Property prices in Galway continue to rise, as was highlighted again at Colleran’s auction, with all properties exceeding their guide price, one by as much as €90,000.
Don Colleran advises that he continues to have more bidders than he has properties at the moment and this was very obvious at his auction with five and six people bidding on properties.
No 195 Laurel Park is a beautiful two bed semi on an elevated site overlooking the city. While bidding was slow to start, and Colleran had to drop the price below the AMV before getting his first bid, four bidders quickly declared their interest, and just when it looked like the property was selling for €203,000, a new bidder at the back of the auction room raised his hand. Nine bids later, this bidder secured the property for €213,000.
Quality detached homes in the Salthill area are in short supply, and this was further highlighted with the sale of No 2 Dr Mannix Drive, a beautiful four bed detached home tucked away in a quiet, private, cul de sac. This property was packed with viewers at each of the open viewings prior to auction. The bidding immediately opened at the AMV of €540,000, but for over a minute there were no other bids. While it appeared to some that the property was not going to sell, the auctioneer assured the room that there were a number of bidders present. His confidence and persistence paid off when all of a sudden, with fast and furious bids of €10,000, No 2 Dr Mannix Drive was sold to a delighted buyer at the back of the room for €630,000.
The last property to sell was the two bed apartment in the student village of Gort na Coiribe on the Headford Road. Again the shortage of investment properties was evident with six bidders in pursuit of this property, resulting in it exceeding its guide price by €43,000 when it eventually sold for €183,000.
Don Colleran said after the auction that it was an understatement to say his clients were delighted with the prices he had achieved for their property. He is now looking for similar city centre properties for a number of disappointed bidders.
If you are thinking of selling Don Colleran is offering a free sales valuation before his next auction on July 6.
For more information contact Colleran auctioneers at 091 562293.
