Salthill homes had lowest '09 price drops in country

Residential properties in Salthill and Taylor’s Hill saw the lowest recorded price drops in the country last year at just 10%, according to a new nationwide property survey.

And on the other end of the scale, homes in County Galway saw prices halved in just 12 months.

According to the Sunday Times Price Guide 2010, prices on the east side of the city are down 18% over the past year, Knocknacarra is down 14% and the Newcastle area is also down 14%.

The report, which relied on figures supplied by O’Donnellan & Joyce Auctioneers said that the strong demand for quality properties in Salthill/Taylor’s Hill resulted in lower price drops.It found that while buyers are still looking for good quality homes in established residential areas, the likes of former local authority homes on the east side of the city have been hard hit with price drops of around €85,000.

Salthill/Taylor’s Hill

Over the past year, prices were down around 10% on average, although new two-bed apartments were worst hit at 24%. The average price of a new or secondhand home here is now €340,000.

“Detached houses are the most sought-after, while apartments are largely being ignored. While high-earners ted to seek properties here, investors are non-existent,” the report reads.At the moment, a secondhand five-bed detached in the Salthill/Taylor’s Hill area is valued at €870,000, down from €900,000 in January 2009, and O’Donnellan & Joyce expect prices to remain static over the next twelve months.

A secondhand four-bed detached has dropped from €800,000 to €750,000, with no drop expected in the next year. A new two-bed apartment is down €80,000 to €260,000 at the moment, with a further €10,000 drop expected within the next year. Secondhand two-bed apartments are down €40,000 to €300,000, and no drop predicted this year.

Knocknacarra

The survey record average drops of around €100,000 since the height of the property boom, with prices down 14% on average, and apartments down 22%. Prices are expected fall by another 5% this year.

However, the area is still popular with buyers, with semi-detached homes still most sought-after. An average new home is €245,000 with a secondhand averaging €250,000

A five-bed detached has dropped from €435,000 to €400,000 and is expected to take another €5,000 hit in the next 12 months. A four-bed detached has gone from €395,000 to €370,000 and is expected to drop another €5,000.

A four-bed semi-detached has droppedfrom €310,000 to €260,000 over the past year, with a drop to €255,000 expected in the next 12 months.

A three-bed semi is down €20,000 to €250,000 with a further €5,000 expected. New and secondhand three-bed townhouses are down to €210,000 from €245,000, with a further €10,000 drop expected.

A secondhand two-bed apartment is down €40,000 to €190,000, with a further €5,000 drop expected. One-bed apartments are currently €160,000, down from €205,000 and another €10,000 is predicted.

For more, read page 5 of this week's Connacht Sentinel.