Auction prices break €15k/ac mark
Published 07/10/2015 | 02:30
The auction rooms are buzzing at the moment and while prices have held steady since the beginning of the year, there is every indication the average per-acre price for land is on the up.
Prices have certainly broken the €10,000/ac mark and are now frequently breaking the €15,000/ac mark.
Trim auctioneer Thomas Potterton was delighted with the outcome of the sale of a residential 43ac farm at Scurlogstown, Trim last week. The one-time Land Commission farm made €700,000 under the hammer, working out at €16,300/ac.
The holding, located on the Dublin Road, is 2.5km from Trim and 5km from Kilmessan.
A three acre parcel is located across the road from the main farm and aside from that, the property is in one block with about 125m of road frontage.
The house is a traditional two-storey farmhouse in need of modernisation with accommodation that includes a sitting room, kitchen, bathroom and three bedrooms.
The farmyard to the rear of the house has a number of traditional sheds including cow byres, storage sheds and poultry sheds along with a three-bay haybarn with a lean-to and cattle handling facilities.
Originally a 26ac Land Commission farm from the 1930s, the property was extended by 17ac over the years.
It is laid out in four fine fields fenced with drain and hedgerow. A big crowd of locals turned up for the auction to support the popular vendor, Matt Daly.
At auction the house and yards on 40ac opened at €350,000 and with four bidders in action, the price quickly rose to €610,000.
At that point Mr Potterton sought interest in the 3ac piece at the other side of the Dublin Road but with no bids forthcoming, he sought €650,000 for the entire 43ac.
A bid of €630,000 was made and responded to and at that point two customers remained.
Bidding continued and at €660,000, Mr Potterton consulted with the vendor and returned to the room where bidding resumed until at €685,000 he held a further consultation and returned to the room again.
When the price reached €700,000 the hammer fell in favour of a Dublin solicitor acting in trust. The underbidder was also a Dublin man from the Newcastle area.
Other recent auctions in Meath saw equally strong prices paid. Last week Navan auctioneer Raymond Potterton sold a 4.6ac parcel of agricultural land at Balsaw, Wilkinstown, Navan for €91,000 or €19,700/ac.
In another sale, the same auctioneer handled the disposal of 17ac of ground at The Commons, Trim that made €280,000 or €16,500/ac, while seven acres with a yard near Ballivor made €85,000 or €12,000/ac.