Average rental prices in Galway City for the second quarter of this year has risen by 10% compared to the same three-month period last year, according to Daft.ie.
The latest quarterly rental report by the property website shows that the average rent in Galway City was now €818 for the three month period from April to June, up 10.1% compared to last year, the second biggest rise in Ireland’s five main cities. In the rest of Galway, rents were on average 8.7% higher in the second quarter of 2015 than a year previously. The average advertised rent is now €590, up 16% from their lowest point in 2013.
Only Cork showed a bigger percentage increase, with rental prices for Q2 standing at €889, a rise of 10.4% on the same period last year. Dublin, Limerick and Waterford all recorded increases as well, with the average rent in Dublin standing at €1,368 (up 8.5%); Limerick came in at €718 (up 8.9%) and Waterford at €629 (up 8.2%).
In Connacht, rents rose by an average of 6.5% in the year to June 2015, compared to stable rents a year previously. In Galway City, rents have risen by 10.1% in the last year and the average rent is now €818.
Year-on-year inflation in rents eased back slightly between March and June but remains high at 8.6% nationwide. The national average rent between April and June was €934, compared to €860 a year previously. Inflation in rents peaked in late 2014, at 10.7%.
As in recent months, the slight slow-down in rental inflation nationally is being driven by trends in Dublin, where rent inflation has eased from 15% to 8.5% in the last 12 months. This means that, for the first time in this market cycle, rental inflation outside Dublin – at 8.7% – is greater than in Dublin.
The stock available to rent remains extraordinarily tight. Just 4,600 properties were available to rent nationwide on August 1st, 2015, compared to 6,800 on the same day a year previously. By comparison, on August 1st 2009, there were over 23,000 properties available to rent nationwide. Supply in the Dublin market has now been tight for nearly three years, with fewer than 2,000 properties on the market on average since late 2012.
“As students prepare for entering higher education, or returning from their summer break, they will find conditions every bit as tight as a year ago in Dublin – and in some places in the country even tighter,” said Ronan Lyons, an economist at TCD and author of the Daft.ie report.
“This reflects a continuing lack of construction at a time when the population is growing. In addition to addressing high construction costs, which are impeding all forms of supply, policymakers also need to examine whether accommodation specifically designed for students suffers from additional barriers to supply.”
The full report is available from www.daft.ie/report.
Spacious bungalow on 39 acres could be ideal buy for farmers
Pat Burke Property is handling the sale of a spacious three-bed bungalow at Cloughanover, Headford, which comes with 39 acres of land and outbuildings.
Situated just two minutes from Headford town and 20 minutes from the city, this is an ideal investment opportunity for someone to purchase their first home or farm of land, according to the selling agents.
The property will go to auction on Friday, March 3 at the Anglers Rest Hotel at 3pm. This will be a first for the locality, as the auction will be live streamed on the LSLauctions.com platform to allow bidding and viewing of the auction from near and far.
Lot 1 on the day will be the three-bed bungalow with kitchen, dining room, sitting room and bathroom. There is a large garage adjoining the house with a toilet, shower facility and utility room which could easily be transformed into a self-contained flat.
The property was built in the 1960s and though it needs modernisation, it has always been kept in good repair. There is oil fired central heating with radiators throughout and a solid fuel stove in the kitchen.
The rooms are spacious which would be a bonus for anyone looking to renovate. The house sits on a half-acre of land with a garden to the front and a rear garden with mature trees.
Lot 2, circa nine acres of top-quality land with a three-bay slatted shed and silage slab in good repair also a three-bay hay shed with lean two and a three-bay multi-purpose shed.
Lot 3, circa 8.2 acres of agricultural land renowned for its fattening qualities for livestock, this is adjacent to lot 2. Lot 3 on the day is a small plot of ground adjacent to Cloughanover NS. All these lots will be offered for sale individually first and then as a combined lot consisting of 17.5 acres of land with outbuildings.
Lot 6, circa 21.5 acres of excellent quality agricultural land and would be a major asset to adjoining farmers or to someone looking to purchase prime quality land.
The auction is expected to create a lot of interest due to its outstanding location and with all the amenities of the town and Cloughanover NS just 300 metres away; two minutes from Headford schools and the mart renowned for its quality stock, where buyers come from all over the country.
“All in all this will be an excellent purchase with its prime location and quality land,” said Pat Burke.
For further information or to arrange a viewing, contact Pat Burke on 087 8137150.
Local development company set to launch houses with clever use of space
An Cúlán is local developer Jardonelle Ltd’s latest offering to the new homes market in Loughrea following their very well received An Gairdín Cúil development in Cosmona, which sold out earlier this year.
An Cúlán is an exclusive development of seven four-bedroom family homes located in the Baunoge neighbourhood of Loughrea, within walking distance of all main primary and secondary schools in the town as well as all other amenities that Loughrea has to offer, not least of all its stunning lake.
At 133 square metres, these new homes are generously proportioned and pack a punch in terms of clever design and use of space, even offering a home office space for contemporary living.
All homes in An Cúlán come with an A-grade energy rating as standard and qualify for the government’s Help-to-Buy and First Home schemes making them an exciting proposition for first time homeowners.
With the show home launching in early 2023, the team at Jardonelle, which celebrated 30 years in business this year, is taking enquiries at email@example.com where all relevant information can be provided and viewing appointments can be arranged.
Luxury detached home within small city enclave
Positioned within a small enclave of homes on Circular Road in Galway, No.7 Hy-Brasail Court is a spacious detached property presented in quality condition offering ample reception and living space throughout with approximately 186.4 sq.m.
Constructed in the early 1990s, the property has been well maintained over the years by the current owners is evident upon entry.
The ground floor accommodation avails of plentiful reception space arranged between two separate living rooms, dining room, a beautiful conservatory with garden access, fully fitted kitchen, separate utility and guest bathroom.
Upstairs offers four large bedrooms, one of which avails of its own en suite, and a main family bathroom.
A distinct feature s the outside space which is equally as impressive having been well manicured by the owners.
Hy-Brasail Court is a beautiful residential development comprising of a small number of detached homes and a central communal green space offering a family friendly atmosphere.
The asking price is €740,000. For further information or to arrange a viewing, contact O’Donnellan & Joyce Auctioneers on 091 564212.