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Independent.ie

Tuesday 21 February 2017

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.

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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.

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The farmer buyer was also back in the frame and accounted for at least half of the buyers last year -- but this information was not always made known.

Leinster also had the largest blocks of land up for auction sale. Only 17 of sold farms were under 50ac, while five properties were larger than 100ac.

Notable sales in the province throughout the year included the sale of 11ac at Caherleske, Dunamaggin, Co Kilkenny, in March, which sold for €186,000 (€16,909/ac) to a local farmer.

Murtagh Bros auctioneers got last year off to a good start with the January sale of a 56ac residential farm in Agavadden, Newtowncashel, Co Longford, which sold at auction for €905,000 or €16,160/ac.

A farmer couple paid €355,000 in May for a 16ac residential holding at Tomsilla, Gorey, Co Wexford.

The sale of a 24ac non-residential holding at Clonfad, Tyrellstown, Co Westmeath, netted a good result for auctioneer James Murtagh in June when it sold to a local farmer for €380,000 or €15,833/ac.

Irish Independent