A new report from a leading estate agent shows indications that the coming year could see a lack of property on the open market to meet the rising demand in the Galway property market. The end of year report from Property Partners Maxwell Heaslip & Leonard shows clear indications that the past 12 months have shown a stronger demand for both residential and commercial property than in the previous five years, and that this trend is likely to continue into 2013. The Galway city property experts are highlighting recent sales results and a continuing demand, particularly in the latter half of 2012, as a sign of things to come.
Property Partners Maxwell Heaslip & Leonard has been at the forefront of the Galway property market through recent testing times for all, and is now established as an innovator and leader when it comes to all things property related. As a result, few are more qualified to comment on the state of the market and the outlook for the next year.
Director James Heaslip MIPAV CEI, who heads up the firm’s residential division, has overseen a busy year with 2012 sales volumes up 18 per cent on the previous year. While the report shows that the increase is due to a number of factors, Heaslip highlights the excellent value in the market for both the first-time buyer and the investors. “Throughout the year we have seen obvious indications that there is an appetite to buy property,” he said. “The number of properties sold at our auctions and by private treaty have seen substantial increases in volumes. While the average house prices achieved were lower again in 2012 than the year previous, the rate of decline has certainly fallen. In fact in Dublin, the average house price has increased over the past 12 months, albeit at low levels (1.6 per cent ), and while we haven’t seen this growth here just yet, the Galway market tends to follow suit from Dublin. The indications are that we could see some growth in 2013.
“While it is fair to say that a large percentage of the properties sold in the past 12 months were forced sales via banks or receivers, the number of willing buyers has certainly increased,” he added. “This increase has created a supply and demand problem, and while the levels are nowhere near the boom times, we believe that this will bring a housing shortage in to the new year.”
The firm has had a hugely successful 2012 on the auction floor, and says it offers an alternative service to those clients who are not interested in the ‘fire-sale’ style auctions that are so prevalent right now. “Our main target when we offer a property to the market is to achieve the best price for our clients,” Heaslip said. “We are not about trying to get as many properties sold as we can regardless of price. We offer a facility where we have a limited number of properties for sale on the floor at each auction and we price all our properties realistically. Anyone who has been to one of our auctions will testify that we offer fair guide prices and will usually achieve prices in region of the AMVs advertised.”
Friday March 8 will see Property Partners Maxwell Heaslip & Leonard hold the first of its 2013 auctions and while the company is already guaranteed a busy afternoon, it is still seeking more properties to complete the listings for the first and second auctions of the year.
Further details about the March auction, or any of the planned auctions for 2013, can be obtained by calling the auction team at 091 565261.
