This was an incredibly busy year for O’Donnellan & Joyce auctioneers' private treaty department, Galway’s leading estate agent for more than 40 years.
Following two years of unprecedented demand due to the shift in buyers' circumstances from the result of the pandemic, 2022 began and continued in the same vein despite a number of external factors affecting the market, such as inflation rates and, most recently, a rise in interest rates.
Hugh O’Donnellan, member of O’Donnellan & Joyce auctioneers' sales team, has noted that the majority of demand in the market is for owner occupancy but from a variety of different demographics. First-time buyers continue to make up a lion’s share of purchasers, preferring to pay their own mortgage rather than seeking further rental accommodation in a dwindling market.
However, there has also been a significant increase in purchasers looking for their ‘forever homes’ which has led to a surge in demand in already well-established areas such as Renmore, Salthill, Knocknacarra, and Barna.
Additionally, there continues to be a notable amount of purchasers relocating from different areas, internationally amd domestically, due to the rise in remote working positions, a trend first seen in the latter months of 2020. These flexible work positions have allowed people to benefit from choosing Galway and its good quality of life as a place to live.
The most notable demand within the Galway region is primarily in already well established and popular residential areas, such as Barna, Salthill, Knocknacarra, Shantalla, Newcastle, and Renmore, due to buyers wanting to avail of amenities and outdoor landmarks within walking distance.
This has resulted in majority of properties having several bidders and exceeding client expectations, in some circumstances properties achieving record prices. A few samples of excellent sales in these areas this year include:
Glenard Avenue, Salthill – sold €720,000
A semidetached residence in a highly sought-after location. The property required modernisation however offered excellent potential throughout and notably availed of a significantly large private garden, which the area is known for. Additionally, Glenard Avenue is extremely well positioned close to all amenities, quality local schools, and outdoor landmarks.
Thornberry, Barna – sold €805,000
A substantial detached residence that was offered in turnkey condition. The property was extremely popular due to the immaculate condition and open-plan layout, as well as the beautiful and well-managed development. The estate and neighbouring developments are well sought-after due to the large living accommodation usually on offer and being well serviced by all local amenities due to being within walking distance of Barna village.
Costello Road, Shantalla – sold €440,000
Situated in the well established city residential location of Shantalla, this was a large mid-terrace residence in very good condition, having been refurbished over the years and offering a beautiful open-plan layout. Properties in the locale are extremely popular due to the well-established community environment and the city location, allowing any owner to be within walking distance of all that Galway is known for including University of Galway, UHG, and the city centre.
Tudor Lawn, Newcastle – sold €387,500
A semidetached residence situated in the Newcastle area close to University of Galway, UHG, and Galway city centre. A four bed semidetached residence in good condition, the property was well sought-after due to the established residential development and beautiful communal areas, as well as being within easy reach of amenities and outdoor landmarks such as Dangan Sportsground.
Renmore Park, Renmore – sold €505,000
A large semidetached residence in immaculate condition having been extended and refurbished by the previous owner. The property was well sought-after by several purchasers, with particular interest from owner occupiers seeking long-term ‘forever’ homes. Renmore continues to be one of Galway’s most sought-after locations due to the proximity to Galway city centre, but also because of an amazing community spirit, well laid out areas, and plentiful public green space.
Gleann na Coille, Barna Road – sold €466,000
An excellent semidetached home, the Gleann Na Coille estate is becoming one the most popular residential locations in Galway. The well laid out development offers large communal green space, secure cul-de-sac settings, and close proximity to all local outdoor landmarks including Barna Woods and Silverstrand. This three bed semidetached home was extremely popular with a variety of purchasers including first-time buyers and people seeking to downsize.
O’Donnellan & Joyce auctioneers continues to be Galway city and county’s leading estate agent in private treaty sales. For more than 40 years, the company has been successful due to a strong work environment, good local knowledge, and is continuing to adapt to a forever changing industry. This combination has resulted in exceeding 20 per cent of the market share over the course of the year and selling in excess of 250 residential properties via its private treaty sales department.
Expectations for 2023 remain high. External factors, such as rise in inflation and interest rates, will continue to affect market conditions, however the trend of demand outstripping supply is expected to continue.
