O’Donnellan & Joyce reports that 2016 was its most successful year to date regarding the volume of sales since the company opened its office in 1982. The Galway city centre estate agent reports that it sold close to 650 residential and commercial properties in 2016 by private treaty and public auction. Colm O’Donnellan, one of the principal partners of O’Donnellan & Joyce, said: “Prices are still about 35 per cent below the peak of the market of 2007 and the number of transactions recorded in 2016 is well in excess of anything recorded since the slump.”
He added: “The reason for the increase in volume of sales is banks have returned to lending, particularly to first time buyers and to homeowners, and cash customers were out in force as there was little or no return being achieved leaving money on deposit.”
According to the Daft.ie latest house price report, there were fewer than 6,000 properties for sale in Connacht and Ulster in December 2016, the lowest since January 2007. Because of the continuing demand for housing and the lack of adequate supply, asking prices in Galway city rose by approximately 13 per cent with the average asking price of a property increased to €252,669 in the year. Galway county had a reported increase of 10.6 per cent with an average asking price of €169,427.
In addition, 2016 continued to see a large number of cash buyers looking to invest in property in prime areas of Galway city with good rental income as strong demand persists for residential properties to rent.
Anne Harding, Mary Fahy, and Shane McDonagh who co-ordinate the O’Donnellan & Joyce series of Wild Atlantic Way property auctions, said they recorded a 39 per cent increase in the volume of properties going under the auction hammer. Sales by public auction with O’Donnellan & Joyce included properties from Donegal to Kerry and all along the Wild Atlantic Way. In 2016 the company placed 395 properties under the auction hammer over a series of seven auctions held throughout the year, and reported an 88 per cent sales success rate. Crowded attendances were recorded at the auctions which were streamed live online on www.odonnjoyce.com/auction by Brandt Studios to a worldwide audience. The auctions attracted a large number of overseas buyers, of which most were investors.
Outside Galway city in the rural areas, there was exceptional value on offer with many of the properties selling well below building costs. A number of the highlights of the O’Donnellan & Joyce auctions were:
No 12 Presentation Road, Galway — a three bed semidetached house sold for €515,000.
Penrose, 46 Dalysfort Road, Salthill, Galway — a three bed detached bungalow sold for €565,000.
No 25 Henry Street, Galway — a two bed mid-terrace house needing modernisation sold for €122,000.
No 34 Henry Street, Galway — another two bed terraced house sold for €242,000.
Mullan Mor, Tuam Road, Galway — four apartments sold for €569,000.
No 3 Averard East, Taylor's Hill, Galway — a five bed detached family home sold for €810,000.
No 9 Upper Canal Road, Galway — one of the gems of the summer auctions, sold for €550,000.
Rockfern, Kingston Road, Galway — this three bed bungalow sold for €540,000.
Beach House, Kilmurvey, Inishmore, Aran Islands — a six bed detached house sold for €273,000.
No 7 Coleman’s Road, Shantalla, Galway — a four bed mid terrace property sold for €320,000.
No 2 Walsh’s Terrace, Woodquay, Galway — a four bed terraced house sold for €400,000.
No 10 Grattan Park, Salthill — a large four bed detached house overlooking Salthill Prom sold for €590,000.
No 15 Ard Na Mara, Salthill, Galway — a five bed semidetached family home sold for €400,000.
No 22 Oaklands, Salthill, Galway — a four bed semidetached home sold for €475,000.
O’Donnellan & Joyce valuation services continues to provide an exclusive professional service recognised by all financial institutions. As a result of major financial and bank restructuring, ‘Red Book’ valuations are now required to be completed by fully qualified professional valuers. O’Donnellan & Joyce's valuation department is currently headed by Tony Joyce who has 34 years’ experience in this field.
Niall Browne and Alan McKenna of O’Donnellan & Joyce private treaty sales department recorded 240 sales in 2016 and results included the following properties:
College Road, Galway — a large six bed semidetached house sold for €482,000.
Prospect Hill, Maree, Oranmore — a five bed detached sold for €545,000.
Stradbally, Clarinbridge — a five bed detached house sold for €515,000.
Dun na Carraige, Blackrock, Salthill — a first floor two bed apartment sold for €337,000.
Fr Burke Road, Claddagh, Galway — a three bed end of terrace house sold for €416,000.
Kiltrogue, Claregalway — a detached two storey four bed house sold for €415,000.
Forramoyle West, Barna, Co Galway — a five bed detached house sold for €475,000.
Woodbury, Barna, Co Galway — a two bed penthouse apartment sold for €375,000.
Burkeway Construction led the way for new homes sales in 2016. Forty houses were launched and sold in Phases 3 and 4 of their new development at An Maoilin, Ballymoneen Road, Galway. This development comprises a mix of three and four bed semidetached homes with Phase 5 set to launch 29 units for sale in February/March 2017.
O’Malley Construction followed suit with the launch of Reilean at Roscam on the east side of Galway. The development comprises three and four bed homes ranging in size from 1,292sq ft to 1,473sq ft and the priced from €285,000 to €330,000. The first houses are expected to be ready for occupancy in spring of 2017.
Some of the higher profile commercial sales in 2016 included:
Lohan’s Bar & Restaurant, 232 – 234 Upper Salthill, Galway, which sold for €1.65m.
A development site at Nuns Island sold for €700,000.
An tSean Cheibh, Kilronan, Aran Islands — a mix of residential/commercial premises sold for €505,000.
Creggs, Co Galway — a mixed residential/commercial property sold for €195,000.
Brackernagh, Ballinasloe, Co Galway — a single storey retail unit sold for €100,000.
The Square, Vicar Street, Tuam, Co Galway — a three storey retail with residential overhead sold for €101,000.
Cuilin, Roundstone, Co Galway — seven detached new homes sold for between €350,000 and €375,000.
The team at O’Donnellan & Joyce are looking forward to 2017 as the company expands even further and looks to further increase the volume of sales. If you are considering selling your property in 2017, contact O’Donnellan & Joyce on 091 564212 for a free valuation. The next auction will take place on Friday March 3 2017.