More than €2.2 million worth of property was sold in the final auction of the year in Galway.
A three-bed semi-detached house in Ballybane, which is in need of extensive renovation, sold for more than double its Advised Minimum Value at the O’Donnellan & Joyce auction on Friday.
The house at 5 Rockland Avenue had a price tag of €55,000, and bidding began at €50,000.
Auctioneer Colm O’Donnellan described it as suitable for the DIY enthusiast, being in need of modernisation and refurbishment.
“The property would provide a quality investment, as it is within walking distance of GMIT – students will be knocking your door down,” he told would-be bidders in The Harbour Hotel.
Very quickly, two bidders pushed the price up considerably, with the gavel hitting coming down at €114,000.
There were also impressive prices achieved at other city properties, including 23 St Helen’s Street, also a three-bed semi but located in the city centre, which had an AMV of €220,000. Bidding started at €200,000.
“That was the highlight of the day – we were anticipating a price of €220,000, but it went at €270,000, which was a good price for this property as it needed extensive refurbishment and modernisation,” Mr O’Donnellan said afterwards.
A two-bed apartment at Emerson Avenue in Salthill, also proved popular. Bidding started at €140,000, and the property sold for €162,000. A studio apartment in Nun’s Island in the city centre sold to a phone bidder for €90,000 – €2,000 above its AMV.
Four retail units at Doughiska had an AMV of €640,000, and sold for €650,000.
For more, read this week’s Connacht Tribune.
Bearna site offers enormous potential
A prime site has come on the market just 350 metres north of Bearna village – complete with planning permission for 40 residential units.
CBRE have been instructed by Receiver Myles Kirby of Kirby Healy Chartered Accountants to offer this superb residential development opportunity to the open market.
The site – for sale by Private Treaty with a guide price of €4m – is situated to the north of the current Thornbury residential development, along a quiet laneway which connects to the R336, one of the main arterial routes to Galway city.
It extends to approximately 4.58 acres and has the benefit of planning permission for the delivery of 40 residential units, comprising a mix of housing and apartments.
The 22 housing units are all semi-detached and terraced units and range in sizes from 112 – 130 sq. m.
There are also additional lands included within the land holding that do not form part of the permitted scheme and have significant development potential, subject to planning permission.
This portion of the site is zoned R2 under the County Development Plan, which requires that 50% of the permitted scheme are committed to development.
This is a superb opportunity to acquire a residential development site with planning permission in place, in a highly sought-after location on the outskirts of Galway City.
CBRE’s Darragh Deasy described it as ‘a fantastic opportunity to acquire a residential development site in Bearna, a highly sought-after residential location’.
“The permitted scheme will appeal to a wide range of parties, and there is further opportunity to develop further units on the additional lands, subject to obtaining planning permission,” he said.
Small fall in house prices
Property prices in Galway have bucked the national trend by falling during the quarter, according to the latest MyHome.ie Property Report.
The report for Q4 2021, in association with Davy, shows that the median asking price for a property in the county fell slightly by €25,000 over the quarter to €259,975. However, this still means prices have increased by €9,975 compared with this time last year.
Asking prices for a three-bed semi-detached house in the county rose by €6,000 over the quarter to €245,000. This means that prices in the segment have risen by €10,000 compared to this time last year.
Meanwhile, the asking price for a four-bed semi-detached house in Galway stayed steady over the quarter at €285,000. This represents a year-on-year decrease of €3,000 in the segment.
There were 797 properties for sale in Galway at the end of Q4 2021 – a decrease of 15% over the quarter.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over four months. In the city, it is just over two months.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that, nationally, the findings of the report painted a grim picture for prospective homebuyers.
For more, read this week’s Connacht Tribune.
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People will be green with envy at this charming home
DNG Martin O’Connor Estate Agents are handling the sale of ‘The Green House’, a charming four-bed detached residence located in a private setting a short distance off the Connemara Coast Road west of Spiddal.
The Indreabhán area in recent years has attracted a lot of interest due to major road improvements, quality blue flag beaches every few miles, the popularity of the Irish language and much more. The entire area is well serviced with excellent community amenities, shopping facilities as well as good employment opportunities.
This very distinctive property has been carefully planned and immediately upon entering, you will be struck by the light-filled accommodation which comprises a welcoming and spacious kitchen/dining area leading onto a spacious hallway. Connected to the kitchen is a multipurpose room which is currently used as a den, it has many potential uses. Next to this is the spacious utility room which offers excellent storage.
Directly across the hall is the comfortable living area which overlooks the front the front garden, it is complete with feature solid fuel stove and good quality flooring. The remaining ground floor accommodation consists of two bedrooms and a shower room. Both bedrooms have the benefit of an extra room area where the rear bedroom has provision for an en-suite and the front bedroom has provision for a study, nursery or playroom.
Upstairs are two further good sized double bedrooms, one boasting a walk-in wardrobe, while a large office/walk-in dressing room can be found in the second bedroom. A family shower room and hot press completes the first floor accommodation.
Externally, the grounds are mainly laid to garden with a large parking area to the rear. The gardens over the years have been well planted with native trees and fruit trees. There are two storage sheds to the rear of the house. The hardcore fill for a large garage have been laid for which planning was granted with the house. The site is extremely private with a lovely patio area to the front.
In a wonderful secluded setting the property is bursting with potential and only on viewing can one appreciate it uniqueness.
The asking price is €375,000. For further information or to arrange a viewing, contact DNG Martin O’Connor on 091 866708.