Investors show strong interest in upcoming homes auction

Gort na Coiribe, Headford Road
Gort na Coiribe, Headford Road

Strong interest from investors is expected in an auction in Galway next month, at which a series of properties with rental potential will go under the hammer.

Auctioneer Colm O’Donnellan said he believes that low interest rates offered by deposit accounts and the potential for capital appreciation in the property market are spurring growing interest in the investment market.

“Housing stock levels are at a 10-year low, with the result that property prices spurred by demand and should continue to rise as the rate of new builds is nowhere near meeting the current demand.

“In turn, rents have risen with reporting that rents in Galway City rose 48% above levels recorded nine years ago (and 32% higher in the county).  In the same report, two bed apartments in Galway City were earning a rental yield of 7.7% in 2016 and three-bed semi-detached houses earning a 5.8% yield.

“There is a tremendous selection of rental property on offer in our Spring auction. Plenty of choice for the discerning investor. Galway always has a great demand for rental properties given its third level colleges, health services and the many business parks with multinational employers,” said Mr O’Donnellan.

Included in the list of properties generating interest amongst investors are:

17 St Joseph’s Avenue, Henry Street, Galway. A mid-terrace, three-bed townhouse providing an excellent opportunity for a first-time buyer or investor. The Advised Minimum Value is €200,000. Open viewings Wednesdays and Saturdays 11am to 12pm.

49 Gleann na Trá, Sandy Road, Galway. A two-bed ground floor apartment, situated in a well-maintained development close to the city centre and retail and industrial parks. The AMV is €155,000. Open viewings Wednesdays and Saturdays 3.30pm to 4.30pm.

For more, read this week’s Connacht Tribune