Friday 22 September 2017

A million a day spent on house auctions in the last month

Donal Buckley

AN average of €1m was spent every day at property auctions last month.

Figures show that more than €33.4m was spent buying 134 houses, farms, pubs, hotels and ghost estates.

This means that May was one of the busiest months for auctions in Ireland since 2005.

There were five huge auctions hosted by Allsop Space in Dublin, DM auctions in Leitrim, O'Donnellan Joyce in Galway, Merlin in Dublin and Property Partners Earley in Roscommon.

The first three of these sold the majority of their properties while the latter two sold less than one-quarter of the catalogue under the hammer. In contrast, a number of last year's bumper auctions failed.

While most are selling for prices of less than €200,000, this month saw three selling for around €2m. and a further three for over €1.2m.

The most surprising of these was a property at 18 Seafield Road, Clontarf, Dublin 3, which achieved €1.97m in a deal after auction.

The agent, Tadgh Campion, had guided €1.4m before the auction. It has planning permission for seven houses and it seems surprising because it was believed that the market for development land had died.

Even more surprising was the sale yesterday of 42 acres of development lands at Carrick-on-Shannon, Co Roscommon -- albeit at almost 95pc down on peak price.

Six years ago this property at Cortober, beside the River Shannon, was bought for €7m by Dun Ri Developments and there were plans for a major marina and holiday home development.

Yesterday, Property Partners Earley auctioned it with a €385,000 guide price and sold it for €400,000.

It was one of three properties to sell under the hammer at this auction of 11 west of Ireland properties.

In the same auction, a four- storey shopping complex completed to shell finish in Strokestown, Co Roscommon, sold for €80,000 -- €20,000 below its guide. A former shop and two apartments at Church St, Strokestown, sold for €57,000 -- €12,000 over its guide.

In contrast, good farmland is selling extremely well. The top price of more than €2.05m was achieved by a 160-acre non-residential farm at Ballyboughal, in north Co Dublin.

It's not known precisely what it sold as auctioneers HT Meagher O'Reilly withdrew it when the bidding peaked at €2.05m and sold it immediately afterwards to a local farmer for a figure said to be substantially higher.

Peaked

Its price of around €13,000 per acre was also seen at the auction on Wednesday this week of Moymet House near Trim, Co Meath, a 132-acre residential farm. Dillon Auctioneers had set a guide price at €1.7m but the bidding in the auction room peaked at €1.88m.

At that stage it was withdrawn and Jim Dillon negotiated an even higher price.

While declining to be drawn on the precise price, he said that when the attractive period house is excluded, the price per acre would have been close to €13,000.

Among the other €1m-plus auctions were PN O'Gorman's auction of Curraghmore, Saltmills, Co Wexford, a 194-acre residential farm which sold for €1.76m under the hammer or around €9,000 per acre. It came with a traditional two-storey, four-bedroom farmhouse and was bought by a local dairy farmer.

Irish Independent

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