According to O’Donnellan & Joyce’s annual review, 2015 was the company's most successful year regarding the volume of sales since it opened its office in 1982. The agent reports that it sold close to 600 properties last year.
“Although prices are still about 35 per cent below the peak of the Celtic Tiger period, the number of transactions recorded for 2015 are well in excess of anything recorded during that period," said Colm O’Donnellan of O’Donnellan & Joyce. “The reason for the increase in volume of sales is banks have returned to lending, particularly to first time buyers and to home owners.”
Prices increased in Galway city by approximately 19.7 per cent, and the average price increased to €223,602 during the year. In addition, 2015 saw a large number of cash buyers looking to invest in property as no returns have been offered by banks for money on deposit. Investors were looking to acquire prime properties with good rental income, such as properties throughout Galway city as there is an extremely strong demand for residential properties for rent.
O’Donnellan & Joyce auctions, which are co-ordinated by Anne Harding and Mary Fahy, saw a 20 per cent increase in the volume of properties going under the auction hammer. O’Donnellan & Joyce’s auctions now cover from Donegal to Kerry and are known as the Wild Atlantic Way auctions, and in 2015 the company placed 280 properties under the auction hammer with an 86 per cent success rate.
O’Donnellan & Joyce held seven auctions throughout the year in the Harbour Hotel, Galway, to packed attendances. The auctions were streamed live by Brandt Studios to a worldwide audience, attracting a large number of overseas buyers.
Last year also saw an enormous disparity in values with Galway city in the dominant market with increases of approximately 19.7 per cent. Outside Galway city in the rural areas, there was exceptional value on offer with many of the properties sold well below building costs. A number of the highlights of the O’Donnellan & Joyce Auctions were:
A detached residence in Furbo, Co Galway, sold for €485,000.
A mid-terrace house at Presentation Road, Galway, sold for €404,000.
A four bedroom semidetached residence at Forster Street, Galway, sold for €335,000.
A detached house at Beach Cottage, Ballyconneely, Co Galway, sold for €328,000.
A detached bungalow at Lakeshore Drive, Renmore, Galway, sold for €300,000.
A semidetached property at Glenard Crescent, Salthill, Galway, sold for €472,000.
A semidetached residence at Dalton Drive, Salthill, Galway, sold for €470,000.
Apartments at Spiddal, Co Galway, sold for €1,005,000.
Outside Galway, exceptional value was on offer for properties in the Kilconly and Tuam areas.
A two bedroom apartment in Castlerea was sold for €20,000.
O’Donnellan & Joyce’s next auction will take place on March 4.
The company's private treaty department, which is led by Niall Browne, recorded the largest sales of residential homes in Galway city where a property in Salthill was sold for well in excess of €1.5 million. There were 10 bidders interested in the property. A selection of other properties sold in 2015 were:
Detached residence at Kiltrogue, Cregmore, Claregalway, Co Galway, sold for €315,000.
Detached house at The Parklands, Clarinbridge, Co Galway, sold for €515,000.
Bungalow at Coolagh Road, Menlo, Galway, sold for €480,000.
Two bed apartment at Ocean Towers, Salthill, Galway, sold for €407,500.
Semidetached house at Binn Bhan, Western Distributor Road, Knocknacarra, Galway, sold for €336,000.
Detached residence at Tudor Lawns, Newcastle, Galway, sold for €336,000.
Terraced house at Baile An Choiste, Headford Road, Galway, sold for €171,000.
Two bed apartment at Gleann Na Tra, Galway, sold for €137,500.
Two bed apartment at Manor Court, Knocknacarra, Galway, sold for €155,000.
Semidetached house at Hawthorn Place, Clybaun Road, Knocknacarra, Galway, sold for €285,000.
Semidetached residence at Sruthan, Mhuirlinne, Ballybane, Galway, sold for €160,00.
Semidetached residence at Ros Caoin, Roscam, Galway, sold for €253,000.
In addition, 2015 saw the return of new homes with Burkeway Construction leading the way with the launch of its new development at An Maoilin, comprising three and four bed semidetached homes on the Ballymoneen Road, Knocknacarra, Galway. The development, which launched with more than 30 houses, saw 20 of the houses in the second phrase sell within two hours.
The commercial department, led by Tony Joyce, recorded some of the most high profile sales in the city. Below is a number of commercial sales in 2015:
Investment property in Newcastle producing a rental income of €475,000, sold for €6.5 million.
The Old Forge at 9 William Street, Galway, sold for €500,000.
The Central Bar, Woodquay, Galway, sold for €421,000.
Gilt edged investment property at Dominick Street was recently completed.
Warwick Hotel, Salthill, Galway, sold for an undisclosed sum in the region of €700,000; joint agent DTZ Sherry Fitzgerald.
Pointe Boise Nursing Home, Salthill, Galway, sold in excess of €700,000.
Development site at Sacre Coeur Hotel, Salthill, Galway, sold in excess of €1,000,000.
O’Donnellan & Joyce has expanded its valuation services and now provides an exclusive professional service recognised by all financial institutions. As a consequence of major financial and bank restructuring, 'red book' valuations are now required to be completed by fully qualified professional valuers exclusively. O’Donnellan & Joyce’s valuation department is currently headed by Tony Joyce, who has 34 years' experience in this field.
O’Donnellan & Joyce is looking forward to 2016 as the company expands even further and looks to further increase the volume of sales.
If you are considering selling your property in 2016, contact O’Donnellan & Joyce on 091 564212.