Galway auctioneer O’Donnellan and Joyce is about to host its fifth all-day auction of the year. On Tuesday, October 6th, 62 lots will go under the hammer in the Harbour Hotel in Galway city.
About 25 of the properties on offer will be from Mayo, Donegal, Sligo, Leitrim, Roscommon and Clare, reflecting a growing trend to include properties for sale beyond the Galway region.
According to Colm O’Donnellan: “The all-day auctions have proved to be very popular from Donegal right down to Kerry among both private individuals and the banks.”
Since it introduced all-day auctions last year, O’Donnellan and Joyce has sold 250 properties at auction and 92 per cent of all lots, netting sales of €72.1 million. Last July’s sale alone generated €5 million in sales.
“Normally we anticipate getting a price of around 10 per cent above the reserve. Usually on any day there are about six star performers that might get 25-30 per cent above their reserve . . .”
O’Donnellan said Galway city is “booming” with “huge demand” for rental properties, and lots close to NUI Galway tend to attract plenty of interest among investors.
He also points to value in rural areas: “We have a property in Mohill, Co Leitrim, with a reserve of €16,000 and we have plenty more in the €20,000, €30,000, €50,000 and under €100,000 brackets in Roscommon, Sligo and Donegal. You couldn’t build these properties at these prices.”
The auction begins at 9am and will be streamed live on odonnjoyce.com.
