As property prices continue to rise Declan Tierney goes on the trail of houses under €100k – and discovers that there are still plenty of bargains to be had.
We may not be back to the height of the property boom that was experienced throughout the county over a decade ago but there is no doubt that prices are increasing . . . and this is coupled with a distinct lack of available homes on the market.
While there is a growing confidence in the property market, it is also a frustrating time for both auctioneers and potential buyers because of the scarcity of houses being advertised for sale. It has emerged that there are plenty of buyers but very little availability.
This has the effect of driving prices up so it is not surprising that those with limited finance available to them are finding it difficult to source homes that are under the €100,000 mark – those that are for sale are generally in very rural locations and away from Galway’s towns and villages.
However, there are still some available within this price range and many of them are in good condition. Mainly, they are located in the east of the county with anything coming up for sale in scenic Connemara areas under the €100,000 asking price, for example, being in poor condition and requiring extensive renovations.
Local auctioneers say that those in the hunt for houses are generally on the lookout for properties between €70,000 and €150,000 because, more often than not, that is the extent of the finance being made available to them. Consequently any houses above this price range receive only a handful of viewings.
But the quest to find family homes under €100,000 resulted in some very decent properties being located and particularly in the North Galway and East Galway areas where accessibility to Galway city will be greatly enhanced with the opening of the new Gort to Tuam motorway at the end of the year.
That is one of the reasons why there is a growing interest amongst Galway city couples in rural properties simply because there is still value for money to be had out there and the fact that they cannot afford the spiralling cost of homes in the city.
For more, read this week’s Connacht Tribune.