O’Donnellan & Joyce in its first quarterly review of the Galway property market of 2010 is reporting major increased levels of activity through all sections of the property market, particularly in the city centre, as well as in surrounding areas such as Moycullen, Barna, and Oranmore.
According to Tony Joyce, in spite of the talk of doom and gloom the level of activity is noticeably on the increase since the beginning of the year, and so far each month has shown a remarkable improvement in the number of sales being negotiated by Galway’s leading auctioneers. It is impossible to say whether the market has actually bottomed out, however the general indications coming from the busy auctioneer’s office indicate that there are a large number of purchasers with loan approvals sanctioned who are now ready and willing to buy once the properties are realistically priced.
This increased level of activity was clearly demonstrated by the successful auctions that O’Donnellan & Joyce conducted in March, where six properties put up for auction and five of them sold in the auction room. The one that was withdrawn at Dalysfort Road is now coming to the final stage of negotiation as a result of a number of interested parties becoming involved in a bidding war for the property.
The success of the auctions has clearly created an increase in the number of viewings and demand for similar properties, and as a consequence O’Donnellan & Joyce is currently preparing auctions for both April and May. A number of first class properties on offer for the April auction are listed at very attractive prices including a two bedrooms house at McDara Road, Shantalla, AMV €165,000; a three bedroom house at Loyola Park, College Road, AMV €195,000; a detached residence at Brooklawn, Salthill, AMV €595,000; and a property at Hazelwood, Taylor’s Hill, AMV €545,000. Colm O’Donnellan and Anne Harding, who are currently monitoring the auction properties, reported first class viewings of the properties which are currently open twice a week for open viewings, as well as private viewings by appointment. The level of activity is such that up to 20 different clients are viewing the properties within the one hour period on a continual basis over a number of weeks.
Clearly the confidence appears to be returning to the market; the number of purchasers willing to buy properties was particularly highlighted in the recent disposal of a property at The Maples, Salthill, where four individual purchasers were sanctioned for loan approval by one financial institution for the said property.
Naturally the availability of finance is a major factor affecting supply and demand of property in the city centre, but reports from the auctioneers indicate that a number of financial institutions, in particular EBS and Bank of Ireland, are actively offering mortgages to suitable clients.
As a consequence of the upturn in the market O’Donnellan & Joyce auctioneers announced that for the month of March it has already received in excess of 20 deposits for individual private house sales. Throughout the city, sale agreed and sold signs appear to be coming visible on a week to week basis. While the level of activity is not anticipated to reach the all time highs of 2006 and 2007, the road to recovery does appear to a least have started and all the signs are encouraging for the forthcoming months. The result is that O’Donnellan & Joyce is anticipating busy times for the forthcoming months with a number of interesting properties coming to the fore including a proposed weekend sale of a leading development company properties in the city centre, forthcoming auctions for April, May, and June, and a continuing large number of well priced and affordable second-hand houses throughout the city centre and surrounding area. While keeping with the increased viewings and demand for property, O’Donnellan & Joyce is totally focused on providing a continuing first class and professional service with the office open six days a week and with weekend and evening viewings being fully accommodated by willing and eager staff.
Confidence and recovery is now clearly the buzz word and O’Donnellan & Joyce are eager and keen to promote the same.
