Property prices continue to rise at auction with Don Colleran achieving more than twice the guide for a house in Shantalla last week.
Last October, this paper published an article in which Mr Colleran predicted there would be a shortage of property in the New Year and felt that property prices could increase by as much as 20 per cent. This prediction was certainly the case last Thursday when at a packed auction there were at least five bidders chasing each property, resulting in them all exceeding their guide considerably.
This time last year it was difficult to sell apartments anywhere in the city, but when a luxury two bedroom apartment in Dun Na Carraige beside Galway Golf Club was placed on the market by Colleran’s more than 50 people viewed it in the first couple of weeks. The property ended up being sold prior to auction at a figure far in excess of its advised minimum value, and Don Colleran now has three cash buyers ready to buy similar properties in the Salthill area, but specifically looking for Dun Na Carraige.
The next property to sell at last Thursday’s auction was No 7 Shantalla Road, a bright, spacious, three bedroom house just off Cooke’s Corner and sitting on a large site with a big back garden. Although in need of total renovation, this did not deter the many bidders. What was very evident at the auction was the large numbers of solicitors in attendance bidding on behalf of their clients. No 7 had an advised minimum value of €85,000 and it was not long before the bidding started at €80,000, but what happened next further highlighted the current shortage and demand for Galway city centre properties. In a frantic five minutes with no fewer than five separate bidders chasing the property, the price quickly rose in bids of €5,000. After 20 separate bids it was looking like the property was about to be sold, but Don Colleran delayed dropping his gavel and on his second call from the very back of the room Dawn Carney of Sheehan & Co solicitors rose from her chair to place a bid for her client. The price continued to climb for another few minutes before eventually selling for €175,000, an incredible €90,000 in excess of the original guide price.
The final property to be auctioned was a city centre gem in a lovely setting at Nuns Island. In need of total renovation, the potential of this two bedroom terraced property was very obvious to everyone who viewed it. Despite its magnificent location and large number of viewings it did not initially look very promising for the vendors, as only one contract had been issued prior to auction. While people remained in the packed auction room it was felt that the Shantalla sale gave great encouragement to buyers, and a number of the Shantalla under bidders now switched their interest to Nuns Island. Bidding opened at €100,000 and very quickly exceeded the guide of €110,000. With at least four bidders chasing the property, it rose in bids of €5,000 to €135,000 and then bids of €1,000 before some further tense bidding it was sold for €146,000 to a delighted buyer.
In closing the auction Don Colleran appealed to those thinking of selling to contact him immediately as it was obvious from the auction he has buyers for all areas. Colleran’s auctioneers is now seeking properties for its next auction and if Thursday is anything to go by it will be another success.
Contact Don Colleran in confidence at Colleran’s auctioneers, phone (091 ) 562293.