Pioneers of the all-day property auction regionally, Galway’s leading auctioneers, O’Donnellan and Joyce, saw their 10th all day auction reach property sales of €5m on Friday.
From early morning there was a race to Galway’s leading auctioneer Colm O’Donnellan’s auction room at the Harbour Hotel with first time buyers, investors and holiday home seekers keen to get the best seats in the auction room to bid for their preferred property such was the value, property styles and locations on offer from Galway to Donegal. Prior to the white flag being raised on Friday’s auction, 1,000 acres of forestry land in Mayo and Donegal sold for an undisclosed sum, such was the intensity of interest in the auction.
Fifty properties went to auction, with first time buyers keen to grab the value in starter homes and investors equally eager to pick up properties close to NUI Galway, UHG and Galway city centre. Holiday homes in some of the West of Ireland’s most scenic destinations also attracted very competitive bidding.
Coming up to lunch time a bidding war ensued between four potential holiday home seekers for the lovely Beach Cottage, a four bed bungalow in the stunning location of Ballyconneely in Connemara. Colm O’Donnellan’s hammer finally fell at a record price of €328,000. Holiday homes in Donegal were popular in the morning session also. A cosy two bed cottage in the scenic Glengesh close to the heritage town of Ardara saw a very happy buyer secure the property for €35,000. There was great value on properties in Donegal, Mayo and Roscommon while a two bed apartment in the west end of Galway City centre saw much interest from investors with it finally selling at €130,000.
It was the afternoon session which saw the biggest crowd and the most intense bidding with the energy high in the room from 2pm with buyers keen to get their hands on the first lot of the afternoon. A stunning centrally located four bed terraced house at 4 Presentation Road, Galway city, was extremely popular. Following an immaculate refurbishment to its interior, interest was huge with it finally selling for €404,000. Another star property of the afternoon was a three bed detached house on a beautifully mature garden site in Loughrea. Boasting uninterrupted views of Loughrea lake, families were keen to get their hands on this property which finally sold for €410,000.
There was fiercely competitive bidding amongst investors for properties from the Newcastle area of the city which has NUI Galway and UHG on its doorstep. A five bed detached house at 10A Newcastle Road sold for €270,000. Close by at 20 Inchaogoill Road also in Newcastle, another five bed detached house sold for €375,000. Both properties were ideal for family homes and for investors they present virtually instant rental income such is the demand for rental properties in this area of Galway city.
â€œOverall a very good day for vendors and buyers,â€ says Colm O’Donnellan, â€œThe auction room was full from early morning with bidders intent on buying whether in Donegal, Mayo or Roscommon where the value for money was excellent or Galway city were first time buyers and investors competed equally for their desired properties