O’Donnellan & Joyce has experienced growth in the number of private treaty sales in the first quarter of 2016. The city centre estate agency reports that 46 properties have been sold by private treaty in the first quarter of the year with the surge in demand being seen in both city and country properties. This rise is due to the shortage in supply of quality housing, particularly in and around the city, coupled with the increase in the amount of pre-approved, ‘ready to go’ buyers.
Housing stock on the market nationwide is at a nine-year low and nationally house prices outside Dublin reported an increase of 11 to 13 per cent over the 12 months to February 1 2016. Rents increase as more rental properties are put on the market and sold to owner-occupiers. The choice of rental properties is reduced and rents continue to increase, and in turn, sale prices increase as demand drives more purchasers to fewer properties.
Niall Browne, senior sales negotiator with O’Donnellan & Joyce, commented: “We are seeing prices anywhere from five to 15 per cent above the asking price being achieved with the profile of purchasers covering all the usual cohorts, ie, first time buyers, investors, and families trading up to larger homes. Approximately 70 per cent of purchasers buying their first homes or trading up are financed, whereas approximately 40 per cent of investors are cash buyers. Areas of special interest around the city include Doughiska, Knocknacarra, Headford Road, and in particular Salthill.”
Some of the sales recently attained by O’Donnellan & Joyce were in Binn Bhan and Drisin in Knocknacarra, Gort Greine in Rahoon, Eyre Square apartments in Galway city centre, Bluebell Woods in Oranmore, and The Meadows in Ballybrit. O’Donnellan & Joyce has a database of ready purchasers with particular interest in these areas.
If you are thinking of selling, contact Colm O’Donnellan or Niall Browne at 091 564 212 or [email protected].