Activity excelled at upper end of property market

St Paul's Road, off Fr Griffin Road in Galway: sold for €875,000.
St Paul's Road, off Fr Griffin Road in Galway: sold for €875,000.

The performance of the residential property in Galway during 2018 has been described as “steady”, with interest in homes across the market from entry level to the upper end.

Tony Kavanagh, Director of Sherry FitzGerald, said that potential purchasers are being “very price conscious” and are following the market, rather than driving it.

He told Tribune Property: “It could best be described as a steady year with consistent interest in all levels of the market from upper end to entry level.  Potential buyers are very price conscious, well informed and educated and followed the market rather than driving it.

According to Sherry FitzGerald’s own research, in Galway City, the average price of a house in the increased by 6.1% to €288,000 year-on-year, while in the county, average prices grew by 6.7% to €200,000.

Nationally, prices showed more modest growth to 4%, between January and September of this year prices grew by 3.8% compared to 6.2% in the same period in 2017.

“This latest data on price performance indicates a slowdown in the pace of price growth which reflects the steady trends experienced in the market,” he said.

Sales recorded by Sherry FitzGerald at the upper end of the market in 2018 included Cluain Mhuire on Taylor’s Hill for €1.4m; St Paul’s Road in the city for €875,000; Mweeloon, Maree for €1.24m; Bothar na Gréine, Barna for €785,000; Kingston Road in Knockncarra for €649,000 and Carragh Grove in Knocknacarra for €635,000.

“Likewise, activity in established suburbs such as Knocknacarra, Renmore, Roscam and Newcastle was healthy. The starter home to mid-level market trended to see more competitive bidding as the properties were more affordable and appealed to a broader base,” said Mr Kavanagh.

He said that price growth had been affected by mortgage lending restrictions and lack of supply.

“There are a few notable factors that have affected the rate of price growth, a more limited mortgage market due to tighter lending policy introduced towards the end of 2017 and an improved offering and supply in the new homes market, have collectively resulted in the slowdown in the pace of inflation.

For more, read this week’s Connacht Tribune.

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