The year 2011 was slightly better than expected in the Galway residential property market according to Mullery auctioneers. The agent noted an increase in the number of sales in 2011 as compared to 2010, albeit at lower prices than the previous year.
“Houses and apartments are selling and there is currently strong demand provided the prices are realistic,” said Mike Mullery of Mullery auctioneers. “In actual fact we have a shortage of properties at present in the city and urgently require more properties for sale.”
The agent reported very good interest in Galway city properties which were priced sensibly, and in particular noted a sharp increase in the level of activity in residential buy-to-let properties in good locations and at realistic prices. “We have sold a considerable number of properties to investors in recent months and have a significant number of enquiries from investors,” Mr Mullery said. “These investors are now looking to enter the residential buy-to-let market if the price and location are right.”
Apart from investors, first time buyers are quite active in the market with areas such as Knocknacarra, Roscam, Oranmore, Renmore, Barna, Newcastle, Doughiska, Ballybrit, and the city centre proving very popular. Indeed Salthill and other parts of the city where the prices have traditionally been out of reach of first time buyers have now dropped, in some cases to a level where first time buyers can afford to purchase.
The biggest challenge in the residential property market according to Mullery auctioneers is the difficulty prospective purchasers are having in securing finance for property transactions. “We have come across numerous people this year that previously had mortgages approved, and when they go back into the bank some months later, the amount they can then borrow have been severely reduced or not available at all,” Mr Mullery added.
“We continue to meet first time buyers on a daily basis who are willing to purchase where the price of the property is right. In many cases it is cheaper now to buy a property and make the mortgage repayments than to rent an equivalent property. It makes sense to buy now if it’s cheaper than renting. Many people now recognise this and the obvious advantages over renting.”
The agent has recently sold properties in all areas of the city and urgently requires more properties for sale for a growing database of prospective purchasers.
If you are considering selling in the New Year, contact Mike Mullery on (087 ) 6424106 or (091 ) 567275 or visit www.mulleryauctioneers.ie