Here we go again: Galway house prices going through the roof
House prices in Galway City are going through the roof – driven up by a shortage in supply and bidders aggressively competing for every property.
A four-bed semi-detached house in Knocknacarra is about to be sold for €260,000, which is believed to be a record price paid for such a house in the last five years.
In fact, just two years ago, four-bed semis in Knocknacarra were selling for almost half that price.
And further indicators of a new ‘boom’ in the city are a huge increase in viewings and in sales volumes.
Niall Browne, Residential Sales Manager with O’Donnellan & Joyce Auctioneers told the Connacht Sentinel that his company went ‘sale agreed’ on 28 properties being sold by private treaty in February, including on a four-bed semi in Knocknacarra, which attracted 59 viewings.
“95% of those sales will get over the line [and see contracts exchanged], and we have the benefit of the Property Price Register now to show the public exactly what they sold for.
“There is a complete shortage of supply in the city at the moment. In Knocknacarra between all selling agents, there are just six properties for sale at the moment. I guarantee they will all be sold next week. In 2007, there would have been at least 40 or 50 for sale. We really need to start building again.
“It’s silly. My generation of buyers have learned our lesson, and we’ll be struggling for the next 20 years. If a price is going beyond what you can afford, then you should walk away. This is being driven by the buyers that are out there. The last thing we want to see is another bubble.
Read more in today’s Connacht Sentinel