Investors out in force at O’Donnellan & Joyce all day property auction

Apartments and investment properties in urban centres see strongest interest

Investors were out in force this week, seeking value for money in Galway city centre properties with notable interest in properties close to NUI Galway and the city centre at O’Donnellan & Joyce’s fifth all-day property auction of 2015, where €5m in property sales was generated. 

Value for money was the order of the day, in particular during the morning’s proceedings which got under way at 10am in the Harbour Hotel. Galway city centre and urban areas throughout the west continue to be in huge demand among investors and those seeking family homes. Properties close to Galway city centre and NUI Galway received significant interest with the auction hammer finally falling at €382,000 for No 2 Lower Newcastle, a four bed detached home with excellent potential. On Galway Harbour, located just minutes' walk from the city centre, a two bed apartment overlooking the water attracted strong bidding, finally selling for €200,000. Glenard Crescent in Salthill is a much sought after residential address, and here No 25, a three bed semidetached house, sold for €350,000.  

Just outside Galway city in the growing village of Moycullen, five miles from the city centre on the N59 the main Galway Clifden road, a detached bungalow on the threshold of the village at Homefarm sold for €190k, while in Loughrea, two and three bed apartments at Cluain Rí sold for €72,000, €76,000, and €88,000 respectively.  

In the afternoon, numbers close on 400 continued to fill the auction room with investors very evident in their bidding on investment properties. Interest in Galway city centre properties continued to be very strong. Just off Eyre Square, a three bed terraced bungalow at No 104 College Road overlooking Lough Atalia sold for €234,000. Again proximity to NUI Galway was very important for investors, with a semidetached property comprising four apartments at No 3 Newcastle Road selling for €277,000. Apartments were hugely popular, with a two bed apartment at No 12 Gleann Nóinín on College Road, just off Eyre Square, reaching €170,000. On Bishop O’Donnell Road No 19 Lisdonagh, Cuan Glas, a two bedroom apartment sold for €122,000, while in Lower Salthill a two bed townhouse sold for €178,000. 

In the residential suburbs of Galway city, a three bed detached house at No 5 Carragh Mews in Knocknacarra sold for €175,000. 

In regional towns such as Ennis in Co Clare, a three bed semidetached house at No 7 Carrig an Oir, Tobarteascain, sold for €70,000, and a three bed terraced house at No 5 Lissaniska in Claureen sold for €89,000.

In the area of commercial property,  The Old Forge at No 9 William Street West in Galway city sold for €500,000. Fully licensed, the bar also has a three bed residence overhead.

Overall it was a strong day for investors, with Galway city centre and urban areas throughout the west performing better than rural areas. 

The pioneer of Ireland’s regional all-day property auctions for non-stressed properties, O’Donnellan & Joyce, Galway’s complete property service has now marked its 12th such auction in 19 months. Tuesday's auction generated property sales of €5m, and O’Donnellan & Joyce auctioneers has generated a staggering €77 million in auction property sales since 2014.

O’Donnellan and Joyce’s next all-day property auction will be held in the Harbour Hotel, Galway, on November 13. 

To catch up on all this week's auction results, see www.odonnjoyce.com.

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