No 3 Carragh Drive, a beautiful four bedroom detached family home on an elevated site close to Galway Golf Club. Unlike the previous two properties, bidding was slow to start and Don Colleran had to use his considerable auction experience to extract the first bid, which was €15,000 under the AMV of €315,000. Once the bidding did commence it was quickly down to two bidders looking to secure a family home and, in bids of €5,000 and €1,000, the Carragh Drive property was eventually sold for €347,000.

The last property to be auctioned was a large luxury four bedroom detached home set just off the Salthill promenade in Ocean Wave, offering some beautiful views from the large master bedroom. Such is the shortage in Galway city for attractively priced detached quality properties, interest in this property was from every corner of Ireland and well as a number of overseas bidders. While the property did not reach its reserve at the auction, bidding has continued on this property and is still under negotiation. Two other properties which were listed for the auction, a detached home in Ballybane and a four bedroom semi in Renmore, were also sold just prior to the auction.

After the auction Don Colleran confirmed that his clients were pleased with the outcome and that the high number of bidders on each property was a very encouraging sign that property in the city centre would appear to have turned a corner. “We now obviously have a number of bidders looking to buy in these areas and if anybody was thinking of selling we would be anxious to talk to them over the next couple of days about including their property in our next auction on May 23,” he said.

Phone Colleran auctioneers on 091 562293.

Leave a Reply