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.
With some investment, this property could be restored to use as a home
This large detached dormer style residence is set on a half-acre site of mature landscaped gardens at Cloonacauneen on the outskirts of the city.
The house is slightly elevated and enjoys excellent views over the surrounding countryside. Cloonacauneen is a quiet and settled country location just 7km from Eyre Square.
The property was most recently used as an office – it has been well cared for and maintained and will require some investment to reinstate all the residential facilities.
It provides spacious, bright rooms and extends to 205 sq m in total, which would accommodate 4-5 bedrooms, 2-3 reception rooms. Facilities include double glazed windows and oil-fired central heating.
The gardens have been planned and developed with mature shrub beds, hedge rows, lawn areas. Natural stone wall and entrance pillars at the front lead to an extensive tarmacadam parking area to side and rear. There are lawns to the front and rear and a large patio area at the rear.
Selling agent Rachel O’Dowd said: “This property offers a quality residence that gives new owners opportunity to model to their own needs, on a large mature site and in a very peaceful settled community setting, giving all the benefits of country living yet only minutes from Galway City.”
The asking price is €310,000. The BER Rating is C3. For further information or to arrange a virtual viewing, contact Sherry FitzGerald on 091 569123.
Another batch of homes to go under ‘virtual’ hammer with successful online auction house
I AM Sold Property Auctions, which runs The Connacht, Leinster, Munster and Northern Ireland Property Auctions have a number of upcoming online auctions, with the next Connacht Property Auction taking place on April 29.
According to the company, its online auctions have been in high demand over the past few months and offer buyers and sellers the chance to transact their properties without any need for usual travel and interactions needed with other sale processes.
Sales Manager Shane May said: “While current restrictions are preventing the industry from working to full capacity, we have seen a significant increase in the enquiry levels on this time last year prior to the pandemic. The first quarter of 2021 has been busy, both in terms of sales and enquiries, despite available properties being at their lowest level in over 10 years.
“Once lockdown restrictions were lifted last year, the pent-up demand was very evident with a surge of sales and closing from June to December. We are confident that this will again be the case once restrictions ease and with low stock and high demand, it is a surprisingly good time for property owners to sell their properties,” said Mr May.
The Connacht Property Auction are the only auction company who do not charge any upfront costs to enter a property into auction and with buyers spread across the province, the auction team are confident they can continue to get strong results.
Among the properties set to go under the virtual hammer are:
28 Rian Luachra, Ballybane, Galway. A three-bed semi with full planning permission for a second three-bed semi, offered at bids over €230,000 in partnership with REMAX Galway. No 28 is presented in excellent condition throughout having been well maintained by the current owner. The rear of the property boasts a sunny south-facing aspect with gated side access and large manicured lawns feature to the rear and side of the property. Rian Luachra is a wonderful family friendly estate located four minutes from Merlin Woods and five minutes from Ballyloughane Beach.
For more, read this week’s Connacht Tribune.
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Thatched cottage is a perfect base for exploring nature and cultural history
Farrell Auctioneers are handling the sale of a fabulous thatched cottage located at Attifneen, Gort.
This cottage is in close proximity to explore the Wild Atlantic Way, The Cliffs of Moher, the Aran Islands or relive history at Coole Park in the footsteps of poet WB Yeats and Lady Augusta Gregory.
The cottage is which is presented in excellent condition by the current owners and tastefully decorated in keeping with the traditional cottage style.
Accommodation includes entrance porch, kitchen, sitting room, bathroom, office, four bedrooms (one en suite) and a sauna. Externally, there are landscaped gardens with mature shrubs and trees, a secret garden, sauna and one bedroom chalet.
Selling agent Colm Farrell said: “We highly recommend viewing this picturesque beautiful property.”
The asking price is €285,000. For further information, contact Farrell Auctioneers on 091 632688 or visit colmfarrellproperty.com