Bargain hunters out in force as property auction nets €11.4m
The buyers are out there for property -- if the price is right. And yesterday Allsop Space's biggest auction in Dublin grossed sales of €11.4m as 99 properties were sold.
Of the 108 properties offered on the day, 97 sold under the hammer, two sold afterwards and nine are still available. Estate agent Stephen McCarthy said he was satisfied with the high level of sales as 92pc of the properties went compared to 84pc in September.
The highest price paid on the day of this 'stressed property auction' was for a redbrick investment in the heart of Ballsbridge, Dublin, which made €630,000, or €145,000 over its guide price. It is currently let out to two restaurants, which generate a combined rent of €92,000 a year.
The cheapest house was The Common, Cornmarket, in Ballinrobe, Co Mayo, which sold for its €25,000 guide price.
Two Dublin 6 houses went for close to their guide prices. A period two-storey house in Rathgar sold for €435,000, or €15,000 over its guide. Near Rathmines Bridge, a two-storey over-basement redbrick in seven flats sold for its €380,000 guide price.
The most expensive flat in Dublin was a ground-floor two-bedroom apartment at Adelaide Square, Dublin 8. It sold for €201,000, or €56,000 over its guide price. A Santry flat, which sold for €76,000, was the cheapest Dublin apartment to sell although a four-bedroom flat at Castlemills, Balbriggan, was left unsold after a €57,000 bid was €3,000 short of its guide price.
A surprising feature of the auction was the resilience of the market for apartments at Castleforbes Square in Dublin's north docklands. Despite recent house price surveys showing Dublin apartment prices continuing to fall, some Castleforbes flats sold yesterday for higher prices than similar apartments in earlier auctions.
For instance, yesterday six one-bedroom apartments sold for prices ranging between €123,000 and €141,000. While such prices are less than half the 2005 peak, some are higher than the €116,000 to €129,000 which one-beds sold for last April.
On the other hand, four-bedroom detached houses in Abbeyleix have seen price falls. Two of these houses, which would have been worth about €300,000 at the peak, sold for €109,000 and €112,000 in the July auction. Yesterday, two of them managed to only reach their €100,000 guide prices.
Fears of the disastrous state of the property market were raised when the auctioneers guided very low prices for five Donegal houses. However, these fears were allayed slightly when the modern houses in the Beechwood estate in Convoy sold for comfortably over their guides. For instance, a three-bedroom semi sold for €32,000, or €11,000 over its guide price. The four-bedroom houses in the estate sold for €50,000 plus.
The most valuable property that failed to sell is a cluster of 12 commercial units known as The Mart in Clifden, Co Galway. Its guide price was €290,000, but it was withdrawn when bidding petered out at €277,500.
With more properties along the west coast, there was a lot more remote bidding by proxies, telephone and the internet. As many as 31 properties attracted overseas bids.