O’Donnellan & Joyce Auctioneers' sold value and variety in its July public auction, Ireland's largest live property auction.
Investors and owner occupiers attended the latest auction of residential and commercial properties, and land, with the hammer falling on more than 25 properties per hour.
O'Donnellan and Joyce reports every property performed "exceptionally" on the day and reached their reserves, with many going over and above their advised minimum values.
This auction campaign had attracted huge numbers attending open viewings - some having upwards of 100 registered open viewers - resulting in a packed auction room from buyers from Galway city, county, and Ireland. In addition there were a large number of phone bidders from across the globe, especially in Australia and the US, and O’Donnellan & Joyce had eight staff on the phones taking phone bids,
"This has been a growing trend at the auctions recently with the number of Irish living abroad looking to move home," says Colm O’Donnellan.
"The popular phone bidding service also attracted many buyers from Donegal, Monoghan and the sunny south-east with most purchasing properties located in their home counties while they watched the live streaming.
"The Galway market is busy at the moment, with a huge number of buyers coming to the fore. We have seen in our recent auctions and in private treaty sales there is an insatiable demand for Galway city properties. They do not stay on the market long and the demand is vast," he says.
"Similarly, there is huge interest particularly for ‘doer-uppers’ and development land as individuals look to secure a long term home for themselves and their families, and like to put their own stamp on their new home or renovate a second hand purchase to make it their own."
With a sales rate of more than 25 properties an hour, a total of over €5 million in sales achieved in the two and a half hour session.
Some of the auction highlights are listed below with full auction results available from its website.
No 4A St Anthony’s Terrace in Woodquay, a city centre development site situated in the heart of Woodquay offered great potential for future development. This 0.035 acre site sold for a reasonable €215,000, €15,000 above the listed AMV. The site would be suitable for residential development and previously held planning permission for an architecturally designed block of apartments with a retail unit on the ground floor.
Two large houses situated on 8.5 acres and 11.8 acres of good quality land respectively located at Knockdoe, Claregalway and Parke, Spiddal, offered great value with sale prices achieving €300,000 and €315,000. Listed with AMVs of €300,000 and €275,000, these properties enjoy wonderful landscape views and are unique in that they are completely surrounded by their own land.
In Galway city, value was on the purchasers' side with substantial interest in properties such as 1 Clifton Crescent in Newcastle. Going under the hammer with a reasonable sales price of €330,000, buyers had a great day out with many bagging very competitively priced homes.
No. 47 Cookes Terrace, Bohermore is a three-bedroom terraced home located close to the city centre. Not more than a five minute stroll from Galway’s Eyre Square, this residential investment property was listed with an AMV of €120,000 and sold for that price, making this property an attractive buy.
Similarly, a two bedroom apartment located in Salthill – 13 Galway Bay apartments sold for €3,000 more than the AMV at €183,000. With many bidders in the room spending their money wisely, it becomes evident that the market truly does dictate the sale price of any property for sale and great value can be achieved through purchases at auction.
On the east side of Galway city, 7 Cluain Riocaird, Headford Road, Galway came to the market by way of public auction. This three bedroom apartment comprised an entrance hall, open plan kitchen/dining/living room, one en suite, and a main family bathroom. Sold with tenants in place and presented in good condition throughout, this property attracted bids of up to €115,000 and sold promptly in the room.
A unique opportunity to acquire a detached home located in the city centre came in the form of 12 Water Lane, Prospect Hill, Galway city. This three bedroom home was offered for sale with tenants in place and required some upgrading internally. Lot 14 attracted many viewers and sold for the AMV of €120,000. No 109 Dun Uisce, a one bedroom apartment, also attracted similar attention, and again sold for the AMV of €107,500.
Outside Galway city and into the commuter town of Tuam, value was in abundance here on the day. The star performer at the auction in the Harbour Hotel was that of four bed detached home - 66 Lissadyra, Ballygaddy Road, Tuam. Launched within the auction catalogue with an AMV of €120,000, this highly attractive family home attracted a huge number of open viewers. With four counted bidders in the room and two on the phone, bidding opened at €115,000 and concluded at €152,000. This turnkey property was presented in excellent condition throughout and is a clear indication that there is great value on offer in Tuam.
A three bedroom semi-detached house located at 2 Athenry Road, Tuam which was extended to offer seven rooms and finished to a builder standard was listed with an AMV of just €25,000. The property attracted more than 60 bids in the room before the hammer finally fell at €81,000.
Outside Galway, the O’Donnellan & Joyce auctions are gaining in popularity with a large number of properties from outside the county listed within the catalogue. The stock spanned through 12 counties this time around and stretched from Wicklow to Donegal and covered many counties in between.
In the popular Co Donegal, a partially constructed residence standing on circa 0.47 acre and situated within a small development of five houses close to Letterkenny town was listed with an AMV of €40,000 and sold for that price. Completed to first floor level and offering any direction of completion, this property at Woodlands, Letterkenny attracted many couples and builders to the auction.
In the same county, a four bed detached home located at 51 Ardban, Muff offered space and style in abundance. Featuring a conservatory and large open plan living space, this property would prove to be an ideal family home offering a sizeable rear garden and off street parking. Listed with an AMV of €110,000, this attractive property was whipped up for just €114,000.
The full listing and auction results are available from the O’Donnellan & Joyce website – www.odonnjoyce.com
With some 60 properties, this ‘Wild Atlantic Mid-Summer’ property auction was the largest live public property auction in Ireland with a total sales revenue of €4.4 million and some remaining properties under negotiation.
The next auction will take place on September 27 at the Harbour Hotel, New Dock Street, Galway, starting at 12 noon. The deadline for registration is August 23.
For more information contact Colm O’Donnellan (091 ) 564212. The catalogue for the next auction will launch on August 29 and can be viewed online on www.myhome.ie, www.daft.ie and www.odonnjoyce.ie/auction with details available from the auction team at O’Donnellan & Joyce Auctioneers, 5 Mary Street, Galway 091 564 212.