Further evidence that property prices in Galway have turned the corner was highlighted at auction last week when Don Colleran sold a house at Carraig Bán on the Coolough Road for €85,000 over the guide price.
Large houses were hit the hardest in the property downturn with falls as high as 60 per cent reported around the city. “If Carraig Bán had been offered for sale 12 months ago, we would have been lucky to have two interested parties for a property in this price bracket,” Don Colleran said, but he had more than 20 very interested parties at the auction last week with five separate bidders pursuing the property. While bidding was slow to start with only one bid of €370,000, Don Colleran reminded the room that he had been advising for a number of weeks that the house would exceed €400,000, such was the interest shown. It looked unlikely for a few minutes but his patience and confidence quickly paid off when a second bidder became involved, followed by two others. As the bidding neared its completion the excitement was added to when one of the final bidders had to make a phone call to take further instruction from her client.
After the auction Don Colleran reported that his clients were obviously delighted, but he now had four other bidders with more than €400,000 to spend looking for a quality home in Galway city.
While the rise in prices seems to be confined to the city centre at the moment, it is very encouraging for the rest of the market.
In concluding the auction, Don Colleran appealed to the room for any sellers to get in contact with him immediately as he certainly has buyers.
Contact Colleran Auctioneers at 091 562293.
