'Mega' house auction yields two sales
Published 08/03/2010 | 05:00
JUST two out of 17 houses and commercial properties were sold at a 'mega auction' over the weekend.
The houses were sold during an auction organised by Peter McCreery, the head of Kilkenny's longest established auctioneering firm.
The low number of sales came despite a local and national campaign which drew between 250 and 300 people to the Newpark Hotel in Kilkenny.
Although the attendance levels were high and there was a good variety of property available, bidders for residential property were scarce. And they were even rarer for commercial land.
Mr McCreery expressed optimism afterwards that some houses would eventually be sold to unsuccessful bidders. He noted that eight other houses due to be auctioned had been withdrawn because they had gone sale-agreed before the auction.
The highest price paid was €350,000 for a four-bedroom house close to Kilkenny golf course which went on the market with another auctioneer two years ago with an asking price of €900,000.
"We're not disappointed," Mr McCreery told those attending the auction after the final lot, a suburban house in an estate close to the city centre, failed to attract any bids at €215,000. Afterwards, the auctioneer said most of the people viewing houses had been families rather than investors. Buyers were careful at the moment because of the economic uncertainty.
"In fairness to the buyers, they are cautious and they should be cautious," he added.
He said up to eight houses which went unsold on Saturday might yet be sold over the next few weeks as negotiations open between bidders and vendors.