The property market in Oranmore was extremely buoyant in the second half of 2014 and a total of 77 residential properties were sold in the area. This was a sharp rise on the figure for the corresponding period in 2013 when there were 57 properties sold.
The average selling price in the last six months of 2014 was very similar to that of the year before - In 2014 it was €201,000, while in 2013 it was €203,000.
The 2014 average price was boosted by the sale of ‘Glenview’, a five-bedroom detached house on the Maree Road. The 3,800 square feet home was the most expensive property sold in Oranmore in the second half of last year, fetching €650,000 in December.
ClochOg, Coill Clocha and Riverdale remain very popular with buyers - a total of 25 properties in these three areas were sold between July and December last year.
The cheapest properties sold in Oranmore were 87 and 89 Coill Clocha, which fetched €70,000 each in August. An apartment at Costa Na Mara also went for €70,000 in July, and 52 Riverdale sold for €80,000. The final sale of the year on December 22 was a two-bedroom apartment at 23 Dun Oran, Oranhill, which made €99,000.
The most obvious benefit of living in Oranmore is the village’s proximity to Galway but there are many more advantages to the area. It is a vibrant community with a lot to offer young families. There are numerous facilities and clubs, along with ample shops, supermarkets and restaurants. The village still retains a community feel, despite being within 10 minutes of the city. The main arterial routes to both Dublin and Limerick are within a stone’s throw, and Shannon and Knock airports can be accessed in little more than an hour’s drive in either direction.
Local auctioneer, Brian MacMahon of DNG, says there is a very healthy demand for property in Oranmore especially among first time buyers. Three and four bedroom semi-detached properties are the most popular among this genre. “There is a massive shortage of those type of properties. Lots of people have been saving for years and would have a large deposit. The majority of people have a budget of up to €200,000.”
However, the auctioneer says, while the economy is on an upward curve and there is a lot more confidence among buyers, people are now taking a more cautious approach to dipping their toes in the property market. “During the boom, the mindset was to buy at any cost, now people don’t want to stretch themselves. They want to be able to pay a mortgage and retain a certain standard of living.”
Mr MacMahon says the market has stabilised and has returned to a normal level of growth. He believes there is a possibility that property prices in the area may rise by about 5 per cent this year, however when compared to the years 2006/2007, there is still massive value on offer. “With rents rising, people can see that it is more economically viable to buy rather than remain renting. I know of investors who have bought property in the area and are getting a 6-9 per cent yield from the rental income versus cost of purchase. For those considering it, it is a good time to sell as the demand is there.”
DNG Brian MacMahon, Howley Court, Oranmore/ Main St, Kinvara. Tel; 091 638 638. www.brianmacmahon.com To view hundreds of properties in Oranmore and other areas, log on to www.classifieds.advertiser.ie