Colleran auctioneers continued its auction success last week when not alone did all properties sell, but they all sold well in excess of their advised minimum value. “These results certainly reflect what we have been seeing over the last number of months for properties in and around the city,” said Don Colleran. “There continues to be a demand for properties in the established residential areas of the town once properly priced, and this was certainly the case with our auction, with five to six bidders chasing each property, resulting in all exceeding their guide, one by almost 50 per cent.”
First to be auctioned was No 16 Cooke’s Terrace, Bohermore, a lovingly maintained, extended, three bed end of terrace with a guide of €85,000. At first bidders were slow to show their hand but once bidding started at €80,000, it quickly rose to €100,000 between two bidders, before three others joined the bidding, and Don Colleran eventually dropped his gavel at €126,000, the highest price achieved for a house in this area for some time. “A clear indication of the stabilisation of the market we are beginning to see within the city,” said Colleran.
No 1 Glenard Road, Salthill, was the property that the majority of those in the packed auction room had come to bid on. This attractive four bed is situated in one of Galway’s most desirable, mature, leafy locations with many facilities on its doorstep including primary and secondary schools, beaches, parks, football clubs, golf club, and tennis club. While initially it looked as though people were reluctant to bid, Colleran was very persistent and confident that there were buyers in the room and eventually got an opening offer of €310,000. Bidding between two interested parties brought the price to €340,000 where it momentarily stalled. What was evident at this auction was the large numbers of solicitors present representing their clients, and between this and the final agreed sales price three solicitors entered the bidding on behalf of their clients. On three separate occasions it appeared to most that the bidding was finished and the property about to be sold, but the auctioneer’s experience told him otherwise and while he delayed dropping his gavel on each occasion, new bidders entered the fray. After a tense and exciting few minutes No 1 was sold for €361,000 in trust to Norman Fitzgerald of Purdy Fitzgerald solicitors on behalf of their client.
The third property was No 20 Rockmount Road, Highfield Park, a spacious four bed semi with a guide of €155,000. This property had also generated considerable interest in the weeks leading up to the auction. Again, bidding was slow to start but Don Colleran was determined not to withdraw it, and after a number of minutes and no bids, an opening offer of €150,000 came from the back of the room and was quickly followed by a counter offer of €155,000. The property sold at €176,000.
After the auction Mr Colleran said all his clients were very pleased with the price achieved for their properties, and the successful buyers were also very pleased with their purchases. “It is very encouraging to see such a full auction room in the current market and to have a number of bidders pursuing each house,” he said. “If you have a property in any of these areas and you are thinking of selling I now have buyers for you.”
For more information contact Colleran auctioneers at 091 562293.
