All-day Galway auction achieves €9m worth of sales
A strong demand for quality homes in sought-after areas such as Salthill and Taylor’s Hill in the city was evident in the biggest property auction ever to take place in Galway, when €9 million worth of sales were generated.
Among the most significant sales on the day was a two-bedroom apartment in Salthill which sold for almost double the Advised Minimum Value, following a telephone bidding war between two overseas clients. The apartment with sea views at Dun na Carraige, Salthill, was the subject of an intense bidding war before the hammer eventually fell at €492,000 – almost twice the AMV of €250,000.
A house at Grattan Park also went for €355,000 at a packed Harbour Hotel, after having an advised minimum value of €200,000, as Friday’s auction lived up to its billing as the “biggest ever outside Dublin”.
Auctioneer Colm O’Donnellan, of O’Donnellan & Joyce Auctioneers, said there was a marked increase in phone bidding, with overseas buyers competing for much sought after properties across the city.
“There seemed to be really strong demand for good family homes in the city,” said Mr O’Donnellan. “The demand was particularly strong for properties in Taylor’s Hill, Salthill, and College Road. There is a recovery on the way in the city property market and we had a lot of cash customers who were chasing property for investment.”
Bidding was fast and furious, with the first lot of the day, Glendoo Apartments on Sea Road, achieving more than twice the AMV at €310,000.
A semi-detached residence on College Road, which had a guide price of €210,000, went for €365,000. Two family residences in the Taylor’s Hill area also greatly exceeded the AMVs, reaching prices of €720,000 and €670,000.
For more, read this week’s Galway City Tribune.