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Allsop Space’s May Auction raises €12,974,000 with a success rate of 91% and§ 98 properties going under the hammer.

It was a day of firsts at the Shelbourne Hotel, Dublin with the first unfinished housing development to be sold publicly and our first female auctioneer Daphne Mahon taking to the rostrum.

All eyes were on the unfinished housing estate in Ballyjamesduff offering three incomplete houses and approximately 4 acres of land with lapsed planning for 31 further houses. The lot was offered with a maximum reserve of €40,000 and after a frenzy of highly competitive bidding sold for €122,500. The buyer, a developer from Northern Ireland plans to complete the three houses. There are approximately 2,000 unfinished housing developments in Ireland, and much debate has centred around how to tackle the problem. The sale has now benchmarked a transparent value for those deciding to dispose of such assets.

American, Jeanette Delmonaco from Boston moved to Ireland three years ago to be with her Cork boyfriend Derek. Jeanette succeeded in buying Lot 28, a three bedroom country house in Macroom, Co. Cork for herself and her boyfriend for €104,000 (maximum reserve €90,000).

The commercial leisure sector saw several properties up for sale.  The highest price paid on the day was for Lot 48, Darby O’Gills Hotel in Killarney, which sold to a Cavan bidder for €735,000, well above the maximum reserve price of €515,000 and the largest lot of the day, Lot 20, Wiers Pub in Dun Laoghaire, was sold for its maximum reserve at €450,000.

Robert Hoban, Director of Auctions at Allsop Space commented “It is very important to see these continued high levels of transactions in what is an extremely challenged property market, particularly as transactions are central to establishing value and aiding market recovery in the long term. Due to the lack of a land registry of sale prices, and the restriction on publishing prices under the Data Protection Act, auction results continue to be the sole transparent method of price discovery.

It was noteworthy to witness the growing number of international bidders at the auctions, with over 50 overseas bidders registered and a strong Asian presence in the room, actively bidding and buying.”

The auction saw a significant rise in the number of private properties with over 50 properties listed being sold by individual private sellers. One residence, Lot 16, Robinswood in Cashel, Connemara, Co. Galway, which was sold on behalf of a private seller achieved €77,000, €2,000 above the maximum reserve. Allsop Space believes this trend to be a positive one for the auction market. It demonstrates that the process has now been accepted as a normal way to buy and sell property.

Interestingly, Lot 3, 24 Obelisk Rise, St Augustus Park in Carysfort, Blackrock, sold for €279,000. This was above the price for which the property was advertised on the Private Treaty market.

Once again the room was full with a broad mix of buyer types from investors to first time buyers. An increasing number of owner occupiers are bidding at auction, and there is a growing attendance from the Asian and Chinese community, with one apartment in Dublin selling to an Eastern buyer after hectic bidding.

Another promising sign was the presence of the Bank of Ireland and Ulster Bank had stands at the venue to offer mortgage advice to potential auction buyers.


Notes to editor

Allsop Space is a property auction partnership between Allsop, the UK’s most successful property auctioneer and Space, a Dublin based property consultancy. The partnership provides a leading property auction service for all property types across Ireland with an average success rate to date of 93%.

Full results are available online.

www.allsopspace.ie

Contact

To arrange an interview or for the supply high resolution images or further information please contact Anna Jones
Anna.Jones@allsop.co.uk
020 7543 6728