The last three months have been a huge success for leading estate agent O’Donnellan & Joyce auctioneers, with more than 160 residential properties sold during May, June, and July.
O’Donnellan & Joyce continues to be a leading agent in private treaty sales in Galway city and county, commanding an impressive market share - exceeding 21 per cent over the past 12 months. Fuelled by a strong work environment and good local knowledge, the private treaty department has benefitted from embracing new technology, most notably 3D virtual tours which allow interested parties to review property sales when unable to attend viewings.
So far in 2022, there has been a notable increase in the number of investors selling homes which are being acquired by first time buyers, particularly in established neighbourhoods such as Renmore, Salthill, Claddagh, Barna, Knocknacarra, and Galway city centre, while supply levels have continued to be limited. According to the latest Daft.ie house price report, there were just over 2,000 properties for sale in Connacht and Ulster in March 2022. Because of the continuing demand for housing and the lack of adequate supply, asking prices in Galway city rose by approximately 20.1 per cent, with the average asking price of a property increasing to €335,280 in the year. Galway county had a reported increase of 21.1 per cent with an average asking price of €248,116.
O’Donnellan & Joyce has recorded 162 sales over the last three months, including the following properties.
In Salthill, a large four bed detached property on the Knocknacarra Road sold for €637,000, and in Whitestrand Park, a four bed semidetached property sold for €650,000. Also in the Salthill area, a property adjacent to the Promenade in the family friendly location of Grattan Park sold for well over the asking price of €650,000. This property was a fine example of the style of home that many families are seeking. Salthill has become the jewel of the city with demand outstripping supply. Many properties have been sold at record levels, exceeding many clients’ expectations.
Also on the west side of Galway city in Knocknacarra, there has been a noticeable increase in demand for houses, especially among first time buyers looking to get on the property ladder. In Monalee Manor, a three bed semidetached property sold for €322,000, just over the asking price. In the family friendly cul-de-sac of Leitir Burca, a spacious four bedroom family home sold for €495,000.
Closer to Galway city centre, a superb seven bedroom property, No 102 Father Griffin Road, offered all that one could ask for in terms of convenience, class, and style while also sitting within a leisurely stroll of both Salthill Promenade and Galway city centre. This ultimate family home sold for €850,000 at auction in May. In Newcastle, an excellent seven bed detached residence close to NUIG and UHG sold for €495,000.
Over the last three months there has been huge demand for properties in Galway city centre, with most properties going sale agreed within two or three weeks of being launched on the market. A property on New Road offered city centre living at its best with shops, bars, and restaurants just a stone’s throw away. The key selling point of the property though was the availability of permit parking for three vehicles, which is essential when living in the city. This property sold for €385,000.
There has also been an increase in demand for apartments, especially among people looking to invest in the property market. In Kirwan's Court, a two bedroom apartment sold for well in excess of the asking price at the final price of €405,000. At Galway Docks, an apartment in Ce Na Mara sold for €325,000, and in the highly sought after location of Dun Aengus, a five bedroom townhouse sold for €515,000. This townhouse sold for well over the asking price, showing the demand there is for property in the city centre.
There has been a number of sales of family homes on the east side of the city.
In Renmore, two properties sold in the Renmore Park estate in the last few months. Both properties had been extensively refurbished throughout, with an abundance of living and open space – perfect for any family. Both properties sold for in excess of €500,000, exceeding their asking price.
Some of the other notable sales concluded by the team at O’Donnellan & Joyce over the past few weeks are:
·Rockwood, Claregalway - seven bed detached property at €775,000.
· Woodquay, Galway - four bed semidetached property at €607,000.
· Oranswell, Bushypark – five bed detached property at €750,000.
· No 21 Garrai De Brun, Fort Lorenzo - four bed semidetached home at €435,000.
· Caiseal Cam, Roscam - four bed semidetached home at €380,550.
· Boireann Bheag – three bed semidetached property at €385,000.
· Ocean Wave, Salthill - three bed end-of-terrace home at €400,000.
· Crestwood, Menlo, Galway – three bed bungalow at €333,000.
· Castlegar village – five bed bungalow at €400,000.
· Kilcolgan, Co Galway– five bed detached property at €707,500.
· Ballynamanagh West– five bed detached property at €650,000.
Niall Browne, sales agent at O’Donnellan & Joyce, said: “There has been a massive influx of second hand homes being offered to the market as owners look to cash out on investments, upgrade to a more modern family home, or the empty nesters look to downsize. With the strength of the market in Galway at present, many properties which are listed for sale are snapped up quickly by first time buyers and those looking for a change of lifestyle or location. Many properties have been sold at record levels, exceeding many of our clients’ expectations."
O’Donnellan & Joyce is looking forward to the rest of 2022 as the company expands further and looks to increase the volume of sales.
If you are considering selling your property in 2022, contact O’Donnellan & Joyce on 091 564212 for a free market appraisal.
