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The Institute of Professional Auctioneers and Valuers (IPAV) has welcomed the Government’s €30 million investment programme for rural towns and villages.

A crowd of more than 100 people turned up to the latest Connacht Property Auction held last Thursday in The Menlo Park Hotel. In total there were 22 properties offered for sale from across Connacht including Clare, Galway, Mayo, and Leitrim.

The Connacht Property Auction will hold its fourth public auction of the year this evening (Thursday) in The Menlo Park Hotel, Galway. The auction will offer 25 properties for sale across the province including residential homes, commercial properties, and agricultural holdings.  With the first three auctions averaging 90 per cent sold, another high success rate will be anticipated at today's auction.

One of the key national residential property challenges in 2015 is the housing supply shortage which is particularly prevalent in the Dublin and Leinster regions and the cities of Cork, Galway, and Limerick, according to Claire Moran of The Connacht Property Auction. The housing supply shortage is putting disproportionate pressure on the residential rental market nationally, but is most prominent in the urban areas of Dublin, Cork, and Galway city and suburbs. The under-supply of new builds to meet demand is projected to continue throughout 2015 according to several reports, making now a better time for prospective purchasers to buy residential properties, according to Ms Moran. 

According to Claire Moran of the Connacht Property Auction it is now obvious among buyers and vendors that the property market and economy generally has finally shown concrete signs of improvement.

Oliver Lynch auctioneers is offering an opportunity to purchase an outstanding four bedroom detached family home, extending to more than 2,700sq ft, at Homefarm, Moycullen, Co Galway.

The Connacht Property Auction has noted property transactions for the first half of the year in the Republic of Ireland are up by more than a third on the same period in 2014. An analysis of Property Price Register figures shows there were 21,425 sales between January 1 and June 30 this year. This is 34.6 per cent higher than the 15,920 transactions recorded during the same six-month period a year earlier. This shows that confidence is returning to the market both in the major urban areas and also the regional towns and rural areas. 

The massive success of O'Donnellan & Joyce's previous auctions, and especially the 2015 auctions, seems to have left no doubt in the minds of most vendors that if you want to sell your property in a reasonably short length of time the auction route is the way to go. 

The Connacht Property Auction has noted a significant uplift in foreign buyers looking to purchase in the west of Ireland. During the months of June, July, and August, the auction team have seen an increase of 40 per cent in enquiries for Galway, Mayo, and Clare from foreign based buyers. The majority of these are from the UK with sterling exchange rate remaining very strong while there are also strong enquiries from Australia, Germany, US, and Canada. 

The Connacht Property Auction is now taking entries for its next public auction which will be held on September 17 in the Menlo Park Hotel, Galway. The auction group has held three extremely successful auctions so far in 2015 with an average 90 per cent success rate.