Table of Contents
- Auction Properties In Coleraine
- Property Prices In Coleraine
- Where Should You Look For Auction Properties In Coleraine?
- Auction Properties in Coleraine FAQ
- What Type Of Auction Property In Coleraine Is Available?
- Five Reasons To Buy Auction Properties In Coleraine
- Some Final Thoughts About Buying Auction Properties In Coleraine
Auction Properties In Coleraine
Buying Auction Properties In Coleraine, NI
If you are considering buying auction properties in Coleraine, it is advisable to do some research into which area would be best suited to your needs. There is plenty of choice of properties in and around Coleraine and this part of the UK is doing well as an investment prospect. You can find both expensive and cheaper auction properties in Coleraine so this part of Northern Ireland is one to consider.
Property Prices In Coleraine
Average house prices in Northern Ireland have been static for the last twelve months but this has not impacted on the amount of properties sold. Most of the properties sold were terraced houses and flats. The price for these averaged at £122,533 and £126,536 respectively.
Average property prices in Coleraine have fallen by 4.67% from the previous year. This provides a perfect opportunity for investors to buy now and get a bargain. Flats averaged at £127,765 and the average price for a terraced house in Coleraine was £112,697.
Where Should You Look For Auction Properties In Coleraine?
The stock of auction properties in Coleraine is not as extensive as other cities in the UK. However, you can find flats, terraced houses, semi-detached and detached houses as well as commercial premises. Just outside of the city there are more modestly priced auction properties and some of the areas you might want to consider are listed below.
A town of some 10,000 residents, Balleymoney is expanding with some housing developments designed for first time buyers who have been excluded from Coleraine due to the higher prices. There are good road and rail connections to Belfast, Derry and Coleraine. The centre has an old clock tower and Masonic Hall and every year the town holds an agricultural show and a drama festival. Starting price for a 3-bedroom semi-detached house is £129,950 which is lower than the NI average price of around £208,000
The seaside town of Portrush is on the north coast and is just over 5 miles from Coleraine. It is known for golf, sandy beaches and a water world swimming complex. Each year there is an annual air show and a raft race in the harbour. Rail lines from Portrush connect with services to Belfast, Derry and further afield. The Ulsterbus services run to the Giant’s Causeway and Bushmills. In spite of properties being more expensive in Portrush you can still see a 3-bedroom end of terrace house advertised for around £135,000.
Lying some 13 miles to the west of Coleraine is Limavady, a town with around 12,000 residents. It is a 20 minute drive to Coleraine using the A37 and the bus service which runs 3 times a day takes approximately 50 minutes. Property prices are lower than in Coleraine and a 3-bedroom semi-detached cottage is around £95,000. Limavady has good schools and plenty of shops.
Located just over 4 miles from Coleraine is Ballybogey, a small quiet village with around 500 residents. The village lies along the Causeway Coastline has made it a highly desirable location. There is a bus service to the city. Auction property in Ballybogey is scarce so prices are higher than some other villages.
Located on the banks of a beautiful river, Dervock is a small village with a primary school, a health centre and other community services. There are several shops and the North Irish Horse Inn is a listed building. The village is around 9 miles from Coleraine and the bus service takes 23 minutes. Driving time from the city is 15 minutes via the A26. A modern 3-bedroom semi-detached house is priced around £130,000.
Auction Properties in Coleraine FAQ
How Can I Find Auction Properties In Coleraine?
Look at local newspapers for forthcoming auctions and add your name to the contact list of all auction houses in Coleraine and the surrounding area. Auction houses publish details of the next auction about one month in advance.
How Much Are Auction Properties In Coleraine?
Prices for auction properties depend upon location and the state of the building. You can find a 7-bedroom detached house with small-holding for £495,000. Cheaper auction properties in Coleraine are available for below £50,000.
Which Areas Are Best To Find Auction Properties In Coleraine?
Both Portrush and Port Stewart are popular for coastal properties. Properties in the centre are sold very quickly. Other villages that are attractive for investors are Limavady and Dervock. Don't be afraid to widen your area of search as many country houses and rural properties are available in this part of Northern Ireland.
Can I Buy Repossessed Properties At Auction In Coleraine?
Repossessed properties in Coleraine are not extensive but are available through banks and finance companies. The council in Coleraine will also supply a list of any repossessed properties that it is selling. Try looking for repossessed property in Northern Ireland in general as part of your search.
What Type Of Auction Property In Coleraine Is Available?
Coleraine has a wide range of auction properties including some commercial and industrial premises. Flats are a popular choice for investors as Coleraine has many tourists who are attracted to the Causeway Coastline.
Buy-To-Let Auction Properties In Coleraine
Investing in buy-to-let auction properties in Coleraine could provide you with a good annual income. Many tourists stay or pass through Coleraine so investing in either residential property or a commercial outlet is an option for consideration. For a 3-bedroom mid-terrace house you can charge upwards of £495 per calendar month for a long term tenant or higher prices for holiday lets.
Residential Auction Properties In Coleraine
Parts of Coleraine can be expensive but there are many bargains available for residential auction properties. A 3-bedroom apartment in an old manor house costs around £77,000. Contemporary homes are also popular with a 3-bedroom semi costing around £235,000.
Commercial Auction Properties In Coleraine
In the Coleraine area you can buy a small retail unit for about £60,000. There are plenty of opportunities for investment with pubs, restaurants and premises suitable for conversion into whatever business you want. Properties close to the centre of Coleraine are priced higher so if you are concerned about footfall, location is an important factor when bidding on commercial auction properties.
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Five Reasons To Buy Auction Properties In Coleraine
1. Coleraine Is Well Connected To The Capital
The city of Coleraine is well connected to Belfast and the rest of Northern Ireland. The railway has services to Antrim, Belfast, Yorkgate and many other places. The location of the city provides good road connections via the A26 to the M2 motorway. Going south you can get to Armagh and west takes you to Londonderry. Coleraine is just 35 miles from the International airport which has both European and Continental flights.
2. Coleraine Has A Busy Thriving City Centre
The busy shopping centre in Coleraine has both big name stores and featured independents. There are plenty of restaurants and bars with a great atmosphere. Tourists add to the exciting buzz of the city centre. The Diamond is the town square and it is always busy with visitors and students. Another attraction is the Riverside Theatre which has added to the reputation of Coleraine as a major growth area for investment.
3. A Gateway To The Iconic Causeway Coastline
Situated just five miles from the coast, Coleraine has earned its popularity as a gateway to the Causeway Coastline. Properties on the coast are more expensive than those on the edges of the city. The large areas of woodland are perfect for long walks and you can get to the Giant’s Causeway by foot as the distance is only 11 miles.
4. Good Choice Of Auction Properties In Coleraine
Finding the perfect auction property is not easy but the wide choice in Coleraine helps to mitigate the challenge. A small 2-bedroom mid terrace home starts with a guide price of about £69,000 and a 2-bedroom apartment is priced around £89,000. If you are searching for a larger property you can find a 5-bedroom detached house from £285,000.
5. Coleraine Is A University Town
The University Of Ulster campus is situated in Coleraine. With a large number of students looking for a place to rent, the city is very attractive as an investment opportunity. A 4-bedroom mid- terrace property will provide rental of around £500 per month. The influx of students in September also means that income from commercial properties goes up. Both pubs and shops see an increase in takings when the university year starts.
Some Final Thoughts About Buying Auction Properties In Coleraine
Coleraine and the surrounding area has many auction properties suitable for investors. Popular choices for auction properties are mid-terrace houses that give easy access to the centre. Equally attractive are the villages just outside of Coleraine where properties can be cheaper.
Limavady has more modestly priced auction properties while Portrush is at the other end of the scale with more upmarket properties. The atmosphere at property auctions in Coleraine can be very exciting with bids rapidly accelerating so stay within your budget and make sure that your funds are in place before you bid.