Leinster price slide
Auction sales beat national average but are well down on 2008
Published 05/01/2010 | 05:00
Leinster landowners made more than €20m from the 2009 auction sales of around 1,700ac.
The average auction price for land in the province was €11,687/ac. This figure was still well below its 2008 average of €14,255/ac but considerably ahead of the national average of €8,880/ac -- or €11,567/ac when the sale of 1,540ac of winterage in Co Clare farm is discounted.
For the purposes of the Farming Independent survey, the commuter belt counties of Dublin, Meath, Wicklow and Kildare were excluded from the Leinster total.
The range of prices stretched from €7,572/ac, for a 14ac holding at Rathreagh, Galmoy, Co Kilkenny, up to €24,941/ac, which was paid for a 42.5ac residential farm at Moneylawn, Gorey, Co Wexford, sold by Quinn Auctioneers in Gorey and Carnew.
The biggest sale -- one of the most anticipated in the year -- was in Co Wexford when the 550ac Castle Annaghs Estate in New Ross sold for €6.075m.
The property had been on the market guided at €16m in 2008, which illustrates the dramatic drop in values in a year.
Twenty-six properties were sold at auction last year.
The number of conclusive auction sales for Leinster recorded in the farming press in 2008 was 48. In 2007, at the peak of the market, 67 farms in Leinster were sold at auction.